Not wearing "green shoes" is becoming a trend; A+H Company values being included in the Hong Kong Connect program on the first day.

In May 2025, Jihong Corporation became the first company to voluntarily abandon the greenshoe mechanism, becoming the first A+H company to be included in the Stock Connect on the first day of its H-share listing. Since then, this model has been adopted by more companies, with several A-share companies following this strategy when issuing H-shares in Hong Kong, including Zhaowei Electromechanical, Guanghe Technology, and National Technology. Additionally, many companies planning to list in Hong Kong have explicitly stated in their prospectuses that they will abandon the greenshoe mechanism. The decision to abandon the greenshoe mechanism and prioritize inclusion in the Stock Connect not only affects the listing pace and fundraising efficiency of the companies themselves, but also reflects the influence of the current liquidity environment and pricing mechanism of the Hong Kong stock market on the capital operation choices of companies, thus subtly shaping the market ecosystem.