Huatai Securities: Pay attention to the investment opportunities of technology companies listed in Hong Kong for secondary listings.

On July 3rd, Huatai Securities released a research report stating that recently, there has been a new trend in the Hong Kong stock market where Chinese A-share listed technology companies are listing on Hong Kong stock exchange for a second time. As of June 30th, 2025, 16 A-share semiconductor/consumer electronics companies, including Bluesky Technology, Longqi Technology, and Howay Group, have submitted prospectuses for listing on the Hong Kong stock exchange, a significant increase compared to the same period in 2024. Huatai Securities believes that the secondary listing of Hong Kong stocks has three implications: for companies planning to list, a second listing can provide diversified financing channels, improve financing efficiency through mechanisms like "block allocation", enhance international market recognition, and support globalization. For Hong Kong stock investors, there may be short-term opportunities to capitalize on the price difference between Hong Kong stocks and A-shares, and in the long term, they may benefit from the significant improvement in the quality of the Hang Seng Tech Index components, attracting more international funds. For A-share investors, this not only means that the investment value of A-share companies is recognized internationally, but also provides a new international valuation reference for A-share core technology assets, which may lead to a reshaping of the overall valuation framework.