At the start of 2026, the Hong Kong stock market has seen a combination of multiple policy benefits, becoming a "stable preferred choice" for Chinese enterprises to go public and raise funds. The Hong Kong Exchanges and Clearing Limited (HKEX) has continuously optimized its listing rules, not only expanding the access scope for new economy sectors such as biotechnology and new energy, but also launching innovative measures like the "Tech Enterprise Express Lane" and "fast-track approval channels". Coupled with the deepening of the connectivity between mainland China and Hong Kong's capital markets, more and more Chinese enterprises are taking their Hong Kong listings as a core part of their global layout. From the frenzy of Hengrui Pharmaceutical’s IPO being oversubscribed 455 times, to the record of CATL passing the review in a lightning-fast 25 days, the Hong Kong stock market is becoming a golden hub for Chinese enterprises to connect with global capital with its unique institutional advantages and capital vitality. In recent years, HKEX has always been market demand-oriented, continuously promoting reform of the listing system to create diversified financing paths for different types of Chinese enterprises: For innovative enterprises such as unprofitable biotech companies and specialized and sophisticated tech enterprises, HKEX has relaxed the core indicators such as revenue and profitability. The "Tech Enterprise Express Lane" launched in 2025 specifically serves enterprises in hard technology, biomedicine and other fields, with the approval process shortened to 3-6 months, 50% faster than the traditional channel. A mainland cell therapy company benefited from this policy and successfully listed on the main board of the Hong Kong stock market by the end of 2025, raising HK$3.5 billion for clinical trials and production base construction, becoming a direct beneficiary of policy dividends. The trading targets of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect have been continuously expanded, and the liquidity of northbound and southbound capital has remained active, providing stable capital support for listed enterprises on the Hong Kong stock market. Data shows that in 2025, the net inflow of southbound capital into the Hong Kong stock market exceeded HK$800 billion, of which the new economy sector accounted for as high as 65%. A new energy vehicle company, after going public in Hong Kong in 2025, attracted a large number of mainland institutional investors through the Shenzhen-Hong Kong Stock Connect, and its stock price rose steadily by 22% in the first month of listing, achieving double steady growth in financing and valuation. For Chinese concept stocks already listed on the US stock market, HKEX provides convenient secondary listing and dual listing channels to help enterprises avoid the risk of policy fluctuations in a single market. Since 2025, multiple internet and technology Chinese concept stocks have completed dual listings on the Hong Kong stock market, not only broadening their financing channels, but also improving the stability of their valuations through the diversified investor base of the Hong Kong stock market. An AI enterprise listed in the US saw its circulating market capitalization increase by 30% after completing its dual listing on the Hong Kong stock market, and its risk resistance ability has been significantly enhanced. The Hong Kong stock market not only has the huge investor base and industrial resources of mainland China, but also attracts more than 90% of the world's top institutional investors to participate, helping Chinese enterprises achieve "listing in one place, financing globally". When a mainland semiconductor enterprise went public in Hong Kong, it not only obtained strategic investment from mainland industrial funds, but also attracted subscriptions from international institutions such as Goldman Sachs and Morgan Stanley, raising more than HK$5 billion, providing sufficient funds for technological research and development and global market expansion. Different from the strict requirements on financial indicators and information disclosure of the US stock market, the Hong Kong stock market has corresponding listing standards for enterprises in various fields such as traditional manufacturing, consumer goods and new economy, and has a higher tolerance for the development stages of enterprises. Whether it is a start-up technology enterprise or a mature traditional leading enterprise, they can find a suitable listing path on the Hong Kong stock market. In 2025, a traditional home appliance leading enterprise raised HK$2.8 billion through a rights issue on the Hong Kong stock market for intelligent upgrading and overseas market expansion, proving the support of the Hong Kong stock market for traditional industries. The reform of the Hong Kong stock market’s listing system is highly consistent with the policy orientations of mainland China such as "self-reliance in science and technology" and "industrial upgrading", and the support for strategic emerging industries such as biomedicine, semiconductors and new energy has continued to increase. Going public in Hong Kong not only enables enterprises to obtain capital support, but also helps them enhance their brand awareness and global industrial cooperation opportunities through the international platform of the Hong Kong stock market, forming a two-wheel drive of "capital + industry". The Hong Kong stock market adheres to the principle of "strict information disclosure", and enterprises need to establish a perfect internal control system to ensure the truthfulness, accuracy and completeness of financial data. A mainland internet enterprise once delayed its listing process by 6 months due to non-standard financial data disclosure, wasting a lot of time and costs. It is recommended that enterprises start compliance sorting 6-12 months in advance and hire intermediaries with experience in Hong Kong stock market listings to ensure compliance with HKEX’s regulatory requirements. Hong Kong stock market investors are mainly institutional investors, who have high requirements for the core competitiveness, industry prospects and profit models of enterprises. Before listing, enterprises need to fully sort out their core values and conduct in-depth communication on the highlights concerned by institutional investors. For example, when a biotech enterprise went public in Hong Kong, it focused on the clinical data and market potential of its core drugs, obtained subscriptions from multiple professional medical industry funds, and its stock price performed steadily after listing. Going public in Hong Kong is not the end, but the starting point of the enterprise’s capitalized operation. It is recommended that after listing, enterprises make full use of Hong Kong stock market financing tools such as rights issues, convertible bonds and warrants to achieve staged financing; at the same time, integrate industrial resources and enhance market competitiveness through mergers and acquisitions and other methods. A new energy enterprise, after going public in Hong Kong in 2024, completed 2 overseas mergers and acquisitions through the Hong Kong stock market financing platform in just one year, quickly expanding its overseas market share. In 2026, the policy dividends and capital vitality of the Hong Kong stock market will continue to be released. For Chinese enterprises seeking stable financing and global development, going public in Hong Kong is not only a choice to connect with capital, but also a strategic layout to achieve industrial upgrading and brand internationalization. As long as they firmly grasp policy opportunities, abide by compliance bottom lines and focus on the development of core businesses, Chinese enterprises will surely reap long-term value in the Hong Kong stock market. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Company is a domestic subsidiary of Meishun (Hong Kong) Management Consulting Co., Ltd. under the same ultimate controlling shareholder. Both companies share the same ultimate controlling shareholder, are managed under the same Chinese governance framework, and comply with the laws of Hong Kong and mainland China.