A+H Listings and the China-to-HK Pipeline

Introduction

A+H listings (Mainland China A-share companies adding Hong Kong H-share listings) were the principal mechanic that drove HKEX's 2025 surge to global #1 IPO ranking. Eight A+H deals raised over HK$78 billion (approximately $10 billion) in H1 2025 alone, accounting for 72 percent of total HKEX IPO proceeds during the period. Over 200 A-share companies had filed applications by mid-2025, with the active pipeline reaching 90 A-share applicants at HKEX by late November. The structural drivers include: CSRC's October 2024 cooperation measures establishing a fast-track approval channel for A-share companies valued above HK$10 billion, the CSRC's 2023 shift to a filing-based regime for overseas listings (replacing the prior approval requirement), Stock Connect Southbound flows hitting record highs in Q2 2025 (accounting for approximately 23 percent of HKEX cash equities turnover in H1 2025 (up from 18.3 percent in H1 2024)), and the strong returns achieved by 2025 A+H deals (CATL up 16 percent on Hong Kong debut). The pipeline depth and regulatory tailwinds support continued strong A+H activity through 2026, with HKEX reaching $11.6 billion of fundraising by early March 2026 already exceeding the $11.3 billion total of full-year 2024.

A+H Listing

A dual-listing structure where a Mainland China company is listed on both an A-share market (Shanghai SSE or Shenzhen SZSE) and Hong Kong (H-share). The model lets the issuer access Mainland China institutional and retail capital through the A-share listing while accessing international institutional capital through HKEX. A+H listings drove HKEX's 2025 surge to global #1 IPO ranking, with 8 A+H deals raising HK$78 billion in H1 2025 (72 percent of total HKEX proceeds) and 90 A-share applicants in the HKEX pipeline by late 2025.

Understanding the A+H mechanics requires unpacking the regulatory and structural framework.

The Dual-Listing Mechanic

An A-share listed Mainland China company adds an H-share listing on HKEX through a secondary IPO that creates a separately tradable Hong Kong listing alongside the existing A-share listing in Shanghai or Shenzhen. The two listings represent the same underlying company's economic interest but trade in separate venues with separate regulatory frameworks (CSRC for A-shares, SFC/HKEX for H-shares).

Capital Pool Diversification Rationale

Mainland China companies pursue A+H listings primarily to access international institutional capital while maintaining their Mainland investor base. The dual structure lets the issuer raise capital from international investors (sovereign wealth, global mutual funds, hedge funds) through HKEX while retaining the deep Mainland China retail and institutional investor pool through the A-share listing. The structure is particularly valuable for capital-intensive issuers (CATL with its EV battery capex, hyperscalers with AI infrastructure, healthcare companies with R&D needs) where the combined capital pool exceeds what either market alone could provide.

Price Convergence Dynamics

A+H listed companies frequently trade at different prices in the two markets due to capital-flow restrictions, currency considerations, and investor-base differences. The premium of A-shares over H-shares (after FX adjustment) is typically expressed as:

where $P_A$ is the A-share price in RMB, $P_H$ the H-share price in HKD, and FX the HKD-to-RMB conversion. Historically the gap has run 20-40 percent (A-share premium) but has narrowed in 2025 with Big Hong Kong A+H IPOs squeezing the gap through deeper HKEX-side trading and Stock Connect Southbound flow. The Stock Connect program (launched in 2014 and expanded since) provides the institutional infrastructure for cross-border investing that links the two markets.

The CSRC's evolving approach to overseas listings has been a structural driver of the 2025 A+H surge.

The 2023 Filing-Based Regime

Since 2023, the CSRC shifted from an approval-based regime to a filing-based regime for Chinese companies listing overseas. Under the filing regime, companies notify the CSRC by filing required documents rather than waiting for formal approval. The shift removed a structural bottleneck that had previously constrained overseas-listing activity.

The October 2024 Fast-Track Channel

In October 2024, the SFC and SEHK issued a Joint Statement establishing a "fast examination and approval channel" for eligible A-share listed companies whose valuation is above HK$10 billion (approximately US$1.3 billion). The fast-track channel enables qualifying A-share issuers to complete the Hong Kong listing process much more quickly than the standard timeline would allow. CATL's listing was completed in just 128 days from launch under this framework.

The April 2024 Cooperation Measures

The CSRC issued five cooperation measures with Hong Kong in April 2024 specifically to support leading Mainland companies in listing on Hong Kong. The cooperation measures include streamlined regulatory coordination, simplified disclosure requirements for issuers already meeting A-share standards, and aligned timelines between the two regulators.

The H-Share Filing Requirement

H-share issuers are required to apply to the CSRC for filing within 3 business days after applying to HKEX for listing, without getting prior approval from the CSRC. The post-application filing structure provides regulatory visibility while preserving the issuer's ability to launch quickly.

A+H Execution Workflow

CATL's 2025 Hong Kong listing was the year's most prominent A+H deal and illustrated the structure's potential.

Deal Mechanics

CATL completed its secondary HKEX listing in May 2025, raising $4.6 billion in the base offering (rising to roughly $5.2 billion post-greenshoe) through the Hong Kong issuance. The deal was the world's largest IPO in H1 2025 and the year's largest until being eclipsed by Medline's $6.26 billion Nasdaq listing in December.

Process and Timeline

The Hong Kong listing process took 128 days from launch, materially faster than the typical timeline that would have applied without the fast-track approval channel. The compressed timeline reflected both the fast-track regulatory framework and CATL's pre-existing public-company status under its Shenzhen A-share listing.

Trading Performance

CATL shares jumped 16 percent on debut in Hong Kong, validating both the deal's pricing and the strong international institutional demand. The post-IPO trading reflected the cornerstone-anchored bookbuild and the structural appeal to global investors who had not previously had access to CATL through their existing portfolio infrastructure.

Several other 2025 A+H listings illustrated the pattern at varied issuer scales.

Foshan Haitian, Sanhua, and Sungrow

Foshan Haitian Flavoring & Food (Shanghai-listed soy-sauce and condiment leader) completed its A+H listing through a HK$10.1 billion issuance of 279 million H-shares, ranking as one of the year's larger consumer-sector A+H deals. Zhejiang Sanhua Intelligent Controls (the $13 billion HVAC and EV thermal-management leader) completed its A+H secondary listing June 23, raising approximately $1.2 billion at HK$22.53 per share (closing flat at HK$22.50 on debut). Sungrow Power Supply (the major A-share solar-inverter and energy-storage leader) refiled its HKEX application April 24, 2026 with CICC acting as sponsor, advancing an A+H structure to fund its multi-continent manufacturing build-out. The diversity across consumer (Haitian), industrial (Sanhua), and clean-energy (Sungrow) issuers illustrates the A+H model spreading well beyond the EV-battery flagship.

The August 2025 Staggered Cornerstone Lockup

HKEX consulted on a staggered cornerstone lockup release (50 percent at 3 months, 50 percent at 6 months) but, after considering market feedback, decided not to proceed; the August 2025 conclusions retained the standard 6-month cornerstone lockup. The reform package did, however, explicitly allow cornerstone "double-dipping" (participating in both pre-IPO placings and the IPO itself) and introduced a mandatory 40 percent minimum allocation to bookbuilding tranches, materially improving post-IPO liquidity dynamics for HKEX listings.

Stock Connect (Southbound)

The cross-border investing program (launched 2014) that lets Mainland Chinese institutional investors and accredited individuals purchase Hong Kong-listed shares (Southbound) and lets international investors purchase Mainland China A-shares (Northbound) through their existing brokerage relationships. Southbound flows hit record highs in Q2 2025, accounting for approximately 23 percent of HKEX cash equities turnover in H1 2025 (up from 18.3 percent in H1 2024) and providing critical liquidity support for the 2025 A+H surge.

The Stock Connect program is the institutional infrastructure that supports A+H integration and cross-border capital flow.

Q2 2025 Record Flows

In Q2 2025, Southbound inflows via Stock Connect hit record highs, accounting for approximately 23 percent of HKEX cash equities turnover in H1 2025. The liquidity surge was crucial to supporting the IPO market recovery.

Southbound Demand for A+H Issuers

Mainland Chinese institutional investors and accredited individuals can purchase Hong Kong-listed shares through Stock Connect's Southbound channel, providing additional demand for HKEX listings beyond the international investor base. The cross-border flow reduces the price gap between A and H shares of dually-listed companies and provides liquidity that supports both new IPO bookbuilds and post-IPO secondary trading.

The 2026 Outlook

Stock Connect Southbound flows are expected to remain elevated through 2026, supporting the A+H new-listing pipeline and post-IPO trading. The combined Mainland-plus-international demand creates a uniquely deep capital pool for A+H issuers.

The A+H listings framework above is the structural mechanic that drove HKEX's 2025 ranking. The next article walks through European listing reform, where the UK Listing Rules and EU Listing Act represent Europe's response to the multi-year migration of European issuers toward US listings.