By 2025, an increasing number of A-share technology companies, ranging from chip giants to AI up-and-coming players, will either spin off their subsidiaries or adopt A dual listing model of "A+H" to compete for listing on the Hong Kong Stock Exchange.

Last year, the China Securities Regulatory Commission (CSRC) introduced five capital market cooperation measures with Hong Kong, among which it explicitly mentioned supporting leading enterprises in various industries on the Chinese mainland to list in Hong Kong. In May this year, at a press conference held by the Information Office of The State Council, Wu Qing, the chairman of the China Securities Regulatory Commission, also stated that they would encourage domestic enterprises that meet the conditions to list overseas in accordance with laws and regulations to enhance their global market expansion capabilities, etc.

According to the author's observation, apart from the listed companies, there are also quite A few A-share companies queuing up. As of July 2025, more than 20 A-share listed technology enterprises have successively submitted applications for listing in Hong Kong, including Omnivision Group, Lens Technology, GigaDevice, etc. The number is significantly higher than that of the same period last year. The long-term acceptance of new economy enterprises by the Hong Kong stock market has provided a stage for technology companies at different development stages and in various technological fields. Multiple cutting-edge fields such as intelligent driving, new energy, semiconductors, and big data not only offer more opportunities for Hong Kong stock investors to share the dividends of China's technological development, but also promote the efficient allocation of capital in the technology sector, driving the survival of the fittest and healthy competition within the industry.

Globalization becomes a key word: Judging from the motivations for enterprises to go public in Hong Kong, "globalization" is undoubtedly the core key word. With their existing A-share listing status, the value of these enterprises can be more fully explored in the Hong Kong stock market, thereby achieving reasonable pricing. Not only that, the industry generally holds that choosing to conduct a secondary listing in Hong Kong will also help enterprises attract overseas high-end talents, expand their international customer base, and provide solid support for the advancement of their globalization strategy. Analysts from GF Securities believe that from the perspective of corporate strategy, leading enterprises' listing in Hong Kong is often accompanied by the need for international development. Through Hong Kong, this international financial window, enterprises can more conveniently connect with the global industrial chain, attract overseas partners, enhance the influence of their brands in the international market, and lay a solid foundation for future cross-border operations.

In terms of talent and customer development, Hong Kong's international business environment itself serves as a "magnet". For high-end talents, a company's listing in Hong Kong means a more standardized governance structure, a more transparent development path and a broader career platform. This undoubtedly enhances the appeal to overseas technical experts and management talents. When international clients choose partners, they often take the listing location of the enterprise as an important indicator to measure its internationalization level and risk resistance capacity. The background of listing on the Hong Kong Stock Exchange can win more trust from overseas clients for the enterprise and help it quickly enter the supply chain system of the international market.

From the perspective of industrial chain connection and brand building, Hong Kong is an important hub of the global industrial chain. Here, enterprises can conveniently connect with upstream and downstream resources in regions such as Europe, America, and Southeast Asia. Through the information disclosure mechanism of the Hong Kong stock market, the technological strength, production capacity layout and strategic planning of enterprises can be more clearly recognized by global partners, thereby accelerating the cooperation process with international giants. At the same time, the listing process itself is a global brand exposure. By leveraging Hong Kong's financial window, enterprises can effectively enhance their popularity and influence in the international market, paving the way for the global promotion of their products and services.

Take feng岹 technology, which completed its listing on the Hong Kong stock exchange in July this year, as an example. As a technology enterprise deeply engaged in the core technology of motor drive systems, the company is fully committed to the research and development breakthroughs of high-end products such as motor chips for new energy vehicles and industrial servo drive chips, and is accelerating the layout of overseas markets in Europe, South Asia, etc. It has a strong demand for the immediate allocation and efficient utilization of funds. After completing its H-share listing and passing the six-month lock-up period, it can take advantage of the "flash placement" mechanism of the Hong Kong stock market to complete the share placement in a short period of time, which will be used for the equipment upgrade of the R&D center and the expansion of the core algorithm team, ensuring that the pace of technological iteration keeps up with the cooperation progress of global automakers.

Zeng Yuqun, the chairman of CATL, said at the listing ceremony on the Hong Kong Stock Exchange, "Listing in Hong Kong means that we will be more widely integrated into the global capital market and it is also a new starting point for us to promote a global zero-carbon economy." Listing on the Hong Kong Stock Exchange enables enterprises to more directly connect with the capital demands and cooperation opportunities of the global energy transition, integrating their technological innovations into the development trend of the global zero-carbon economy. This deep participation is precisely a key leap for enterprises' global strategies from "going global" to "integrating in".

These enterprises, with the confidence of technological innovation and the ambition of globalization, have listed on the Hong Kong Stock Exchange. They have not only achieved a "two-pronged approach" at the capital level, but also completed the identity leap from "local leaders" to "global players" in dimensions such as industrial chain integration, talent attraction, and brand building. This process has not only consolidated Hong Kong's core position as an international financial center, but also enabled global capital to participate more deeply in the upgrading wave of China's technology industry and share the dividends of new economic development.

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