GreenergyDaily

Jan. 23, 2026

China's securities regulator is considering tightening the criteria for mainland companies to sell shares in Hong Kong, after an offshore fundraising boom raised concerns over deal quality, Bloomberg reported, citing people familiar with the matter.

The China Securities Regulatory Commission has been deliberating on raising regulatory and compliance thresholds for firms pursuing so-called H-share listings, the people said. One potential measure would be to set a minimum market capitalization limit, according to the people. Publicly traded Chinese companies seeking a dual listing in Hong Kong are also facing more scrutiny, the people said.

The proposals remain under discussion, with no final decision yet reached, the people said. They reflect a broader effort by Beijing to support the capital markets and the economy while curbing excess speculation and ensuring high-quality offshore issuers.

One Chinese brokerage was guided to set the market value threshold at 30 billion yuan ($4.3 billion) for companies in China seeking dual listings in Hong Kong, as smaller ones might fail to get registry approval by the CSRC, a person familiar with the matter said.

The move would cool a frenzy in Hong Kong's equity fundraising market, which is helping the city's overall economy to emerge from a protracted slump. Hong Kong was the global leader in share sales last year, largely driven by a surge in fundraising by mainland Chinese firms, including a $5.26 billion deal by Contemporary Amperex Technology Co. Ltd.

The city currently has more than 350 companies waiting to sell shares, HKEX Chief Executive Officer Bonnie Chan said in an interview from Davos, Switzerland, on Wednesday. Hong Kong saw about $4 billion from 11 listings in just the first three weeks of the year, according to Chan.