The "A+H" team continues to expand, with hard technology companies accelerating their global deployment

Securities Daily Reporter Cao Weixin

Since the beginning of this year, the “A+H” listing boom has continued. Data from Wind Information shows that, to date, the number of companies listed on both the A-share and H-share markets has risen to 182, with hard-tech companies in fields such as semiconductors, artificial intelligence, and new energy becoming the main force of expansion.

For example, on March 9, Shenzhen Zhaowei Mechanical and Electrical Co., Ltd. (hereinafter referred to as “Zhaowei Mechanical and Electrical”) officially listed and began trading on the Main Board of the Hong Kong Stock Exchange. The company’s global offering of H-shares totaled 26,748,300 shares. Of these, 2,674,900 shares were publicly offered in Hong Kong, and 24,073,400 shares were sold internationally, with an offer price of HKD 71.28 per share. The net proceeds amounted to approximately HKD 1.828 billion.

On the same day, Nanjing Estun Automation Co., Ltd. also listed on the Main Board of the Hong Kong Stock Exchange. The company issued a total of 96.78 million H-shares globally, with an offer price of HKD 15.36 per share, raising approximately HKD 1.486 billion.

Additionally, since February, several leading hard-tech companies have successively completed their “A+H” layouts.

In the semiconductor sector, on February 9, Lankei Technology Co., Ltd. (hereinafter “Lankei Technology”) successfully listed on the Main Board of the Hong Kong Stock Exchange, officially becoming an “A+H” dual-platform listed company. Lankei Technology is not only the inventor of the DDR4 “1+9” distributed buffer memory subsystem architecture but also a pioneer in DDR5 technology. As a board member of JEDEC, the global standardization organization for microelectronics, it has led the development of international standards for several chips.

On February 11, Wuxi XianDao Intelligent Equipment Co., Ltd. listed on the Hong Kong Stock Exchange, achieving a dual-capital platform layout. The company issued 108 million H-shares globally, with 8.7% offered publicly in Hong Kong and 91.3% sold internationally. The final offer price was HKD 45.8 per share, with net proceeds of approximately HKD 4.796 billion.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun Internet of Things Industry Alliance, told Securities Daily, “The dual-platform listing of ‘A+H’ provides multi-dimensional new opportunities for the development of hard-tech companies. At the capital level, this model has a significant demonstration effect, offering a reference path for more hard-tech enterprises in the capital markets, helping attract long-term capital, easing funding pressures for R&D and expansion, and promoting the industry into a stage driven by both capital and technology. In terms of technological innovation, with more capital support, leading companies will boost industry R&D investment, accelerate breakthroughs in core technologies, and promote industrialization. Meanwhile, dual-platform listing also provides a replicable model for the global development of hard-tech companies, helping enterprises leverage international capital markets to expand overseas markets and enhance China’s brand share and influence worldwide.”

Jiang Han, Senior Researcher at Pangu Think Tank (Beijing) Information Consulting Co., Ltd., told Securities Daily, “Listing on the Hong Kong stock market can build an internationalized capital bridge, greatly reducing cross-border M&A and overseas factory financing costs, and helping companies transition from ‘product going abroad’ to ‘capacity and capital going abroad’.”