A-share hard technology companies flock to Hong Kong for IPOs, the valuation gap between the two places returns to rationality.

On February 27, three A-share high-tech enterprises, Meg Intelligent, Zhaowei Mechanical and Electrical, and Easton, simultaneously launched their H-share IPOs, officially embarking on the path of "A+H" dual capital platform layout. The IPOs of the three companies on the same day are just a microcosm of the hot trend of A-share companies listing in Hong Kong in 2026. According to Wind data, as of February 27, among the 24 companies listed in Hong Kong this year, 10 are A-share companies, accounting for over 40%; among the 388 companies queuing for listing on the Hong Kong Stock Exchange, 110 are A-share companies, accounting for nearly 30%. Compared with the 19 A-share companies listed in Hong Kong in the whole year of 2025, the number in less than two months of 2026 has exceeded half of last year. This year, the pace of A-share companies listing in Hong Kong has accelerated, the A+H sector continues to expand, and the premium situation of AH shares has also attracted much attention. The Hang Seng AH share premium index closed at 118.17 on February 27, at a low point since 2014, also continuing to decline from 123.46 at the end of 2025. This means that the premium of A-shares relative to H-shares continues to narrow, and the valuation gap between the two regions is gradually returning to rationality.