As an international financial hub, Hong Kong, backed by the mainland market and benefiting from international capital market funding and liquidity, has long been the preferred destination for Chinese enterprises seeking securities listings and financing. On October 18, 2024, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX) jointly announced optimizations to the new listing application approval process, explicitly facilitating "A-then-H" listings for high-quality companies aiming to expand globally. HKEX has also initiated market consultations on further listing-friendly measures, with additional policies expected to follow.

The Institute, in collaboration with Baker McKenzie FenXun, published the “Guideline for A-Then-H Listings” based on HKEX’s updated approval procedures and past experience. This guideline outlines key execution strategies for A-then-H projects and post-listing compliance requirements for dual A+H share listings.

Click here to view the guidance note.