Shenzhen main board gets first ‘H-to-A’ listing as 38 A-share firms add H-shares in 2025

The direction of travel matters more than the single listing: the 'A+H' channel is now functioning both ways, with Hong Kong issuers testing onshore main-board registration while a much larger cohort of A-share companies adds Hong Kong shares. That two-way flow deepens the linkage between the two markets and gives dual-listed firms a broader investor base, though it also raises the question of where incremental listings capacity and liquidity actually sit. Whether the H-to-A pipeline beyond this first case converts into completed listings is the open question to watch.