First, the time to go public in Hong Kong is highly controllable. This is mainly due to a set of clear and standardized procedures for listing in Hong Kong, as well as independent and transparent regulatory agencies and high-quality professional institutions. General companies can complete the listing process in about 6- 12 months. Controllable time to market means that enterprises can better grasp the timing of listing. In 2003, we helped Wumart, a famous domestic retail chain, to go public in Hong Kong. The whole listing process took about seven months. Before the retail industry in China was fully opened to foreign investment on June 5438+February 65438+February 0, 2004, we raised a large sum of money for the company to develop the network and resist the impact of foreign retail industry, and achieved good results-Wumart is now in Beijing.

Second, in terms of valuation, the Hong Kong market has a high degree of acceptance of the mainland financial, new energy and consumer goods industries, and the valuation is basically close. There are even many cases where Hong Kong's valuation is higher than that of mainland A shares, mainly in banking, insurance, new energy and other industries. A number of recent successful cases (such as Agricultural Bank of China) and a number of A-share listed companies (including Goldwind Technology, Sany Heavy Industry, Zoomlion, etc.). ) have announced the issuance of H shares, further indicating that the valuation level of Hong Kong is generally not worse than that of the mainland stock market.

Third, for some companies with brands and international business, listing in Hong Kong can give them the opportunity to publicize and promote their business in the international capital market by means of the listing process. Fourth, Hong Kong's regulators, investors and the media public all put forward higher requirements for corporate control and internal control of listed companies, which will prompt listed companies to improve their management level and thus benefit from their shareholders and management for a long time.

Various conveniences after listing

First, refinancing after listing in Hong Kong is very convenient. Under normal circumstances, the board of directors is authorized by the general meeting of shareholders and does not need additional administrative approval.

Second, Hong Kong can use many financing methods, including: allotment, allotment, convertible bonds, warrants, high-interest bonds, leveraged financing and so on. In fact, in the Hong Kong capital market, except for a few years, the refinancing scale of listed companies has exceeded the initial public offering scale, which highlights the convenience of refinancing and provides a broad business space for outstanding enterprises and international banks with comprehensive financing products like Standard Chartered Bank.

Third, the lock-up period of the controlling shareholder is only six months, which is much shorter than the three-year lock-up period of A shares.

Fourth, the convenience of mergers and acquisitions. It is common for listed companies in Hong Kong to use stocks as M&A tools, and they are market-oriented and do not need administrative approval. If the platform of listed companies in Hong Kong is used for international mergers and acquisitions, its convenience is also better than that of A-share companies involved in cross-border approval.

Fifth, international institutional investors and analysts have conducted extensive and in-depth research on listed companies in Hong Kong. Through close contact with international investment banks and international investors, it can provide the company with a more international vision.

Therefore, Hong Kong has become the overseas market with the largest number of listed companies in China, and many industry leaders in China are listed in Hong Kong. Chinese stocks play an important role in Hong Kong. In 2009, for example, Chinese-funded enterprises accounted for 72% of the total stock transactions in Hong Kong, accounting for 58% of the market value, and the funds raised by new shares accounted for 83%. In 2009, all the Hong Kong listing cases completed by Standard Chartered were enterprises from Chinese mainland. Therefore, the Hong Kong stock market has become the most important place for international capital to invest in China stocks.