Recently, CATL, a global leader in the lithium battery industry, announced that it submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange. By 2025, a total of 9 A-share listed companies have entered the process of applying for H-share issuance and listing.

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CATL submitted an application for the issuance and listing of H shares to the Hong Kong Stock Exchange

On February 11, 2025, CATL (300750. SZ) announced that it has submitted an application to The Stock Exchange of Hong Kong Limited (hereinafter referred to as the "Hong Kong Stock Exchange") on February 11 for the issuance of H shares and listing on the Main Board of the Hong Kong Stock Exchange. On the same day, the company published the application materials for the issuance and listing of H shares on the official website of the Hong Kong Stock Exchange, becoming the ninth A-share listed company to announce that it has launched the "A+H" layout during the year.

CATL is the world's leading new energy company, mainly engaged in the research and development, production and sales of power batteries and energy storage batteries.

According to the data provided by Choice Financial Terminal, from 2021 to 2023, CATL's revenue will be 130.356 billion yuan, 328.594 billion yuan and 400.917 billion yuan respectively, and the attributable net profit will be 15.931 billion yuan, 30.729 billion yuan and 44.121 billion yuan respectively.

In addition, 8 A-share listed companies entered the process of applying for H-share issuance and listing

According to our incomplete statistics, as of February 12, 2025, a total of 9 A-share listed companies announced that they had entered the H-share issuance and listing process during 002803 the year. SZ), Yasui Foods (603345. SH), Baili Tianheng-U (688506.SH), Goertek (002241. SZ), Sanhua Intelligent Control (002050. SZ), Haitian Flavor (603288. SH), Mabwell-U (688062.SH) and Hengrui Pharmaceutical (600276.SH).

On January 27, Jihong announced that the company received the notice of issuance and listing filing issued by the China Securities Regulatory Commission on January 24 (Guohe Han [2025] No. 156). According to the filing notice, Jihong Technology intends to issue no more than 78.108 million H shares and be listed on the Hong Kong Stock Exchange.

Based on technology, innovation and digital intelligence empowerment, Jihong's main business includes cross-border social e-commerce business and paper FMCG packaging solution business.

From 2021 to 2023, Jihong's revenue will be 5.178 billion yuan, 5.376 billion yuan and 6.695 billion yuan respectively, and the attributable net profit will be 227 million yuan, 184 million yuan and 345 million yuan respectively.

On January 24, Anjing Food announced that the company had submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange on January 20, and published the application materials on the official website of the Hong Kong Stock Exchange on that day.

Anjing Foods is mainly engaged in "Anjing" brand quick-frozen food, which currently includes nearly 400 varieties.

From 2021 to 2023, Anjing Food's revenue will be 9.272 billion yuan, 12.183 billion yuan and 14.045 billion yuan respectively, and the attributable net profit will be 682 million yuan, 1.101 billion yuan and 1.478 billion yuan respectively.

On January 22, Baili Tianheng announced that on January 21, the company had resubmitted the application for the issuance to the Hong Kong Stock Exchange and published the application materials for the issuance on its official website.

Baili Tianheng is a biomedical enterprise focusing on the frontier field of global biomedicine, with a full range of drug R&D capabilities including ADC drugs (antibody drug conjugates, mainly tumors), macromolecular biological drugs and small molecule chemical drugs, covering the full life cycle of "R&D-production-marketing" and commercial operation capabilities. The company's main business includes two major sectors: innovative biological drugs, chemical drugs and Chinese patent medicine preparations.

From 2021 to 2023, Baili Tianheng's revenue will be 797 million yuan, 703 million yuan and 562 million yuan respectively.

On January 21, Goertek announced that its holding subsidiary, Goertek Microelectronics Co., Ltd. (hereinafter referred to as Goertek), submitted an application to the Hong Kong Stock Exchange for the issuance of H shares and listing on the main board of the Hong Kong Stock Exchange, and published the application materials on its official website.

Goertek is a semiconductor company focusing on the R&D, production and sales of MEMS (microelectromechanical systems) devices and microsystem modules, covering key links in the industrial chain such as chip design, product development, packaging and testing, and system application.

From 2021 to 2023, Goertek's revenue will be 3.348 billion yuan, 3.121 billion yuan and 3.001 billion yuan respectively, and its net profit will be 329 million yuan, 326 million yuan and 289 million yuan respectively.

On January 16, Sanhua Intelligent Control announced that the company submitted an application for the issuance of H shares and listing to the Hong Kong Stock Exchange on January 15, and published the application materials for this issuance on its official website on the same day.

Sanhua Intelligent Control focuses on the development of environmental thermal management solutions for cold and heat conversion and intelligent temperature control, and is committed to professional operation in the fields of building HVAC, electrical equipment and thermal management of new energy vehicles. The company's main business is mainly divided into refrigeration and air conditioning electrical parts business and auto parts business.

From 2021 to 2023, Sanhua's revenue will be 16.021 billion yuan, 21.348 billion yuan and 24.558 billion yuan respectively, and the attributable net profit will be 1.684 billion yuan, 2.573 billion yuan and 2.921 billion yuan respectively.

On January 14, Haitian Flavor also issued an announcement on submitting an application for listing of H shares to the Hong Kong Stock Exchange and publishing the application materials.

As a leader in the condiment industry, Haitian Flavor has been deeply engaged in the production and marketing of condiments for a long time, and has eight product lines such as soy sauce, oyster sauce and condiment sauce.

From 2021 to 2023, Haitian Flavor's revenue will be 25.004 billion yuan, 25.610 billion yuan and 24.559 billion yuan respectively, and the attributable net profit will be 6.671 billion yuan, 6.198 billion yuan and 5.627 billion yuan respectively.

On January 7, Mabwell announced that it had submitted an application for the issuance and listing of H shares to the Hong Kong Stock Exchange, and published the application materials on its official website.

Mabwell's main business is the research and development, production and sales of innovative drugs and biosimilars, and the main products are antibodies, ADC drugs, recombinant proteins, small molecule chemical drugs and other drugs.

From 2021 to 2023, Mabwell's revenue will be 16.2262 million yuan, 27.7282 million yuan and 128 million yuan respectively.

On January 6, Hengrui Pharmaceutical also announced that it had submitted an application for the issuance of H shares and listing to the Hong Kong Stock Exchange, and on the same day, the application materials for the issuance and listing were published on the official website of the Hong Kong Stock Exchange.

Hengrui Pharmaceutical is a well-known pharmaceutical leader, and the company's main business involves the research and development, production and sales of drugs. The company has a rich R&D pipeline in the field of oncology, and has also made extensive layouts in autoimmune diseases, metabolic diseases, cardiovascular diseases, infectious diseases, respiratory diseases, blood diseases, pain management, neurological diseases, ophthalmology, kidney diseases and other fields.

From 2021 to 2023, Hengrui Pharmaceutical's revenue will be 25.906 billion yuan, 21.275 billion yuan and 22.82 billion yuan respectively, and the attributable net profit will be 4.53 billion yuan, 3.906 billion yuan and 4.302 billion yuan respectively.  

It is worth mentioning that in addition to the above 9 companies, in 2025, there will also be Hehui Optoelectronics (688538. SH), GEM (002340. SZ), Nanhua Futures (603093. SH), LEAD (300450. SZ) and CNGR (300919.SZ) and other companies announced plans to start the issuance of H shares and listing on the Hong Kong Stock Exchange.