--- title: "A-shares flock to Hong Kong, triggering a fundraising boom, with hard technology favored and cornerstone investments diversified" type: "News" locale: "en" url: "https://longbridge.com/en/news/291020673.md" description: "In the first half of 2026, the trend of A-share companies listing in Hong Kong continued, with 24 listed companies issuing H-shares and raising over HKD 121.7 billion, setting a historical high. Leading hard technology companies such as CFMEE and SG Micro performed impressively, with A+H companies occupying eight seats in the top ten IPOs in the Hong Kong stock market. The overall performance of new stocks on their first day was stable, with nearly 80% closing higher, and the structure of cornerstone investors becoming increasingly diversified" datetime: "2026-06-27T02:33:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291020673.md) - [en](https://longbridge.com/en/news/291020673.md) - [zh-HK](https://longbridge.com/zh-HK/news/291020673.md) --- # A-shares flock to Hong Kong, triggering a fundraising boom, with hard technology favored and cornerstone investments diversified \[Global Network Finance Comprehensive Report\] Since 2026, the trend of A-share companies "flocking" to list in Hong Kong has become increasingly prominent. According to Wind statistics, in the first half of this year, a total of 24 A-share listed companies successfully issued H-shares, raising approximately HKD 121.733 billion, setting a historical high for the same period. More notably, among the top ten IPOs in Hong Kong this year, A+H companies occupy 8 seats, showcasing the strong momentum of leading enterprises in cross-border financing. **Expansion of the A+H Camp, Hard Technology Leaders Dominate** On June 26, the listing bells of Lingyi iTech, SG Micro, and CFMEE rang, marking a phase conclusion to the A+H listing wave in the first half of this year. On the first day of trading, CFMEE surged by 103.77%, SG Micro increased by 47.04%, while Lingyi iTech closed down by 4.62%. These three companies each have industry benchmark attributes, with a common label of "hard technology" and leading positions in their respective segments. Among them, CFMEE, as the world's largest supplier of PCB direct imaging equipment, has broken the monopoly of overseas manufacturers, raising approximately HKD 3.245 billion; SG Micro, a domestic leader in high-performance analog integrated circuits, raised HKD 4.601 billion in its IPO; Lingyi iTech, a global leader in AI terminal intelligent manufacturing platforms, raised a total of HKD 8.264 billion in H-shares. Looking at the entire first half of the year, the A+H listing lineup is star-studded, with industry distribution dominated by information technology, industrial, consumer goods, and healthcare sectors, highlighting the strong willingness of hard technology companies to list in Hong Kong. In the top ten IPOs for fundraising in Hong Kong this year, A+H companies show an overwhelming advantage. Shenghong Technology topped the list with a fundraising amount of HKD 23.135 billion, followed by Muyuan Foods and Dongpeng Beverage, which raised HKD 12.099 billion and HKD 11.099 billion, respectively. Five A+H companies, including Lattice Semiconductor, Lingyi iTech, Daikin Heavy Industries, Dazhong CNC, and Zhaoyi Innovation, also made it into the top ten, with each fundraising amount exceeding HKD 5 billion. In contrast, only two non-A+H companies, Bairun Technology and MiniMax, made the cut. Oriental IC **Overall Performance of New Stocks Shows Steady Results, Cornerstone Investors Becoming Increasingly Diverse** From the market performance perspective, the overall performance of A+H new stocks in the first half of the year has shown relatively steady results. Among the 24 A+H new stocks, 19 saw an increase on their first day of trading, accounting for nearly 80%. Stocks with hard technology attributes are more favored by funds, with significant profit effects: CFMEE led with a first-day increase of 103.77%, Lattice Semiconductor rose by 63.72%, and Shenghong Technology and Zhaoyi Innovation had first-day increases of 50.09% and 37.53%, respectively. Consumer-related new stocks showed more stable performance, with Muyuan Foods and Dongpeng Beverage having first-day increases of less than 4% There are also a few stocks that have broken below their issue price due to industry cycles and market sentiment. As of the market close on June 26, the closing price of Zhaoyi Innovation has increased by as much as 569.79% compared to its issue price; Lanke Technology, Dazhu CNC, Guanghe Technology, and Guoen Technology have also doubled their stock prices relative to their issue prices. Behind the fluctuations in the market, the participation of cornerstone investors is noteworthy. In the first half of the year, 85% of Hong Kong IPOs introduced cornerstone investors, with leading domestic public funds, insurance asset management, brokerage proprietary trading, and government industrial guidance funds becoming the main players in allocation. The proportion of allocations from Middle Eastern sovereign funds, Southeast Asian long-term capital, and European and American asset management institutions has continued to rise. The three new stocks listed on June 26 fully confirm this trend: CFMEE's cornerstone lineup includes Hillhouse, Jinglin, Hefei State-owned Assets, and upstream and downstream enterprises in the industry chain; SG Micro has introduced well-known institutions such as the Government of Singapore Investment Corporation (GIC), Hillhouse, and Morgan Asset Management; Lingyi Zhi Zao's cornerstone investors also include multiple long-term funds from both domestic and overseas. Chen Rihui, head of audit services for the technology, media, and telecommunications sector at Ernst & Young Hong Kong, stated that cornerstone investments in the first half of 2026 include sovereign funds from the Middle East and Singapore, and IPOs have received active participation and support from international investors. This reflects an increasing confidence in China's hard assets, indicating a more optimistic view on the direction of regulatory policies and a positive outlook on long-term investment prospects. **AH premium rate fluctuates at a high level**, **core assets exhibit "certainty aesthetics"** With the ongoing wave of A+H listings, the trend of AH stock premium rates has attracted much attention. As of June 26, the Hang Seng AH Premium Index closed at 122.43 points. In the first half of the year, this index had previously dropped to a low of 113.56 points, then rose to a high of 124.54 points, and subsequently fluctuated around 118 points. Looking at specific stocks, the AH premium rate for CFMEE, which was listed on June 26, is 32.45%, while SG Micro's premium rate is 17.92%. Among the A+H stocks listed this year, Lanke Technology, Zhaoyi Innovation, and Dajin Heavy Industry currently have a discount (negative premium) for their A shares compared to their H shares, while Guomin Technology, Meige Intelligent, and Aiston have premium rates exceeding 100% for their A shares compared to their H shares. Changcheng Securities analyzes that for industries such as non-ferrous metals, banking, food and beverage, coal, and transportation that exhibit cyclical upward characteristics or stable cash flows, AH premiums are often at lower levels, indicating that Hong Kong investors are willing to assign higher valuations. Regarding the phenomenon where leading companies in specific industries have higher H share prices than A shares, Changcheng Securities believes this fully demonstrates the "certainty aesthetics" and "allocation rigidity" of global long-term capital towards China's core assets. From the perspective of the proportion of holdings by southbound funds, domestic investors do not have much pricing power over Hong Kong stocks that exhibit negative AH premiums; this negative premium is mainly caused by foreign investors favoring these stocks. The pricing model of foreign capital highly prefers varieties with global competitiveness, high ROE, and high governance transparency, which also results in a high degree of lock-up for these stocks. 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