Strategic Analysis Report on Guoen Technology's A+H Dual Listing

Based on the collected data and analysis, we hereby provide you with an in-depth strategic analysis report on Guoen Technology’s A+H dual listing:

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Qingdao Guoen Technology Co., Ltd. was founded in December 2000, with a registered capital of RMB 271.25 million, and its headquarters is located in the Qingdao University Industrial Park, Chengyang District, Qingdao. The company successfully listed on the A-share market of the Shenzhen Stock Exchange (SZSE) in 2015 (stock code: 002768.SZ), and is a high-tech enterprise focusing on the R&D, production and sales of functional polymer composite materials and green environmental protection materials[0][1].

The company’s main business covers

:

• Modified Organic Polymer Materials
  : Used in home appliances, automobiles, new energy batteries, etc.
• Organic Polymer Composite Materials
  : Focus on lightweight structural components for the new energy vehicle industry chain
• Green Petrochemical Materials and New Materials
  : Chemical new materials such as polystyrene and polypropylene
• Degradable Materials
  : Environmental protection new materials in response to the “Dual Carbon” goals
• Optical Display Materials
  : Key materials in the electronic display field
• Big Health Industry
  : Controlling shareholder of Dongbao Biology (300239.SZ), laying out the medical aesthetics and health sector

The company’s downstream customers include well-known domestic and international enterprises such as

[1][2].

On January 9, 2026, Guoen Technology formally submitted its listing application to the Hong Kong Stock Exchange (HKEX) to achieve A+H dual listing, with

and , both leading domestic securities firms, serving as joint sponsors[1]. This marks the company’s entry into a new stage of international capital operation.

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The primary strategic consideration for Guoen Technology to submit its application to HKEX is to

. The company has continuously advanced its global layout in recent years:

• In 2023, it established the Guoen International Integrated Business Platform to explore the global integrated market
• In 2024, it acquired Hong Kong Petrochemical to build an overseas production base for green materials
• In 2024, it made strategic investments in the 1 million-ton-per-year polystyrene project in Zhoushan and the 200,000-ton-per-year polypropylene project in Yizheng

The HKEX listing will provide the company with an

, facilitating subsequent overseas business expansion and cross-border mergers and acquisitions[1][2].

According to research by CITIC Securities, since the fourth quarter of 2024, a large number of A-share companies have sought A+H dual listing. In April 2025, 14 companies disclosed their HKEX listing plans in a single month, with a total market value exceeding RMB 700 billion, which is more than the total of the first quarter of 2025. Guoen Technology’s decision to submit the application at this time

[3][4].

Guoen Technology’s main businesses such as functional polymer composite materials and carbon fiber composite materials have strong

in the Hong Kong stock market. The Hong Kong stock market has gaps in listed companies in sectors such as frozen food, automotive electronics, electronic control, panels, optical modules, analog chips, and transmission machinery. As a , Guoen Technology is expected to fill this gap[3].

The company has performed strongly in the A-share market recently, with a

in the past year and a in the past six months, with a market value of USD 15 billion (approximately RMB 11 billion) and a price-to-earnings (P/E) ratio of 18x[0]. Through the HKEX listing, the company can obtain:

• Value recognition from international institutional investors
• More convenient overseas refinancing channels (the CSRC has simplified the overseas refinancing process)
• Convenience for subsequent spin-off of subsidiaries for listing

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Historical data shows that since 2021, the average first-day discount rate of H-share IPOs for A+H dual-listed companies was

, but by 2025, the average discount rate of these companies has narrowed to [3][4]. The main reasons for the continuous convergence of the discount include:

Influencing Factors	Specific Performance
Return of International Capital	Liquidity and valuation of Hong Kong stocks have continuously improved since September 2024
Scarcity Premium	Leading players in niche sectors have unique investment value
Expectation of Inclusion in Stock Connect	Automatic inclusion in the Hong Kong Stock Connect 30 days after IPO brings incremental capital
Revaluation of Chinese Assets	The attractiveness of RMB assets increases under the weak US dollar cycle

Recent A+H listing cases show that

:

• CATL (May 2025)
  : Its H-share IPO was priced at HK$263 per share, representing a 2.8% premium over its A-share price. The international placement received over 30 times oversubscription, with order amount exceeding USD 50 billion[4]
• Hengrui Medicine (May 2025)
  : It was priced at the upper limit, with 17.09 times oversubscription, setting a record for the largest IPO in the pharmaceutical sector in the past five years[4]
• BYD
  : The valuation of its H-shares has been consistently higher than that of its A-shares

These cases indicate that investors in the Hong Kong stock market are willing to offer

to companies with core competitiveness and international business potential[4].

Based on the fundamental analysis of Guoen Technology, the company is expected to benefit from valuation recovery brought by the A+H listing:

Valuation Indicators	Current Level	Expected Change	Driving Factors for Change
Price-to-Earnings Ratio (P/E)	18.0x	Increase to 22-25x	Premium from international investors + revaluation of growth potential
Price-to-Book Ratio (P/B)	2.72x	Increase to 3.0-3.5x	Improved liquidity + expectation of ROE growth
A-H Discount Rate	- (Not listed yet)	Narrow to -10% to premium	Expectation of Stock Connect inclusion + scarcity value

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According to research by CITIC Securities, the liquidity improvement of A-share companies after listing on HKEX mainly comes from

[3]:

1. Incremental Capital from Hong Kong Stock Connect
   : Automatic inclusion in the Hong Kong Stock Connect 30 days after IPO, allowing southbound capital to directly participate in transactions
2. International Institutional Investors
   : The international placement of H-shares attracts sovereign funds, long-term funds, etc. to participate
3. Increased Market Attention
   : The new stock effect brings higher market exposure and trading enthusiasm
4. Potential Inclusion in Hang Seng Index
   : Expected to become a constituent stock of the Hang Seng Index after meeting the market capitalization requirement

According to industry practices, the share capital issued by A-share companies in H-shares generally does not exceed

of the total share capital. Assuming Guoen Technology issues shares at this ratio:

• After the issuance, the floating H-shares will account for approximately
  5-10%
  of the total share capital (excluding 25%-30% subscribed by cornerstone investors)
• Small floating share size + high market attention = strong
  stock grabbing effect
  in the initial stage of listing

According to statistics from CICC, among the 144 companies included in the Hong Kong Stock Connect after 2021, the

, while the average increase of the Hang Seng Index during the same period was only 0.3%[3]. This means that after Guoen Technology lists on the Hong Kong stock market, the , bringing a significant liquidity premium.

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A+H dual listing means that the company needs to meet the

simultaneously, with more stringent information disclosure requirements:

• The Hong Kong stock market has higher requirements for ESG disclosure
• It needs to establish an international investor relations management system
• It needs to deal with the attention of international short-selling institutions

• After disclosing the HKEX listing plan, the A-share price may perform sluggishly due to
  tightened external communication
  [3]
• International geopolitical frictions may affect international investor sentiment
• Frictions between China and the US in technology, trade, and finance sectors are uncertain

The IPO pricing of H-shares needs to balance the interests of multiple parties, and

requires strong fundamental support and investor relations management capabilities.

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Guoen Technology’s submission of application to HKEX for A+H dual listing is a

, with the following strategic significance:

Strategic Dimensions	Expected Benefits
Capital Internationalization	Access to international capital market and expansion of financing channels
Valuation Recovery	Scarcity value recognized by international investors, with discount convergence
Liquidity Enhancement	Incremental capital enters the market after Stock Connect inclusion, increasing trading activity
Brand Internationalization	Enhances overseas market visibility and supports global layout
Convenience of Refinancing	Simplifies overseas refinancing process and supports future expansion

Based on the current market environment and the company’s fundamentals, it is expected that after Guoen Technology lists on the Hong Kong stock market:

• Short-term (1-3 months)
  : Driven by market attention and expectation of Stock Connect inclusion, the H-shares are expected to achieve a 10-20% premium
• Medium-term (6-12 months)
  : The A-H discount rate is expected to narrow to -10% to -15%, with significant improvement in liquidity
• Long-term (more than 1 year)
  : The valuation center moves upward, and the development of international businesses supports sustained value growth

For existing A-share investors, Guoen Technology’s A+H dual listing is

:

• Improvements in liquidity and room for valuation recovery are expected
• The internationalization strategy helps to open up the long-term growth ceiling
• It is recommended to pay attention to the progress of the HKEX IPO and the subsequent timeline for Stock Connect inclusion

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[0] Gilin API - Market Data and Financial Indicators of Guoen Technology (002768.SZ)

[1] CLS - Guoen Technology Submits Listing Application to HKEX (https://www.cls.cn/detail/2253420)

[2] Official Website of Qingdao Guoen Technology Co., Ltd. - Company Overview (http://www.qdgon.com/about.html)

[3] CITIC Securities Research - “A-Strategy Special Topic: A-Share Themes, Hong Kong New Stocks” Report (https://finance.sina.com.cn/stock/stockzmt/2025-05-13/doc-inewkmnf0518756.shtml)

[4] Securities Times - “Dual Listing Spawns New Opportunities, ‘Win-Win’ Situation for A-Shares and H-Shares Gradually Takes Shape” (https://www.stcn.com/article/detail/1851316.html)