The central government has for the first time permitted Greater Bay Area (GBA) companies listed on the HKEX to pursue a secondary listing on the SZSE in accordance with applicable policies.
Ma Hongji, a partner at Jingtian & Gongcheng, described the policy as “an institutional innovation”.
“In the context of a tightening A-share IPO environment, the new policy signals openness. Its implementation could enhance the liquidity and dynamism of the A-share market,” he said.
This landmark reform in the capital markets was introduced through new guidelines jointly issued on 10 June by the general offices of the Central Committee of the Communist Party of China and the State Council. The document, titled Opinions on Further Advancing Shenzhen’s Comprehensive Pilot Reforms to Deepen Reform and Innovation and Expand Opening-up, sets out measures to broaden access to the capital markets.
Historically, the A-share market made adjustments in 2018 to allow certain red-chip companies to list on the Star Market. However, there has been no precedent for foreign-registered companies, including those in Hong Kong and Macau, directly listing on the A-share market.
Ma also noted the uncertainties surrounding the policy, emphasising that the release of detailed implementation guidelines was essential for the policy to take effect.
In recent years, more Chinese companies listed on overseas markets have been seeking secondary listings on the A-share market. Notable examples include China Mobile and SMIC, however, these cases have so far been limited to the SSE.
In May 2025, Shi Weigan, director of the Local Financial Management Bureau of Shenzhen Municipality, the city’s finance watchdog, said encouraging eligible H-share-listed Greater Bay Area companies to pursue listings on the Shenzhen Stock Exchange was “a key priority for this year”.
