The Shenzhen Stock Exchange is expected to welcome new cases of "H+A".
On the evening of June 10, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council officially announced the "Opinions on Deepening the Comprehensive Reform Pilot in Shenzhen to Further Reform, Innovation, and Open Up."
It is especially worth mentioning thatThe "Opinions" allow enterprises from The Guangdong-hk-macao Greater Bay Area-related that are listed on the Hong Kong Stock Exchange to be listed on the Shenzhen Stock Exchange in accordance with policy regulations.
Which companies are expected to return to the A-share market?
According to financial magazines, group companies listed in Hong Kong commonly have two types of structures,namely red-chip structure and H-share structure.The former mainly refers to the way of constructing and reorganizing domestic and foreign structures to allow the domestic equity entities in China to achieve consolidation through a planned overseas listed entity under the red-chip structure; the latter refers to the architecture where a joint-stock company registered in China acts as a listed entity, issuing stocks and getting listed abroad.
As of now, no companies using the red-chip structure have conducted listings on the Shenzhen Stock Exchange.Secondary listing.For the enterprises, the latter has relevant cases due to the relative convenience of listing. The aforementioned "Opinions" also pointed out that enterprises in The Guangdong-hk-macao Greater Bay Area-related must "comply with policy regulations" to be listed on the Shenzhen Stock Exchange.
From a systematic perspective, red-chip enterprises that have been listed on the Hong Kong Stock Exchange must conduct a secondary listing on the Shenzhen Stock Exchange, and the rules are relatively clear. However, the GEM's requirements for red-chip enterprises to go public mainly target "red-chip enterprises not listed overseas."
According to the listing conditions announced by the Shenzhen Stock Exchange, red-chip enterprises applying for an initial public offering of stocks or depositary receipts and listing on the Shenzhen Main Board,Market Cap and Financial Indicators...