Capital market institutions significantly improved inclusiveness, Hong Kong-listed high-tech companies started a trend of returning to the A-share market.

Since 2026, driven by the inclusive reform of the registration system in the A-share market, there has been a trend of Hong Kong-listed AI and innovative pharmaceutical companies returning to the A-share market. Currently, more than 10 Hong Kong-listed companies have initiated A-share IPO applications or listing guidance, including companies such as YU JIANG Technology, Zhipu, MiniMax, and Ying'en Bioscience, most of which have not yet achieved profitability. The implementation of the "1 + 6" reform of the Science and Technology Innovation Board and the landing of the fourth set of listing standards for the ChiNext Board have opened up compliant channels for unprofitable Hong Kong-listed companies to return to the A-share market. This trend not only enables science and technology innovation enterprises to balance international financing and deep cultivation of the domestic industry, but also accelerates the interconnection of rules, valuation systems, and information disclosure among the Shanghai, Shenzhen, and Hong Kong markets.