<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ONVI95ASv7ha2TNRADsSr9ZQQKULSG1xhpW7NfA76TydgAA/1000?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ONVI95ASv7ha2TNRADsSr9ZQQKULSG1xhpW7NfA76TydgAA/1000"/>Author**|Wang HanyuEditor|Zhang FanCover Source****|**Visual China
On March 6, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the economic theme press conference of the Fourth Session of the 14th National People's Congress that a more precise and inclusive listing standard will be added to the Growth Enterprise Market (GEM), and he explicitly mentioned actively supporting high-quality innovative and entrepreneurial companies in new consumption and modern service industries to issue and list on the GEM.
This statement has been interpreted by the market as a signal that the GEM is opening its doors to companies in new consumption and modern service industries.
For a long time prior, due to the stringent requirements for &#34;profitability&#34; and &#34;hard technology&#34; attributes in the listing standards of the A-share main board and GEM, many leading companies in the new consumption sector, such as POP MART and Miniso, had to &#34;settle for less&#34; and choose to list in Hong Kong. If this reform is implemented, it is expected to change the investment expectations in the primary market and drive the revaluation of the A-share consumer sector.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOq1fN_G7-Il3_R62XmdCXjAc3bygwGUMytmgixI8NdhYAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOq1fN_G7-Il3_R62XmdCXjAc3bygwGUMytmgixI8NdhYAA/641"/>
Why does A-share &#34;not want&#34; consumer companies?
Looking back at the A-share IPO market in recent years, its sector structure shows a clear characteristic of &#34;heavy manufacturing, light consumption.&#34;
According to statistics from Tonghuashun, in 2025, A-share IPO companies are mainly concentrated in the manufacturing sector, with as many as 100 companies, accounting for 86.21%; there are only 3 in wholesale and retail, and only 2 in information transmission, software, and information technology services.
This structure reflects the regulatory guidance to some extent: consumer enterprises usually have abundant cash flow, and their financing needs are not as urgent as those of technology companies. At the same time, some new consumption models are often questioned in their early stages due to unstable profit models, further lowering their priority for listing on A-shares.
Observing the current three sets of listing standards for the GEM, they all set high thresholds for companies' profitability or revenue scale. The first standard requires &#34;net profits to be positive for the last two years and a cumulative total of no less than 100 million yuan,&#34; the second standard involves a combination requirement of &#34;market value + revenue + profit,&#34; and the third standard, while relaxing profit requirements, still requires &#34;market value of no less than 5 billion yuan and revenue of no less than 300 million yuan.&#34;
This is difficult for new consumption companies that are in a rapid expansion phase and have not yet achieved stable profitability. Especially in the context of the overall slowdown in A-share IPO rhythm after the &#34;827 New Policy&#34; in August 2023, the limited number of listing quotas further compresses the listing space for consumer companies.
At the same time, the Hong Kong stock market has become the first choice for many consumer star companies' IPOs. In the entire year of 2025, there were 119 new stocks listed on the Hong Kong stock market, with a total IPO fundraising amount of HKD 285.693 billion, among which discretionary consumption became the fifth-ranked industry in terms of IPO fundraising scale
The fundraising amount is HKD 4.931 billion.
According to Wind data, as of February 9 this year, there are still 67 companies in the consumer industry waiting to go public in the Hong Kong stock market.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OiboddZBXW1J0UMetUNF1vpi9fpcEZuykFn8JJu3m7wdkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OiboddZBXW1J0UMetUNF1vpi9fpcEZuykFn8JJu3m7wdkAA/641"/>
Why is the A-share market re-embracing &#34;new consumption&#34;?
The regulatory authorities have explicitly mentioned &#34;new consumption&#34; and &#34;modern service industry,&#34; which may indicate a shift in attitude towards the consumer industry.
Although the A-share market has been relatively cautious towards consumer companies in the past, the Hong Kong stock market has seen a surge of new consumer stocks.
Taking POP MART as an example, although several institutions believe its valuation is severely underestimated, its stock price still performed well in 2025, with a cumulative increase of over 110% and an annualized return of 112.79%; Gu Ming has also gained high recognition in the Hong Kong stock market, with a cumulative increase of 157.24% since its listing in February last year and an annualized return of 192.61%.
The performance of these companies in the Hong Kong stock market proves that the new consumption model not only has sustainable profitability but can also create substantial returns for investors. If such targets return to the A-share market, it may increase the channels for residents to enhance their wealth, thereby supporting the long-term healthy development of the capital market.
On the other hand, the biggest beneficiaries of the recent reform of the listing standards on the ChiNext may be those new consumer leading enterprises that are already listed in the Hong Kong stock market, whose profitability is gradually being validated but are undervalued.
Still taking POP MART as an example, as a leading company in the current trendy toy industry, its valuation has been long suppressed before 2025, and it also experienced a process of valuation return from frenzy to rationality last year, currently still fluctuating downwards, with the dynamic price-to-earnings ratio falling back below 40 times.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OLWQfk3pmiitCzLLOyk0WBbi0FY0UsX9HanzpaWN7KgG0AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OLWQfk3pmiitCzLLOyk0WBbi0FY0UsX9HanzpaWN7KgG0AA/641"/>
POP MART H shares PE (TTM) changes over the past three years Source: Wind
However, according to a research report from Ping An International, it believes that from the beginning of 2026 to now, POP MART's domestic revenue has shown strong growth momentum, and it is expected that POP MART's domestic market revenue in January-February will increase by 130%-160% year-on-year, and the absolute value of revenue in the second to fourth quarters of this year will also maintain the scale of the first quarter, therefore, this institution believes that POP MART's current valuation is severely underestimated.
If the A-share ChiNext adds a fourth set of standards in the future, allowing eligible companies to list again or spin off, POP MART will no longer be limited to a single capital market and can obtain richer capital operation options during the stage of globalization.
Returning to the front line of the consumer market, as Generation Z becomes the main consumer force, the consumption paradigm is undergoing profound changes. New consumption forms such as self-indulgent consumption, quality consumption, and spiritual consumption are not only driving economic growth but also giving rise to new industrial chains. Supporting the listing of such companies helps to improve the industry structure of the A-share market while providing residents with investment channels to share in the dividends of new consumption
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OrcwZe6hLFQoMGTsFf0V7uaxQEzFmzK7ozXjwHFxfgDekAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Image" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OrcwZe6hLFQoMGTsFf0V7uaxQEzFmzK7ozXjwHFxfgDekAA/641"/>
Exit channels are widening, changing expectations in the primary market
From the perspective of investors, if this reform is implemented, it may have a profound impact on the investment logic of the primary market and the valuation system of the secondary market. These impacts will not only be reflected in changes in capital flows but will also reconstruct the value assessment framework of the A-share consumer sector.
In the past, investment institutions in the primary market often held a cautious attitude towards new consumption projects, as these projects, even if they became industry leaders, might be unable to list on the A-share market due to unstable profits or overly new business models.
The introduction of inclusive standards in the Growth Enterprise Market (GEM) provides clear expectations for the primary market. This will encourage investment institutions to be more willing to invest early and in smaller amounts, supporting those consumer innovation companies that are temporarily unprofitable but have high growth potential. In the long run, this move will stimulate social capital's enthusiasm for investing in new consumption fields, forming a virtuous cycle of industrial innovation and capital appreciation.
Moreover, the valuation of the A-share consumer sector is also higher than that of the Hong Kong stock market.
Historically, A-share consumer companies typically enjoy a higher valuation premium compared to similar enterprises in the Hong Kong stock market. Currently, the price-to-earnings (P/E) ratio of A-share consumer stocks generally exceeds 30 times, while Hong Kong consumer stocks are around 18 times or below.
For example, the P/E ratio of Qingdao Beer in the A-share market is about 18 times, while China Resources Beer in the Hong Kong market is about 13 times; the P/E ratio of Beingmate in the A-share market is about 46 times, while China Feihe in the Hong Kong market is less than 12 times.
Some leading A-share liquor companies, such as Yanghe Brewery, currently have a P/E ratio of about 37 times, Shui Jing Fang about 32 times, and Shede Liquor as high as 111 times.
Due to structural factors where retail, dining, and apparel have a higher weight in the Hong Kong stock market, their valuation levels are often more elastic to consumer recovery. In contrast, the A-share market is primarily driven by essential consumption, making its valuations more resilient.
The valuation differences between the two markets mean that once new consumption companies gain access to return to the A-share market, their market value management space will be opened up, which has positive implications for enhancing shareholder returns and attracting long-term capital.
For the A-share consumer sector, for a long time, it has been dominated by traditional blue-chip stocks such as liquor and home appliances, with a relatively rigid valuation system. The influx of new consumption companies will change this pattern.
In the future, as more new consumption leading enterprises listed in Hong Kong may return to the A-share market, the valuation structure of the A-share consumer sector will also face adjustments. Those companies that truly possess core competitiveness and growth potential will receive reasonable valuations, while the valuation bubbles of stocks that rely solely on concept speculation may be squeezed, leading the entire consumer sector's valuation system to trend towards a healthier and more reasonable state.
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The Chairman of the China Securities Regulatory Commission, Wu Qing, stated at the National People's Congress that more inclusive listing standards will be added to the Growth Enterprise Market to support the listing of new consumption and modern service industry enterprises. This policy may change the attitude of the A-share market towards consumer companies. In the past, due to strict profit requirements, many new consumption enterprises, such as POP MART, chose to list in Hong Kong. The A-share IPO market has long favored the manufacturing industry, and consumer enterprises face higher listing thresholds. Especially against the backdrop of a slowdown in the IPO pace in 2023, the listing opportunities for consumer enterprises have further decreased

- On March 6, 2026, the chairman of the China Securities Regulatory Commission announced more inclusive listing standards for the ChiNext board to support innovative consumer and service companies.  
- The market views this as a potential shift in A-share attitudes towards consumption, with new opportunities for companies like Pop Mart, which has thrived in Hong Kong due to stricter A-share IPO requirements.  
- If the reforms take effect, they could reshape investment expectations and valuation frameworks in A-shares, facilitating the return of high-potential consumer firms and enhancing market dynamics.

Can "POP MARTs" return to the A-share market?