Mainland China’s stock exchanges have intensified efforts to attract companies to list on their boards amid a surge in initial public offering (IPO) activity in Hong Kong. According to sources familiar with the matter, representatives from mainland exchanges have actively engaged with firms, particularly first-time issuers and those in sectors prioritized by national policy, to encourage them to opt for mainland listings over Hong Kong’s market.
These exchanges are highlighting advantages such as generally higher valuations, a more predictable and manageable listing schedule, and preferential policy support for industries aligned with Beijing’s strategic goals. One intermediary involved in advising companies on Hong Kong IPOs noted that the competition among exchanges to secure quality technology firms has become especially fierce, with the exchanges increasingly operating as businesses focused on their market positioning.
Since mainland exchanges stepped up their outreach, some companies have reportedly reconsidered plans to list shares in Hong Kong, commonly known as H shares, and instead chosen to pursue A-share listings in major mainland financial hubs such as Beijing, Shanghai, or Shenzhen. This movement comes against the backdrop of Hong Kong’s IPO market raising over HK$340 billion during the first eight months of this year, a figure that already exceeds the total for 2025, with numerous companies still awaiting their listing.
Edward Au Chun-hing, managing partner at Deloitte China, commented that the national policy continues to emphasize the dual role of mainland A-share markets and Hong Kong as complementary platforms, serving as “dual platforms, dual tracks” for large Chinese companies seeking capital.
In April 2024, China’s market regulator introduced measures to boost Hong Kong listings, including streamlined filing processes, clearer endorsement of industry-leading firms, and shortened review timelines. These steps contributed to notable mainland companies such as battery manufacturer Contemporary Amperex Technology Limited (CATL) and optical component supplier Zhongji Innolight successfully listing in Hong Kong over the past two years. Their listings helped the Hong Kong Exchanges and Clearing regain the top global ranking for IPO fundraising last year.
On the mainland, IPO activity remains robust, with the A-share market recording 102 IPOs and raising 177 billion yuan (approximately HK$207 billion) in the first eight months of 2026, surpassing last year’s total though expanding at a slower pace than Hong Kong. The Shanghai Stock Exchange launched 26 new listings raising about 100.56 billion yuan, while Shenzhen added 23 listings raising approximately 58.61 billion yuan. The Beijing Stock Exchange, which targets “specialised, refined, distinctive and innovative” firms and so-called “little giant” enterprises, experienced the fastest growth among the mainland bourses, with 53 new listings raising 18 billion yuan.
Chinese regulators have publicly supported the mainland exchanges’ priority status. Li Chao, vice-chairman of the China Securities Regulatory Commission, stated that more inclusive policies for IPO approvals and mergers would be implemented to position the A-share market as the foremost choice for listings. Speaking at a recent briefing, Li said the average review period for A-share IPOs in Shanghai and Shenzhen has been shortened to around six months, with refinancing approvals for leading companies taking less than one month.