On May 22, CR SWCS, as a leading corporate secretarial service provider, was invited to attend the “A+H Listing and Overseas Expansion Experience Exchange Conference” hosted by the Board Secretary Association at the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. The event focused on key topics such as dual A+H listings, cross-border compliance, corporate governance, and overseas expansion. Senior executives from the Hong Kong Stock Exchange, Shanghai Hongqiao International Central Business District, as well as leading securities firms, public and private investment institutions, accounting firms, law firms, and professional service providers attended the event. Through policy interpretation, keynote speeches, and roundtable discussions, participants engaged deeply, attracting more than 100 board secretaries and financial executives from listed companies.

During the roundtable session, Dr. Maurice Ngai, Director and Chief Executive Officer of CR SWCS, joined industry experts to discuss “Challenges and Key Success Factors in Issuing H Shares from A-Share Companies.” Ms. Tu Jingjing, Executive Managing Director of the Investment Banking Committee at CITIC Securities, reviewed four stages of the A+H wave, noting that the current trend is closely linked to factors such as tech companies expanding overseas and the pace of domestic IPOs. Mr. Song Yao, Chief Financial Officer and Board Secretary of Kailesi Technology (2729.HK), and Ms. Luo Wei, Board Secretary of Zhengli New Energy (3677.HK), shared corporate perspectives, emphasizing that listing in Hong Kong provides strong endorsement and a compliance framework for brand globalization, talent acquisition, and international operations. They highlighted that timing—aligned with both industry and corporate development cycles—is crucial.

Dr. Maurice Ngai of CR SWCS pointed out the importance of conducting a comprehensive “health check” on regulatory differences between the two markets, including requirements for company secretaries, independent director responsibilities, and ESG disclosures. He also stressed the need to pay attention to the Hong Kong Stock Exchange’s requirements on disclosure language, as well as consistency, openness, and transparency of information. Mr. Yan Dong, Executive Director, Board Secretary of Different Group (6090.HK), and Acting Secretary-General of Hong Kong Board Secretary Association, shared practical experience in selecting intermediaries (such as securities firms, law firms, and auditors), emphasizing the importance of analyst teams and forward-looking fee arrangements.

In conclusion, several speakers agreed that the key to effective A+H information disclosure lies in “testing against two sets of standards separately while ensuring simultaneous disclosure of material matters,” along with maintaining close communication with experienced securities lawyers. They also noted that success depends on choosing the right intermediaries, making swift decisions, strictly adhering to timelines, and meeting regulatory requirements in both markets. After listing, companies should establish dual compliance and dual disclosure systems, adhering to the principle of strict standards and fair disclosure.

CR SWCS bridges regulatory gaps between Mainland China and Hong Kong, delivering premium, end-to-end company secretarial and consultancy services. As a trusted partner, we empower clients to expand globally with confidence—guiding and protecting every step of the journey.