appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Zoe SL Chan

Mainland China’s stock exchanges have stepped up lobbying of companies and regulators to prioritise their boards for listings after Hong Kong stole their thunder in fundraising activities in recent years, according to two sources familiar with the matter.
Figures from the exchanges recently met representatives of some mainland companies planning Hong Kong listings, especially first-time issuers and firms in sectors supported by national policies, a source said.
“Exchanges emphasised the benefits of listing on the mainland, including valuations that are generally higher than in Hong Kong, a clearer and more controllable timetable, and more policy resources for sectors that fit Beijing’s priorities,” the person said.
Another source, an intermediary who helps companies with Hong Kong initial public offerings (IPOs), said such lobbying efforts, while routine, had intensified as exchanges operated as businesses “competing for market rankings”.
“Competition between exchanges for quality technology firms will be much more intense going forward,” the person added.
Following the outreach and persuasion from mainland exchanges, some clients are now rethinking plans to offer Hong Kong shares, also known as H shares, and choosing A-share offerings in Beijing, Shanghai or Shenzhen instead, a source said.
The heated competition comes as Hong Kong’s IPO fundraising – a majority involving mainland companies – topped HK$340 billion (US$43 billion) in the first eight months of this year. The figure has already surpassed last year’s total, with hundreds of firms still waiting in the queue.


“The market previously relied heavily on a single offshore platform,” said Edward Au Chun-hing, a managing partner at Deloitte China. “The policy encouraging quality domestic firms to leverage Hong Kong’s platform has never changed. National policy has always stressed that the mainland A-share and Hong Kong markets are ‘dual platforms, dual tracks’.”
China’s market regulator introduced a package of measures to encourage Hong Kong listings in April 2024, including simplified filing steps, clear support for qualified industry leaders and shorter review times.
Battery giant Contemporary Amperex Technology Limited (CATL) and optical module supplier Zhongji Innolight successfully listed in Hong Kong over the past two years, helping the city’s bourse operator, Hong Kong Exchanges and Clearing, reclaim the global IPO crown last year.
The mainland A-share market recorded 102 IPOs, raising 177 billion yuan (US$26 billion) in the first eight months of 2026, also beating last year’s total, though growing at a significantly slower pace than Hong Kong.
The Shanghai and Shenzhen stock exchanges recorded 26 and 23 new listings during the period, respectively, raising 100.56 billion yuan and 58.61 billion yuan, according to Deloitte figures.
The Beijing Stock Exchange, which focuses on supporting “specialised, refined, distinctive and innovative” firms and “little giant” enterprises, was the best performer among the three mainland exchanges in terms of growth in the number of deals. It recorded 53 new listings, raising 18 billion yuan.
Mainland bourses have received some backing from officials. Li Chao, vice-chairman of the China Securities Regulatory Commission, said last week that the regulator would implement more inclusive policies for IPOs and mergers, making the A-share market “the top priority listing destination”.
Speaking at a news briefing, Li said the average review cycle for A-share IPOs in Shanghai and Shenzhen had been shortened to about six months, with refinancing approvals for top-tier companies taking less than a month.


Hong Kong stock exchange moves to ease spin-offs and shareholder approval rules

4 mainland Chinese firms jump into cooling Hong Kong IPO market

Mainland China’s stock exchanges mount charm offensive amid Hong Kong IPO boom

For China’s hi-tech IPOs, it’s Hong Kong vs the mainland – but how much does it matter?

Buildings in Shanghai tower over a pedestrian bridge where a sign displays stock index information on August 18, 2025. Photo: VCG via Getty Images

Tighter scrutiny of Hong Kong IPOs could slow deal flow, analysts say

A view of Exchange Square in Central, which houses the headquarters of bourse operator Hong Kong Exchanges and Clearing, on August 19, 2026. Photo: Nora Tam

A view of the China Securities Regulatory Commission building in Beijing. Photo: Simon Song

Forms Syntron draws Hong Kong’s next-gen tycoons in HK$940 million IPO

Peter Lee Ka-kit, the elder son of real estate tycoon and Henderson Land Development’s majority owner Lee Shau-kee, at his family office in IFC, Central, Hong Kong.  Photo: Dickson Lee

Cheng Chi-heng, non-executive director of New World Development, poses at jewellery giant Chow Tai Fook’s office in Central, Hong Kong. Photo: May Tse

Business

News

Markets

Banking & Finance

Domestic bourses are lobbying mainland firms to reconsider Hong Kong listing plans, sources say


Domestic bourses are lobbying mainland firms to reconsider Hong Kong listing plans, sources say.


Mainland China’s stock exchanges mount charm offensive amid Hong Kong IPO boom

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Domestic bourses are lobbying mainland firms to reconsider Hong Kong listing plans, sources say

Domestic bourses are lobbying mainland firms to reconsider Hong Kong listing plans, sources say