On April 17, 2025, the National Technology (300077. SZ) announced that it authorized the company's management to start the preparatory work for the company's issuance of H shares and listing on The Stock Exchange of Hong Kong Limited (hereinafter referred to as the "Hong Kong Stock Exchange"). According to incomplete statistics, since the beginning of the year, more than 10 A-share listed companies have officially announced their plans to list in Hong Kong. In addition, CATL (300750. SZ) has passed the listing hearing, less than four months after its official announcement to list in Hong Kong.

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A-share listed companies have accelerated their listing in Hong Kong

On April 17, 2025, National Technology announced that in order to accelerate the construction of the company's domestic and international dual circulation pattern, promote the company's overseas strategic layout, build an international capital operation platform, further enhance the company's brand image and popularity, and improve the company's comprehensive competitiveness, the company plans to issue H shares and be listed on the main board of the Hong Kong Stock Exchange.

According to incomplete statistics, since the beginning of the year, more than 10 A-share listed companies have officially announced their plans to list in Hong Kong, including Muyuan shares (002714. SZ), Cialis (601127. SH), Zhaowei Electromechanical (003021. SZ), CNGR (300919. SZ), three squirrels (300783. SZ), Dongpeng Beverage (605499. SH), Lens Technology (300433. SZ), Yusys Technologies (300674. SZ), NOVOSENSE (688052. SH), Fibocom (300638. SZ), Unisplendour (000938. SZ), Hehui Optoelectronics (688538. SH), Sany Heavy Industry Co., Ltd. (600031. SH), JA Solar (002459. SZ), Jewalt (688141. SH), Nanhua Futures (603093. SH), LEAD (300450. SZ) and so on.

Among them, there are many leading enterprises in subdivided industries. For example, on April 2, 2025, CNGR announced its plan for the issuance and listing of H shares. CNGR is a professional new energy materials science company, mainly engaged in the research and development, production, processing and sales of battery cathode materials and precursors, the main products include nickel-based materials, cobalt-based materials, phosphorus-based materials, sodium-based materials, and new energy metal products.

According to the announcement, in terms of nickel-based materials, CNGR is the world's leading leader in the ternary precursor industry. In 2024, CNGR's market share of ternary precursor products will reach 20.3%, maintaining the first place in the industry for five consecutive years. In terms of cobalt-based materials, CNGR's cobalt tetroxide products have a market share of 28%, ranking first in the industry for five consecutive years. In terms of phosphorus-based materials, CNGR's iron phosphate has achieved leapfrog growth, with stable and excellent product performance, ranking among the first camp in the industry.

On April 1, 2025, Sailis announced its plans for the issuance and listing of H shares. Sailis is a technology-based enterprise with new energy vehicles as its core business, and its main business involves the research and development, manufacturing, sales and service of new energy vehicles and core electric products. In 2024, the cumulative delivery volume of the M9 model of Sailis will exceed 150,000 units, winning the 500,000 yuan luxury car sales championship in China.

In fact, this is not the first time that Cialis is planning to go public in Hong Kong. In October and November 2021, the board of directors and the general meeting of shareholders of Cialis deliberated and approved the relevant proposals for the issuance of H shares and listing in Hong Kong. In January 2022, Cialis announced that due to changes in the global economy and capital market, the company decided to suspend the process of the H-share issuance and listing.

On February 22, 2025, Hehui Optoelectronics announced that in order to accelerate the company's internationalization strategy and overseas business layout, enhance the company's overseas financing capabilities, and increase the production capacity ratio of the company's high-end AMOLED panel products, the company is planning to issue and list H shares.

Hehui Optoelectronics focuses on the R&D, production and sales of high-resolution AMOLED semiconductor display panels, and its AMOLED semiconductor display panel products are mainly used in consumer terminal electronic products such as smart phones, smart wearables, tablets and laptops. Among them, in the field of tablets and laptops, the market share of Hehui Optoelectronics ranks first in China.

CATL has passed the listing hearing, and a number of A-share companies have submitted application documents

According to the announcement, CATL has recently passed the listing hearing of the Listing Committee of the Hong Kong Stock Exchange.

On December 27, 2024, CATL officially announced its plans for the issuance and listing of H shares; On February 11, 2025, CATL 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. On March 25, CATL received the "Filing Notice" issued by the China Securities Regulatory Commission; On April 10, CATL passed the listing hearing, and according to its official announcement, it planned to go public in Hong Kong for less than 4 months. According to the "Filing Notice", CATL intends to issue no more than 220 million H shares.

In addition to CATL, a number of A-share listed companies have submitted applications for the issuance and listing of H shares to the Hong Kong Stock Exchange since the beginning of the year, and the application materials for the issuance of H shares have been accepted by the SFC.

For example, on March 21, Long (301308. SZ) submitted an application for listing on the Hong Kong Stock Exchange. On April 14, Longsys announced that the company's filing application materials for the issuance and listing of the company were recently accepted by the China Securities Regulatory Commission.

Longsys mainly focuses on memory products and applications, forming core capabilities such as memory chip design, main control chip design, firmware algorithm development, packaging and testing, and manufacturing, and can provide consumer, automotive, and industrial-grade memory and industrial storage software and hardware application solutions for the market.

According to the announcement, Longsys is the world's second largest independent memory company and the largest independent memory company in China, and is also one of the few Chinese companies with independent brands in both the memory B2B and B2C markets. Longsys' brand business is an international leader, with its FORESEE brand ranking fifth among global independent memory brands in terms of B2B revenue in 2023, Lexar brand ranking second among global independent memory brands in terms of B2C revenue in 2023, and Zilia brand ranking first among independent memory companies in Latin America and Brazil in terms of revenue in 2023.

Longsys said that in recent years, driven by scientific and technological innovation and international development strategy, the company has steadily promoted the process of internationalization. The issuance and listing of H shares is conducive to further deepening the company's strategic development goals.

On February 24, 2025, Tianyue Advanced (688234. SH) submitted an application for listing on the Hong Kong Stock Exchange. On March 18, Tianyue Advanced announced that the application materials for the filing of the H-share issuance and listing have been accepted by the China Securities Regulatory Commission.

Tianyue Advanced is a global leader in the wide bandgap semiconductor materials industry, and the announcement shows that Tianyue Advanced (SICC) will rank among the top three in the global conductive silicon carbide substrate material market share in 2024, with a market share of 22.80%.

In 2024, Tianyue Advanced Silicon Carbide Semiconductor Materials will achieve revenue of 1.474 billion yuan, of which overseas revenue will be 840 million yuan. Tianyue Advanced said that the issuance of H shares and listing is conducive to accelerating the company's internationalization strategy and overseas business layout.

Sanhua Intelligent Control (002050.HK) SZ) submitted an application for listing on the Hong Kong Stock Exchange on 15 January 2025. On February 25, Sanhua Intelligent Control announced that the application materials for the filing of the H-share issuance and listing have been accepted by the China Securities Regulatory Commission.

Sanhua Intelligent Control is the world's largest manufacturer of refrigeration control components and the world's leading manufacturer of automotive thermal management system control components, and its air conditioning electronic expansion valves, four-way reversing valves, globe valves, solenoid valves, microchannel heat exchangers, automotive electronic expansion valves, new energy vehicle thermal management integrated components, Omega pumps and other products have the world's largest market share, and the market share of automotive thermal expansion valves and liquid reservoirs is in the world's leading.