78% of leading companies in the 'A+H' sector choose Frost & Sullivan for IPO industry advisory services

Currently, there is a continuous surge in A-share companies seeking secondary listings in Hong Kong, accelerating the popularization of the 'A+H' listing model. A number of well-known A-share companies going public in Hong Kong not only play a leading role in the market but also have some companies made it into the top ten global IPO financings with significant financing scales. 'Go public in Hong Kong!' A-share companies queuing up to go public in Hong Kong directly drove the Hong Kong Exchange's financing scale to HK$88 billion in the first half of the year, returning it to the top position globally.

As of July 9, 2025, a total of 10 Hong Kong-listed IPOs have completed "A+H" listings, namelyChifeng Gold,Junda Co., Ltd.CATL,Hengrui MedicineJihong SharesHaitian Flavor Industry,Sanhua Intelligent Control,Anjing Food,Lansight TechnologyandFORTIOR (Fenggang Technology)The total IPO financing amounted to 793.02 billion yuan. Frost & Sullivan provided exclusive industry advisory services to eight of these companies, with a market share as high as 80%.

According to Wind data, a total of 240 companies submitted applications to the Hong Kong Stock Exchange in the first half of the year (231 on the main board and 9 on the GEM), nearly half of which are listed A-share companies. The 'A+H' project accounts for more than 20%. In addition to the 10 listed 'A+H' companies, another 180 A-share companies are queuing up to list on the Hong Kong stock market within the year, indicating a sufficient reserve of momentum.

As the Hong Kong stock market continues to recognize high-quality assets, some H-share prices are higher than those of A-shares, resulting in the phenomenon of 'reverse AH premium'. In the future, with further recovery of the Hong Kong market and continuous policy support, listing on 'A+H' exchanges will become an important means for more A-share companies to expand financing channels and international strategies.

In the first half of 2025, there were a total of 41 'A+H' companies in Hong Kong whose listing documents were still valid. Among them, 32 companies (accounting for over 78%) jointly chose Frost & Sullivan as their trusted partner, providing them with exclusive industry advisory services to help them complete their overseas strategic layout.

As an important component of IPO fundraising in the first half of the year, hard technology companies leverage Hong Kong's international advantages, as well as the vast mainland market and rich industrial resources. By fully utilizing the strengths of both regions, they effectively connect technology research and development with market demand, promoting the development of enterprises. Among the 135 companies listed on the Hong Kong Stock Exchange during the first half of the year that Frost & Sullivan serves, there are a total of 41 companies in the hard technology sector, covering sub-industries such as semiconductors, industrial manufacturing, automotive, and communication equipment. Among these, 21 companies are listed both in Hong Kong and Shanghai (A+H), making them leading participants in the industry and attracting keen attention from capital market investors.

With the rapid development of emerging technologies such as 5G, the Internet of Things, artificial intelligence, and autonomous driving, the semiconductor industry has become one of the important indicators of a country's industrial competitiveness and comprehensive national strength, and serves as an important engine for promoting high-quality economic development. The semiconductor industry supports the development of various electronic products worth tens of billions of dollars annually globally, as well as various industries related to the digital economy. Frost & Sullivan provides exclusive industry advisory services to leading companies in the semiconductor sector, including:

1.Haowei Group(603501.SH): It is not only one of the top ten Fabless semiconductor companies globally but also the largest automotive CIS supplier. By breaking international monopolies, it has made a comprehensive comeback in the fields of smartphones, automotive, security, and more.

2,Maxim Integrated Technology(603986.SH): As a benchmark enterprise in the domestic storage chip design field, it ranks among the top globally in NOR Flash (second globally and first domestically), SLC NAND Flash (sixth globally and first domestically), and MCU (eighth globally and second domestically). It has become the only IC design company in China that has entered the top ten globally in all four major market segments.

3,Naxin Microelectronics(688052.SH): Based on the simulated chip revenue for 2024, Nans ranks fifth among Chinese manufacturers in the China analog chip market.

4,Jehwat(688141.SH): A simulation integrated circuit design company operating under the virtual IDM (Vertical Integrated Manufacturing) model, focusing on the research and development of analog integrated circuits.

5,Jingao Technology(002459.SZ): A global leader in photovoltaic power generation solutions, with an industrial chain covering silicon wafers, batteries, modules, and photovoltaic power plants.

6,Tianyue Advanced(688234.SH): Established in 2010, as a global leader in the wide-bandgap semiconductor materials industry, the company focuses on the research, development, and industrialization of high-quality silicon carbide substrates. It provides core support for both new energy and AI industries, empowering future technological revolutions.

The industrial manufacturing sector is the 'core competitiveness' of the national economy. It serves as both a 'scalesObjective' for measuring a country's level of industrialization and a 'strategic cornerstone' for supporting high-quality economic development, ensuring national security, and participating in global competition. Among the Hong Kong-listed companies that submitted their financial reports in the first half of 2025, Frost & Sullivan provided 'A+H' exclusive industry advisory services to a total of 10 leading industrial manufacturing companies in the sector. They are:

1.Sany Heavy Industry(600031.SH): A Chinese construction machinery giant with a market value exceeding 150 billion. Focused on the research, development, manufacturing, sales, and service of a full range of construction machinery products including excavators, concrete machinery, lifting machinery, pile driving machinery, and road machinery, covering multiple sub-industries.

2,Yiwei Lithium Energy(300014.SZ): Huizhou EVE Energy Co., Ltd. was established in 2001 and went public on the Shenzhen Growth Enterprise Market in 2009. It possesses core technologies and comprehensive solutions for consumer batteries, power batteries, and energy storage batteries. Its products are widely used in the fields of the Internet of Things and energy Internet.

3,Longqi Technology(603341.SH): In 2024, the company's smartphone ODM shipments reached 172.9 million units, ranking it as the world's number one smartphone ODM manufacturer.

4,Meige Intelligence(002881.SZ): A global leader in wireless communication modules and solutions, focusing on providing standard M2M/intelligent Android wireless communication modules, IoT solutions, technology development services, and cloud platform system solutions centered around the MeiGLink brand to customers worldwide.

5,Zhaowei Electromechanical(003021.SZ): An integrated micro-transmission and drive system solution provider, mainly targeting high-growth industries such as smart cars, embodied robotics, consumer technology, medical technology, and advanced industrial manufacturing to provide application scenarios.

6,Vision Source Co., Ltd.(002841.SZ): The company focuses on the fields of interactive intelligent panels (IFPD) and liquid crystal display (LCD) main control boards for education and enterprise services, and expands its business to cover smart control components in diverse scenarios such as white goods, automotive, energy storage, and robot parts.

7,Wolfram Materials(002130.SZ): Wolfram's high-speed copper cable products mainly provide efficient interconnection solutions for computing centers. In 2024, based on global revenue, Wolfram is the world's second-largest and China's largest high-speed copper cable manufacturer, with a global market share of 24.9%.

8,Guanghe Technology(001389.SZ): A global leader in the manufacturing of key components for computing power servers, namely printed circuit boards (PCBs). The company is mainly engaged in R&D, production, and sales of customized PCBs applied to computing power servers and other computing scenarios.

9,Zhongwei Shares(300919.SZ): Focused on the research, development, production, and sales of new energy battery materials and metal products. Our independently developed nickel-based, cobalt-based, phosphorus-based, sodium-based, and other new energy materials are widely used in fields such as power transportation, smart terminals, and green energy storage.

10,Pilot Intelligence(300450.SZ): A global leader in new energy intelligent manufacturing solutions, covering businesses such as lithium battery intelligent equipment, photovoltaic intelligent equipment, 3C intelligent equipment, intelligent logistics systems, automotive intelligent production lines, hydrogen energy equipment, and laser precision processing equipment.

The new energy vehicle industry has been a hot track in recent years, attracting significant attention and investment. Due to its broad industrial chain coverage, involving multiple sub-sectors, the development of this industry will greatly drive the common development of related enterprises upstream and downstream. Among the Hong Kong-listed companies that submitted their semi-annual reports in the first half of 2025, Frost & Sullivan provided exclusive industry advisory services to four leading automotive-related companies, three of which are 'A+H' listed companies. They are:

1.Ceres(601127.SH): This technology and science and technology enterprise headquartered in Chongqing has gained an important position in the minds of consumers with its performance in the Chinese high-end electric vehicle market through the AITO brand.

2,Linglong tires(601966.SH): "First in China's passenger vehicle tire sales" (2024) and "First in global new energy vehicle supporting tire sales" (2024).

3,Junsheng Electronics(600699.SH): A global leader in intelligent automotive technology solutions, covering multiple fields such as intelligent cockpits, integrated assisted driving, intelligent connectivity, new energy management, automotive safety, and key robot components. It serves over 100 automotive brands worldwide.

As the foundational support for the digital economy, the transformation and upgrading of networking, informatization, and intelligence across all sectors of society cannot be separated from the basic services provided by the communications industry. Among the Hong Kong-listed companies in the first half of 2025 that filed their interim reports, a total of two companies related to the communications industry were listed under the 'A+H' model. Frost & Sullivan served them as exclusive IPO industry advisors. They are:

1.cambridge technology(603083.SH): A global company that offers a limited number of efficient real-time connection solutions related to optical communications, broadband, and wireless technologies.

2,Guanghetong(300638.SZ): China's first listed wireless communication module company, a global leader in wireless communication modules and solutions, providing one-stop services including integrated wireless communication modules and IoT application solutions.

Among the Hong Kong-listed companies submitting their proxy forms in the first half of 2025, the software services industry performed outstandingly, with a total of 66 companies submitting their forms, making it the industry with the largest number of companies submitting. Frost & Sullivan, as an exclusive industry advisor, provided services to the following four 'A+H' software services companies for their listing on the Hong Kong Stock Exchange:

1.UFIDA Network(600588.SH): In terms of revenue in 2024, UFIDA Network is the largest market participant in the Chinese enterprise software and services market, offering a rich portfolio of enterprise software and intelligent service products (including cloud services and software products), to comprehensively meet the digital and intelligent transformation needs of enterprises of all sizes.

2,Ziguang Co., Ltd.(000938.SZ): A global leader in digital and AI solutions, providing full-stack intelligent ICT infrastructure products, complemented by advanced cloud-based intelligent platforms, to help customers in various industries accelerate their digital and intelligent transformation.

3,blue cursor(300058.SZ): The largest marketing company in China, focusing on providing one-stop technology-driven marketing services for clients across different industries. The company's services cover outbound cross-border marketing, domestic integrated marketing, and full-case advertising within China, meeting the marketing needs throughout the entire lifecycle.

4,eston(002747.SZ): A leading enterprise in industrial robots in China, based on its independent research and development capabilities in automation core components and motion control systems, it helps customers achieve automation, digitization, and intelligent transformation and upgrading in multiple industries. It provides customers with comprehensive factory automation solutions covering the entire life cycle.

In the healthcare industry, a total of 40 companies filed for listing on the Hong Kong Stock Exchange in the first half of 2025. Mawei Biotech is the only company that filed for an 'A+H' listing in the first half of the year, following Hengrui Medicine (which has already gone public in Hong Kong).

Maiwei Biology(688062.SH): An innovative biopharmaceutical company with a full industrial chain layout, focusing on oncology and age-related diseases, covering treatment areas such as tumors, autoimmunity, bone diseases, ophthalmology, hematology, and infections.

The large consumer sector is one of the most dynamic segments in Hong Kong's IPO activities in the first half of 2025. Frost & Sullivan provides exclusive industry advisory services to a total of 15 leading large consumer companies, covering multiple sub-categories such as catering and entertainment, personal care, home appliances and household goods, food and beverages, retail, textiles and apparel, and precious metals. Among them, Dongpeng Beverage, Muyuan Co., Ltd., and Jinjiang Hotel are listed in both Hong Kong and Shanghai under the 'A+H' listing system among the large consumer sector companies served by Frost & Sullivan, and they are also star leading enterprises in this industry:

1.Dongpeng Beverage(605499.SH): It was listed on the Shanghai Stock Exchange on May 27, 2021, becoming the first A-share functional beverage company. As of the time of writing, its market value has reached 160 billion yuan.

2,Muyuan Co., Ltd.(002714.SZ): A leading pig enterprise with a market value exceeding 200 billion yuan, covering the entire industrial chain including breeding, live pig farming, feed production, slaughtering, and meat processing.

3,Jinjiang Hotel(600754.SH): The 'Jinjiang' brand can be traced back to the 'Jinjiang Sichuan Cuisine Restaurant' established in 1935, with a history of nearly 90 years. In 1994, Jinjiang Hotel issued and listed domestic listed foreign shares (B shares) on the Shanghai Stock Exchange, with the stock code 900934, becoming China's first listed hotel catering group; in 1996, Jinjiang Hotel issued and listed domestic ordinary shares (A shares) on the Shanghai Stock Exchange, with the stock code 600754.

Among the companies that submitted their IPO applications to the Hong Kong Stock Exchange in the first half of this year, many 'A+H' enterprises from multiple industries such as raw materials, oil and gas, securities brokerage and trust have chosen Frost & Sullivan as their exclusive industry advisor for Hong Kong listings. They provide a more professional and trustworthy service experience. The companies are:

1.Guoen Co., Ltd.(002768.SZ): In 2024, ranked second in China in terms of revenue from polymer material modification related sectors; in 2024, it was the largest producer of polystyrene in China in terms of production capacity.

2,Xinyao Co., Ltd.(600803.SH): The largest private natural gas enterprise in China, after more than thirty years of development, has constructed a complete industrial layout integrating upstream, midstream, and downstream operations, covering the entire natural gas industry chain. In 2024, New Oil & Gas Co., Ltd. was the largest private natural gas enterprise in China by retail volume of natural gas.

3,Nanhua Futures(603093.SH): Nanhua Futures is the first futures company in China to list on the A-share market, listing on the Shanghai Stock Exchange on August 30, 2019. If it successfully goes public in Hong Kong, Nanhua Futures will become the second 'A+H' futures company after Hongye Futures.

During the process of an enterprise going public in Hong Kong, Frost & Sullivan mainly undertakes the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.

Since the Frost & Sullivan team began providing investment and financing advisory services to corporate leaders and their management teams, it has helped nearly 3,000 companies successfully list on the Hong Kong stock market and overseas. It is a leading enterprise in the field of investment and financing strategy consulting in China. Frost & Sullivan has long cooperated closely with top global investment banks, accounting firms, law firms, investment institutions, and industry-leading companies, building the most effective investment and financing demand matching platform in China and being able to quickly form comprehensive advisory service teams. Over the past decade, Frost & Sullivan has consistently ranked first in the market share of professional industry advisory services for Chinese companies listing on the Hong Kong stock market and overseas. In recent years, Frost & Sullivan reports have also been widely cited in the prospectuses of leading A-share and Sci-Tech Innovation Board listed companies, primary and secondary market research reports, and other capital market disclosure documents in the industry.