Hong Kong's Advantageous Professional Services Bridge Mainland Businesses and Global Market
Hong Kong's Advantageous Professional Services Bridge Mainland Businesses and Global Market
The source text is in Chinese. This English version is for reference only. In case of any discrepancy between this English version and the Chinese version, the Chinese version shall prevail.
Currently, China-US trade relations is drawing considerable attention. Tariffs and trade barriers have increased the costs and risks faced by Mainland enterprises exporting to the US. However, the author believes this geopolitical contest also presents significant opportunities for enterprises expanding overseas. As China's reliance on the US market gradually diminishes, industrial relocation and the identification of new export markets have become essential for reshaping the resilience of supply chains. Against this backdrop, China is proactively expanding into emerging markets along the Belt and Road Initiative (BRI), diversifying its production networks. Hong Kong's strengths in professional services can be a pivotal bridge in this process.
Following the Chief Executive’s recent visit to Qatar and Kuwait in the Middle East, where he led a Following the Chief Executive’s recent visit to Qatar and Kuwait in the Middle East, where he led a business delegation comprising Mainland enterprises and reached 59 memoranda of understanding and agreements, alongside the establishment of an Overseas Business Centre by the Hong Kong Productivity Council there is an increasing clarity on Hong Kong's role as a pivotal bridge for the global expansion of Mainland enterprises. Hong Kong’s proficiency in financing is a particular highlight among its various services. Its mature financial system and internationally recognised legal and accounting services position it as an ideal financing platform for Mainland enterprises entering BRI markets.
Dual A+H Listings to Embody Strategic Value of Global Expansion
A leading Mainland battery company, Contemporary Amperex Technology Co., Limited (CATL), was listed in Hong Kong earlier, raising over HK$35.6 billion, which is the world's largest Initial Public Offering (IPO) in 2025. Noteworthily, 90% of the capital raised will be allocated to the construction of its factory in Hungary, which embodies Hong Kong’s strategic value as an international financing platform for Mainland enterprises' global expansion. In fact, CATL listed on the Shenzhen Stock Exchange in 2018, making its Hong Kong listing a secondary one. Similar cases are not uncommon. To illustrate, SF Express, the largest logistics provider in Asia, and Midea, a global home appliance giant, have adopted the dual A+H listing structure. This approach enables Mainland enterprises listed on A-shares to attract more international investors and broaden their funding sources through secondary listings on H-shares. Additionally, if the H-shares’ efficient refinancing mechanism permit listed companies to issue new shares equalling up to 20% of their total equity without prior approval, rapid responses to the companies’ expansion needs will be facilitated. In 2024, comparable to IPO fundraising, H-share refinancing reached HK$88 billion, which underscores the soundness and stability of Hong Kong’s financing platform.
The listing of A-share companies in Hong Kong were not considered active until 2024. Between 2020 and 2023, only 10 A-share companies completed H-share IPOs. In 2024, 7 A-share companies submitted listing applications to the Hong Kong Stock Exchange. Presently, there are around 30 companies with dual-listing (A+H) plans. This shift arises from internal and external factors. Internally, the Mainland economic slowdown and intensified market competition have narrowed profit margins, resulted in enterprises turning their attention to overseas markets. Externally, in April 2024, the China Securities Regulatory Commission introduced 5 capital market measures to support the listing of industry-leading companies in Hong Kong. Also, in February 2025, the Hong Kong Securities and Futures Commission launched the Technology Enterprises Channel (TECH) to allow Specialist Technology Companies to submit confidential listing applications, thus reducing risks of patent disclosures in the early stages. Driven by both internal and external factors, there is a growing trend of Hong Kong being a preferred financing and global expansion destination for Mainland enterprises.
Financing and Going Global Rely on Professional Services with Further Breadth and Depth
Hong Kong’s internationally recognised legal services provide crucial support for Mainland enterprises’ overseas financing. Midea's listing in Hong Kong in 2024 was the largest IPO at the time since 2021. During its IPO process, Midea engaged 5 law firms, with 3 providing legal advice related to Hong Kong, Mainland China, and US jurisdictions, while 2 advised sponsors. Such collaborations between law firms from different regions comprehensively cover the multi-jurisdictional regulatory requirements of A+H listings, cater to international investment banks’ preferred legal partners, and mitigate compliance risks in complex cases such as spin-off listings of A-share subsidiaries in H-shares, ultimately expanding Hong Kong’s legal market scale and promote convergence of cross-border legal standards.
Hong Kong’s diversified accounting services also provide vital support. Apart from prospectuses and legal opinions, audit reports are equally crucial during A+H listings. Hong Kong is home to both large international firms and local small and medium‑sized practices. For instance, SF Express opted for one of the "Big Four" international accounting firms for its Hong Kong listing. Another example is that Shenzhen Senior Technology Material Co., Ltd., a renewable energy company which is preparing its H-share IPO, has chosen a local accounting firm. As of June 2024, the Hong Kong Institute of Certified Public Accountants had over 47,000 members, providing ample talent resources to fulfil varied corporate needs. Recently, the Government selected a list of 80 accounting firms to assist Mainland enterprises expanding overseas, furthering the value of overseas business service in Hong Kong and enhancing a service chain spanning financing to overseas market entry.
Many Mainland enterprises independently pursued global expansion with direct application of their successful domestic market strategies, such as price war through aggressive subsidies and full implementation of e-payment. However, these strategies often overlooked the adaptability of foreign markets, potential friction with regulatory authorities on licensing compliance and user data privacy, and inevitable challenges of cross-border capital management, resulted in the return of the enterprises. With the stimulation of global trade friction, the global expansion demand of Mainland enterprises is expected to continuously increase, bringing substantial opportunities for Hong Kong to partner with Mainland enterprises in going global. Nevertheless, to maintain Hong Kong’s advantages in international competitiveness, local professional services should persist in enhancing the breadth and depth of themselves, understanding the game rules of the Mainland market, and identifying the latest trends of Mainland enterprises going global. Hence, the overall competitiveness of Hong Kong as a platform for the financing and global expansion can be enhanced, ultimately exploiting its role in bridging Mainland enterprises and oversea markets.
The source text is in Chinese. This English version is for reference only. In case of any discrepancy between this English version and the Chinese version, the Chinese version shall prevail.
Currently, China-US trade relations is drawing considerable attention. Tariffs and trade barriers have increased the costs and risks faced by Mainland enterprises exporting to the US. However, the author believes this geopolitical contest also presents significant opportunities for enterprises expanding overseas. As China's reliance on the US market gradually diminishes, industrial relocation and the identification of new export markets have become essential for reshaping the resilience of supply chains. Against this backdrop, China is proactively expanding into emerging markets along the Belt and Road Initiative (BRI), diversifying its production networks. Hong Kong's strengths in professional services can be a pivotal bridge in this process.
Following the Chief Executive’s recent visit to Qatar and Kuwait in the Middle East, where he led a Following the Chief Executive’s recent visit to Qatar and Kuwait in the Middle East, where he led a business delegation comprising Mainland enterprises and reached 59 memoranda of understanding and agreements, alongside the establishment of an Overseas Business Centre by the Hong Kong Productivity Council there is an increasing clarity on Hong Kong's role as a pivotal bridge for the global expansion of Mainland enterprises. Hong Kong’s proficiency in financing is a particular highlight among its various services. Its mature financial system and internationally recognised legal and accounting services position it as an ideal financing platform for Mainland enterprises entering BRI markets.
Dual A+H Listings to Embody Strategic Value of Global Expansion
A leading Mainland battery company, Contemporary Amperex Technology Co., Limited (CATL), was listed in Hong Kong earlier, raising over HK$35.6 billion, which is the world's largest Initial Public Offering (IPO) in 2025. Noteworthily, 90% of the capital raised will be allocated to the construction of its factory in Hungary, which embodies Hong Kong’s strategic value as an international financing platform for Mainland enterprises' global expansion. In fact, CATL listed on the Shenzhen Stock Exchange in 2018, making its Hong Kong listing a secondary one. Similar cases are not uncommon. To illustrate, SF Express, the largest logistics provider in Asia, and Midea, a global home appliance giant, have adopted the dual A+H listing structure. This approach enables Mainland enterprises listed on A-shares to attract more international investors and broaden their funding sources through secondary listings on H-shares. Additionally, if the H-shares’ efficient refinancing mechanism permit listed companies to issue new shares equalling up to 20% of their total equity without prior approval, rapid responses to the companies’ expansion needs will be facilitated. In 2024, comparable to IPO fundraising, H-share refinancing reached HK$88 billion, which underscores the soundness and stability of Hong Kong’s financing platform.
The listing of A-share companies in Hong Kong were not considered active until 2024. Between 2020 and 2023, only 10 A-share companies completed H-share IPOs. In 2024, 7 A-share companies submitted listing applications to the Hong Kong Stock Exchange. Presently, there are around 30 companies with dual-listing (A+H) plans. This shift arises from internal and external factors. Internally, the Mainland economic slowdown and intensified market competition have narrowed profit margins, resulted in enterprises turning their attention to overseas markets. Externally, in April 2024, the China Securities Regulatory Commission introduced 5 capital market measures to support the listing of industry-leading companies in Hong Kong. Also, in February 2025, the Hong Kong Securities and Futures Commission launched the Technology Enterprises Channel (TECH) to allow Specialist Technology Companies to submit confidential listing applications, thus reducing risks of patent disclosures in the early stages. Driven by both internal and external factors, there is a growing trend of Hong Kong being a preferred financing and global expansion destination for Mainland enterprises.
Financing and Going Global Rely on Professional Services with Further Breadth and Depth
Hong Kong’s internationally recognised legal services provide crucial support for Mainland enterprises’ overseas financing. Midea's listing in Hong Kong in 2024 was the largest IPO at the time since 2021. During its IPO process, Midea engaged 5 law firms, with 3 providing legal advice related to Hong Kong, Mainland China, and US jurisdictions, while 2 advised sponsors. Such collaborations between law firms from different regions comprehensively cover the multi-jurisdictional regulatory requirements of A+H listings, cater to international investment banks’ preferred legal partners, and mitigate compliance risks in complex cases such as spin-off listings of A-share subsidiaries in H-shares, ultimately expanding Hong Kong’s legal market scale and promote convergence of cross-border legal standards.
Hong Kong’s diversified accounting services also provide vital support. Apart from prospectuses and legal opinions, audit reports are equally crucial during A+H listings. Hong Kong is home to both large international firms and local small and medium‑sized practices. For instance, SF Express opted for one of the "Big Four" international accounting firms for its Hong Kong listing. Another example is that Shenzhen Senior Technology Material Co., Ltd., a renewable energy company which is preparing its H-share IPO, has chosen a local accounting firm. As of June 2024, the Hong Kong Institute of Certified Public Accountants had over 47,000 members, providing ample talent resources to fulfil varied corporate needs. Recently, the Government selected a list of 80 accounting firms to assist Mainland enterprises expanding overseas, furthering the value of overseas business service in Hong Kong and enhancing a service chain spanning financing to overseas market entry.
Many Mainland enterprises independently pursued global expansion with direct application of their successful domestic market strategies, such as price war through aggressive subsidies and full implementation of e-payment. However, these strategies often overlooked the adaptability of foreign markets, potential friction with regulatory authorities on licensing compliance and user data privacy, and inevitable challenges of cross-border capital management, resulted in the return of the enterprises. With the stimulation of global trade friction, the global expansion demand of Mainland enterprises is expected to continuously increase, bringing substantial opportunities for Hong Kong to partner with Mainland enterprises in going global. Nevertheless, to maintain Hong Kong’s advantages in international competitiveness, local professional services should persist in enhancing the breadth and depth of themselves, understanding the game rules of the Mainland market, and identifying the latest trends of Mainland enterprises going global. Hence, the overall competitiveness of Hong Kong as a platform for the financing and global expansion can be enhanced, ultimately exploiting its role in bridging Mainland enterprises and oversea markets.
