Analysis of the Impact of Sifang Jingchuang's Hong Kong Stock Listing on Its A-Share Price

Based on the data and information I have collected, I will now systematically analyze

.

---

Item	Content
A-Share Code	300468.SZ (ChiNext, Shenzhen Stock Exchange)
Full Company Name	Shenzhen Sifang Jingchuang Information Co., Ltd.
Core Business	Providing software development services, consulting services, product and solution delivery to domestic and overseas financial institutions
Establishment Date	2003
A-Share Listing Date	May 27, 2015
Issuance Price	RMB 18.76 per share[1]

According to the announcement information from the Shenzhen Stock Exchange[2], the timeline for Sifang Jingchuang’s Hong Kong listing is as follows:

Date	Key Event
October 27, 2025	Released a cautionary announcement authorizing the management to initiate preparatory work related to H-share issuance and listing
November 15, 2025	The board of directors approved the “Proposal on the Company’s H-Share Issuance and Listing on the Main Board of the Hong Kong Stock Exchange”
November 15, 2025	Released a cautionary announcement regarding the planning of H-share issuance and listing on the Hong Kong Stock Exchange
December 1, 2025	The 2nd extraordinary general meeting of 2025 approved matters related to H-share issuance and listing
December 25, 2025	Submitted the H-share issuance and listing application to the Hong Kong Stock Exchange and published the application materials[3]

---

From October 9, 2025, to January 20, 2026 (a total of 72 trading days), the A-share price performance of Sifang Jingchuang is as follows[0]:

Indicator	Value
Opening Price	RMB 37.87
Closing Price	RMB 34.05
Price Change During the Period	-10.09%
Highest Price	RMB 40.95 (November 11, 2025)
Lowest Price	RMB 33.20
Increase from Opening to High	+8.13%
Average Daily Trading Volume	346,800 shares
Volatility (Daily Standard Deviation)	3.29%

Event	Date	Day Before Event	5-Day Average Price After Event	Change
Cautionary Announcement on Hong Kong Listing Planning	2025-11-15	RMB 40.95	RMB 36.58	-10.67%
Approval by Extraordinary General Meeting	2025-12-01	RMB 36.80	RMB 34.98	-4.95%
Submission of Hong Kong Listing Application	2025-12-25	RMB 35.80	RMB 36.01	+0.59%

: The chart above shows the price trend of Sifang Jingchuang (300468.SZ) from October 2025 to January 2026, with three key Hong Kong listing event nodes marked. It can be seen that after the release of the planning announcement, the price experienced a significant decline, but the market reaction stabilized after the application was submitted.

---

From the case of Sifang Jingchuang, the Hong Kong listing process has had a noticeable short-term impact on its A-share price:

• Before the announcement, the price had risen from RMB 37.87 to RMB 40.95 (an increase of 8.13%), indicating that the market had already priced in some expectations of the Hong Kong listing
• In the 5 trading days after the announcement, the price fell by 10.67%, showing a typical “good news fully priced” trend

• The market has concerns about uncertainties such as equity dilution from the Hong Kong listing and the use of proceeds
• The price continued to decline to a low of RMB 33.20 in the following month

• After the formal submission of the application, market uncertainties were eliminated, and the price stabilized and rose slightly

According to the AH share premium theory[4], the Hong Kong listing will have the following medium to long-term impacts on A-share valuation:

• According to the Hang Seng CSI Hong Kong Stock Connect AH Share Premium Index, the average AH share premium is approximately 120%[4]
• After the Hong Kong listing, dual listing will promote valuation convergence, which may lead to a narrowing of the A-share premium

• After the Hong Kong listing, the company will gain access to financing channels in the international capital market
• Southbound funds can hold the company’s shares through the Hong Kong Stock Connect, enhancing overall liquidity

• The Hong Kong listing will help the company adopt international market valuation standards
• This may have a structural impact on the company’s valuation methods

---

According to a report by Xinhua News[5], among the 151 “A+H” listed companies:

• Percentage of companies with premium over 100%
  : 38.41% (58 companies)
• High Premium Industries
  : Textile and apparel (average 313.86%), electronics, etc.
• Low Premium Industries
  : Traditional industries such as banking (average 39.72%) and insurance

For software service companies like Sifang Jingchuang, it is expected that:

• The AH share premium may remain in the range of
  80%-150%
  after the Hong Kong listing
• Referring to similar technology companies, the premium may be relatively high

---

Risk Type	Specific Performance
Equity Dilution Risk	H-share issuance will increase the total share capital, which may dilute earnings per share
Hong Kong Valuation Discount Risk	The overall valuation of the Hong Kong stock market is lower than that of the A-share market, which may pull down the company’s overall valuation level
Liquidity Diversion Risk	Some funds may shift to the lower-valued Hong Kong shares
Exchange Rate Risk	Hong Kong dollar-denominated assets are affected by exchange rate fluctuations
Listing Approval Risk	There is uncertainty in the review and approval by the Hong Kong Stock Exchange

Opportunity Type	Specific Performance
Internationalization Strategy Advancement	The Hong Kong listing will help the company expand overseas businesses and enhance its international brand image
Cross-Border Payment Business Synergy	The company has in-depth cooperation with the Hong Kong Monetary Authority, and the Hong Kong listing will strengthen this advantage
Valuation Reassessment Opportunity	If the Hong Kong market gives a higher valuation, it may drive a simultaneous rise in A-shares
Diversification of Financing Channels	Broaden financing channels to support the company’s future development

---

1. Sifang Jingchuang’s Hong Kong listing process has progressed smoothly
   : It took only about 2 months from planning to application submission, indicating strong promotion efforts by the company

2. Short-term price pressure
   : After the release of the planning announcement, the A-share price experienced a correction (falling from RMB 40.95 to RMB 33.20), with a cumulative decline of approximately 19%

3. Medium to long-term impact is positive
   : The Hong Kong listing will enhance the company’s internationalization level and financing capacity, which is beneficial to the company’s long-term development

4. Expected narrowing of AH share premium
   : Referring to peer companies, the A-share premium may gradually return to a reasonable range after the Hong Kong listing

• Short-term
  : Pay attention to the progress of Hong Kong listing approval and H-share issuance pricing, and avoid equity dilution risks
• Medium-term
  : Pay attention to the growth of the company’s cross-border payment business and the implementation of cooperation projects with the Hong Kong Monetary Authority
• Long-term
  : The Hong Kong listing will enhance the company’s international influence, and investors can pay attention to valuation reassessment opportunities

---

[1] Sina Finance - Initial Public Offering Listing Announcement of Shenzhen Sifang Jingchuang Information Co., Ltd. (https://vip.stock.finance.sina.com.cn/corp/view/vISSUE_MarketBulletinDetail.php?stockid=300468&id=1804792)

[2] Shenzhen Stock Exchange - Announcement Information of Sifang Jingchuang (http://www.szse.cn/disclosure/listed/notice/index.html)

[3] Securities Times - Announcement of Sifang Jingchuang Regarding Submission of H-Share Issuance and Listing Application to the Hong Kong Stock Exchange and Publication of Application Materials (https://www.stcn.com/quotes/index/sz300468.html)

[4] Yuekai Securities - [Yuekai Strategy In-Depth Report] Understanding AH Share Premium Investment Opportunities in One Article (http://pdf.dfcfw.com/pdf/H3_AP202008171399146494_1.PDF)

[5] Xinhua News - Behind the Boom of A-Share Companies Listing in Hong Kong: Market Game of Same Shares, Different Prices (http://www.news.cn/finance/20250409/b1376046136c4a35beb8e898eb0020f2/c.html)

[0] Jinling AI Securities API Data