A surge in A+H market listings, news suggests that the market value threshold for Hong Kong listings may be similar to GDRs.

Since 2025, driven by giants such as CATL, the trend of A-share companies listing in Hong Kong has become evident. Data shows that more than 40 companies have officially submitted applications to the Hong Kong Stock Exchange, with over 30 other companies announcing the initiation of related processes. Recently, there have been reports that as more A-share companies announce plans to list in Hong Kong, mainland regulatory authorities are considering setting a minimum market value requirement for these companies. According to sources from multiple securities firms, there is indeed talk of raising the market value threshold for A-share companies listing in Hong Kong, with the market value requirement potentially aligning with global depositary receipt policies, increasing from 10 billion to 20 billion yuan. Analysts point out that this new requirement may not have much impact on the current wave of A-share companies listing in Hong Kong, as most of them are industry leaders with already high market values.