According to incomplete Statistics, as of the time of writing, 23 A-share listed companies have planned to go public in Hong Kong or have submitted applications to the Hong Kong Exchange up to April; among them, Zijin Mining Group plans to spin off Zijin Gold International to be listed on the Main Board of the Hong Kong Stock Exchange, and 13 companies including Unisplendour Corporation have announced plans to issue H shares.
Financial Association reported on May 1 (Editor: Ruoyu) that recently, A-share listed companies are clustered to go public in Hong Kong. According to incomplete Statistics from the Financial Association, as of the time of writing, in April up to now (4.6-5.1), including Zijin Mining Group, Jevant Technologies, Fibocom Wireless Inc., Cig Shanghai, Shenzhen Senior Technology Material, Unisplendour Corporation, JA Solar Technology, Three Squirrels Inc., Chongqing Sokon Industry Group Stock, Fibocom Wireless Inc., Yuntian Lifeng, Naxin Micro, Hehui Optoelectronics, Shandong Linglong Tyre, Guangzhou Shiyuan Electronic Technology, Zhejiang Narada Power Source, CNGR Advanced Material, Yonyou Network Technology, Dazhu CNC, Nanhua Futures, Nations Technologies Inc., Muyuan Foods, and Shenzhen Zhaowei Machinery & Electronics, a total of 23 A-share listed companies disclosed plans for company or subsidiary spin-offs to go public in Hong Kong and the progress of submissions to the Hong Kong Exchange, detailed information is shown in the diagram below:
Specifically, 14 A-share listed companies including Zijin Mining Group, Jevant Technologies, Fibocom Wireless Inc., Shenzhen Senior Technology Material, Unisplendour Corporation, Yuntian Lifeng, Shandong Linglong Tyre, Guangzhou Shiyuan Electronic Technology, Zhejiang Narada Power Source, Yonyou Network Technology, Dazhu CNC, Nations Technologies Inc., Muyuan Foods, and Shenzhen Zhaowei Machinery & Electronics have announced plans for either company or subsidiary spin-offs to go public in Hong Kong. Cig Shanghai, JA Solar Technology, Three Squirrels Inc., Chongqing Sokon Industry Group Stock, Fibocom Wireless Inc., Naxin Micro, Hehui Optoelectronics, CNGR Advanced Material, and Nanhua Futures are planning to issue H shares and have submitted applications to the Hong Kong Exchange.
Zijin Mining Group announced on April 30 that in order to accelerate the internationalization process of the Gold Sector, the company plans to reorganize its overseas gold mine assets under its wholly-owned subsidiary Zijin Gold International in Hong Kong and apply to spin off Zijin Gold International for listing on the Main Board of the Hong Kong Stock Exchange. This spin-off is expected to create greater value for the company and its shareholders, enhancing the overall value of Zijin Mining Group and shareholder value. All assets involved in the spin-off are overseas gold mine assets, primarily including gold mines located in South America, Central Asia, Africa, and Oceania. The spin-off is still in the early planning stage and must obtain relevant approvals from related departments before it can be implemented.
Cig Shanghai announced on April 29 that it has submitted an application to the Hong Kong Stock Exchange on April 28, 2025, for the issuance of Overseas Listed Foreign Shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange, and published the application materials for this issuance and listing on the Hong Kong Stock Exchange website on the same day. If successfully listed on the Main Board of the Hong Kong Stock Exchange, Cig Shanghai will become the first "A+H stock" in AI Communications. The prospectus shows that the company's 800G optical module represents the world's most advanced mass-produced optical module products, and the company's 1.6T optical module is currently one of the leading research products in the industry. It is worth noting that as of the end of 2022, 2023, and 2024, the company's overseas sales accounted for 82.9%, 89.3%, and 92.6% of total revenue respectively.
Cig Shanghai stated that over the past six years, it has gradually expanded its production capacity in Malaysia, Europe, and the USA. Currently, the capacity of its partner factory in Malaysia has fully met the market demand for products sold to the USA, and the company is accelerating the enhancement of overseas production capacity as planned. All products exported from Malaysia to the USA are eligible for current tariff exemptions in the USA. Furthermore, all raw materials supplied domestically or sold to Malaysia have zero tariffs. For products sold from China to the USA, the vast majority of orders are under FOB (Free on Board) or FCA (Free Carrier) trade terms, meaning that freight and tariffs are borne by the customer. For a few products where the company bears the freight and tariffs, the company has communicated with customers to adjust prices to cover additional tariff costs.
JA Solar Technology announced on April 28 that the company submitted an application to Hong Kong Exchanges and Clearing Limited on the same day for the issuance of Overseas Listed Foreign Shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange, and published the application materials for this issuance and listing on the Hong Kong Stock Exchange website. The prospectus shows that JA Solar Technology's main products include photovoltaic silicon wafers, Batteries, modules, and energy storage systems, and that the company is engaged in the development, construction, and Operation of Photovoltaic Power Stations. The company's business spans 178 countries and regions globally, with 16 overseas sales companies and seven regional operation centers, and the overseas market contributes more than half of the company's sales.
As of the end of 2024, the company's photovoltaic module capacity will exceed 100GW, with the proportion of N-type module capacity exceeding 90%, and the mass production conversion efficiency reaching 23.5%, leading the industry. Technically, the company possesses a patented portfolio for TOPCon battery manufacturing covering all production processes, and both BC and HJT technologies have reached mass production conditions, while it is continuously advancing research and development for perovskite technology. However, behind the challenge of "A+H", JA Solar Technology faced a net loss of 4.656 billion yuan in 2024, reversing from profit to loss year-on-year. In the 2024 fiscal year, an asset impairment provision of 3.329 billion yuan was made.
It is worth mentioning that prior to JA Solar Technology, the specialized photovoltaic battery manufacturer Hainan Drinda New Energy Technology will be the first to achieve "A+H" dual listing. Hainan Drinda New Energy Technology announced on the morning of April 28 that it plans to globally issue 63.4323 million H shares, with 10% allocated for the Hong Kong sale and 90% for the international sale, along with an additional 15% for over-allotment options. The offering period is from April 28 to May 2, with an offering price of 20.4 to 28.6 HKD, and the H shares are expected to start trading on the Exchange on May 8, 2025.
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Editor/jayden
