“A+H” Listing Momentum Continues as 20 A‑Share Companies Plan Hong Kong IPOs, PCB Leaders Dongshan Precision and Hoshine Among Them

The trend of A‑share issuers pursuing Hong Kong listings extended through September, with twenty mainland listed companies announcing plans to seek H‑share listings on the Hong Kong Stock Exchange. The cohort includes Boryung Pharmaceutical, Wufangzhai, HLA, Hailiang, Keda Intelligent, Xiechuang Data, Dongshan Precision, Olin Biotech, Hoshine, Longsun Technology, Qianli Technology, Betta Pharmaceuticals, Audiowell, Leo Group, Robotec, Amlogic, Huaheng Biotech, XGIMI Technology, Jiadu Technology, and Helin Micro.

Two of the announced candidates, Dongshan Precision and Hoshine, stand out as PCB industry leaders with market capitalizations exceeding RMB 100 billion. Dongshan Precision, ranked among the world’s top four PCB suppliers, issued a preliminary notice on September 23 stating it is preparing an H‑share offering and a Hong Kong main‑board listing to advance its internationalisation strategy, expand overseas operations, raise global brand recognition and strengthen competitiveness. An August 29 research note by analysts including Yan Feng from a Shanghai securities firm highlighted demand driven by AI‑related data‑center capex and noted Dongshan’s capacity expansion plan for high‑layer multilayer boards alongside its acquisition progress concerning Source Photonics. In the secondary market, Dongshan Precision hit a record high of RMB 86.33 per share on September 17, representing a cumulative gain of up to 300% since its April low.

Hoshine, among China’s largest PCB manufacturers, filed a preliminary notice on September 19 indicating plans to issue H‑shares and list in Hong Kong to optimise overseas operations and broaden financing channels. A Guosen Securities report by analyst Hu Jian on August 26 observed that the company is collaborating with leading domestic and international partners on products based on a 224Gbps platform and that its 1.6T network switch has entered customer prototyping and certification stages. Hoshine’s Thailand production base has secured formal approval from two clients for AI server and switch applications, with four additional clients expected to gain approvals in the second half of 2025. Hoshine’s share price reached a historic high of RMB 84.45 on September 23, a rise of up to 264% from April.

Several other issuers made announcements in late September. Boryung Pharmaceutical stated it intends to issue H‑shares and list on the Hong Kong main board; on September 23 the company disclosed clinical progress for its BGM0504 injection and oral formulation and reported IND approvals and the commencement of Phase III trials in relevant jurisdictions. Wufangzhai’s board authorised preparatory work for an H‑share listing and outlined a Mid‑Autumn Festival sales strategy combining premium channel customisation, interest‑driven e‑commerce and full‑platform services. HLA confirmed plans for an H‑share offering and told investors it has been increasing R&D and technology investment while upgrading core product lines and launching new collections in the first half of 2025. Hailiang announced H‑share fundraising preparations and noted ongoing collaborations with leading thermal‑management firms; Soochow Securities analysts reported Hailiang’s H1 2025 copper‑foil sales of 24,400 tonnes, up 72.33% year‑on‑year, and observed that the company’s Indonesian operations have signed fixed‑supply agreements with several top global battery and 3C customers, with copper‑foil breakeven expected in 2026. Keda Intelligent said it plans an H‑share issuance and Hong Kong main‑board application and disclosed that it has supplied robotic arms to Tesla, albeit at a relatively small revenue share of its robotics business.

The announcements underline a sustained wave of mainland firms seeking cross‑border listings to diversify financing channels, support international expansion and enhance brand profiles, with PCB sector leaders among the most prominent movers