Illustration: Tang Tengfei/GT
Chinese machinery giant Sany Heavy Industry Co made its debut on the stock market in the Hong Kong Special Administrative Region (HKSAR) on Tuesday, according to an announcement issued by the company on the Hong Kong Stock Exchange (HKEX).
When we cast a wider gaze at the 2025 Hong Kong stock market, a clear trend emerges. Besides Sany Heavy Industry in construction machinery, from CATL in the power battery sector to Jiangsu Hengrui Pharmaceuticals in biopharmaceuticals, industry leaders have flocked to the HKEX to join the "A H" listings boom, according to the China Securities Journal.
This wave of IPOs in the Hong Kong stock market is not a random collection of capital; it marks milestones for these companies as they enter new stages of development and serves as a vivid microcosm of China’s manufacturing sector climbing the value chain, strengthening independent innovation, and deepening integration into the global market.
At the core of this "A H" listings wave lies the global expansion needs of Chinese companies. China’s leading companies are accelerating their globalization drive by leveraging Hong Kong as an international financial platform. Data from the China Securities Journal showed that as of October 21, a total of 11 A-share companies had completed their listings on the HKEX this year, while an additional 78 firms were in the listing pipeline.
Most of these companies are already top performers in the A-share market, and their decision to adopt a dual "A H" share structure is far more than a secondary financing maneuver. Instead, it reflects a strategic drive for global expansion. As a capital hub connecting the Chinese mainland with the world, Hong Kong not only enables these companies to directly engage with global investors and align their corporate governance with international standards but, more importantly, provides support through offshore capital.
The funds raised can be directly used to build overseas research and development (R&D) centers, acquire advanced technologies, and establish local production bases. This creates a vital channel for Chinese companies to upgrade from "product export" to "brand export" and globally integrated production.
A closer look at the industrial composition of these listed companies reveals adjustments in China’s economic development priorities. Many industrial leaders’ IPOs in Hong Kong in 2025 have been concentrated in sectors representing the future direction of industry, such as high-end manufacturing, new energy, and biomedicine. What these companies share is that they have long moved beyond reliance on traditional demographic dividends or resource consumption, instead competing globally through technological innovation, brand premium, and global supply chain integration.
For instance, CATL has maintained its global leadership in battery technologies through sustained R&D investment. Jiangsu Hengrui Pharmaceuticals has focused on innovative drug development. Sany Heavy Industry, through digitalized and intelligent transformation, has continued to improve its competitiveness. This transition from "manufacturing" to "smart manufacturing," and from "scale expansion" to "value creation," lies at the heart of China’s industrial upgrading.
The companies listing in Hong Kong, whether they are leading players in emerging industries like CATL and Hengrui or transformers of traditional industries like Sany Heavy Industry, are all practitioners of this upgrading. The resources they access through capital markets will ultimately be channeled back into technological R&D, capacity upgrades, and global expansion, contributing to advancing the construction of a modernized industrial system.
Fundamentally, this development in the capital market reflects both the internal demands of China’s economic transformation and the consensus of global capital. As China navigates a critical period of transforming its development model, optimizing its economic structure, and shifting its growth drivers, empowering the real economy through capital markets is essential to propel industries toward the medium- to high-end segments of the value chain.
During the process, the enthusiasm of international capital for these Chinese companies is not merely short-term profit-seeking but is rooted in recognition of their capabilities, from their ability to make breakthroughs in core technologies to their global market share and sophisticated management.
原文地址：http://en.people.cn/n3/2025/1029/c90000-20383182.html