FanShi Smart Launches Back to A-Share Listing; Hard Tech Companies Accelerate Deployment of A+H Platform

Securities Times reporter Zhong Tian

On March 26, Hong Kong-listed AI leader Paradyme Intelligence officially announced that it has joined the “A-share backdoor (H to A)” lineup, having already completed filing and record-keeping with the Beijing Securities Regulatory Bureau for tutoring arrangements. The company plans to list on the Shenzhen Stock Exchange; meanwhile, A-share light-chip “1000-yuan stock” player Yuanjie Technology has also taken the lead, submitting an application for an H-share listing to the Hong Kong Stock Exchange recently.

From AI and robotics to semiconductors, more and more hard-tech companies have been choosing the “A+H” dual-engine drive in recent times. In this in-and-out sequence, it reflects companies’ deep demands for diversified financing channels, a re-evaluation of valuations, and international development.

Hong Kong tech stocks expand their “A-share backdoor (H to A)” lineup

On March 26, Paradyme Intelligence completed its A-share listing tutoring filing. Huatai United Securities serves as the tutoring institution. This means that the “A-share backdoor (H to A)” cohort for Hong Kong tech companies continues to expand.

Paradyme Intelligence’s main business is the R&D and industrialized deployment of decision-making AI and large-model technologies, and relevant AI solutions have achieved scaled deployment in more than 20 industries, including finance, retail, healthcare, and energy. The company’s core products include the Sage AIOS development platform and the SageOne compute-in-one machine, among others.

Paradyme Intelligence previously announced that, in the first three quarters of 2025, 83.9% of the company’s revenue came from compute-related businesses, while 16.1% came from software services, indicating that the company’s business focus has clearly shifted toward compute. In the first three quarters of 2025, the company’s revenue increased 36.8% year over year, and in the third quarter it achieved single-quarter profitability for the first time, showing a favorable development trend for the company amid rapid growth in the AI industry. The announcement states that the company’s core main business is to serve enterprise customers across industries with compute as the core, using AI technology services to help customers achieve intelligent upgrades and comprehensive digital transformation. The rapid iteration of AI large models has significantly boosted the growth in market demand for compute, and also opened up a very broad space for further development of the company’s business.

Before Paradyme Intelligence, several Hong Kong-listed companies were already pushing forward with the “A-share backdoor (H to A)” process. Yuejiang Technology disclosed on March 13 that it will convene an extraordinary shareholders’ meeting on April 2 to consider proposals related to the “A-share backdoor (H to A).” Yuejiang Technology plans to list on the ChiNext board of the Shenzhen Stock Exchange, issuing no more than 48.8839 million shares, raising net proceeds of approximately RMB 1.2 billion, mainly for projects such as multi-legged robot R&D and industrialization, improvements to humanoid robot technology, and enhancements to marketing capabilities. Yuejiang Technology is a company focused on the R&D, production, and sales of robotics technology, with main products covering robotics technology, 3D printers, laser engraving machines, and more.

In addition, Zhipu, which listed on the Hong Kong Stock Exchange in January this year, disclosed soon after listing its A-share tutoring report, and also hired Cathay Haitong as an additional joint tutoring securities firm, continuing to advance its “A-share backdoor (H to A)” plan. Yingmen Biotech disclosed its return plan in October last year, and in its performance briefing in March it also clearly stated it will steadily advance its plan to list on the STAR Market.

Yuanjie Technology sprints for an H-share listing

In sharp contrast with the “A-share backdoor (H to A)” trend among Hong Kong stocks, A-share hard-tech companies are accelerating their move to list in Hong Kong, and Yuanjie Technology has become the latest benchmark.

On March 25, Yuanjie Technology officially submitted its prospectus to the Hong Kong Stock Exchange, seeking to build an “A+H” dual-capital-platform layout. Just earlier on March 20, Yuanjie Technology’s share price broke through RMB 1000, becoming the first newly listed “1000-yuan stock” on the A-share market in 2026. As of the close on March 27, Yuanjie Technology’s share price was RMB 1100.11 per share, with a total market value of RMB 94.6 billion. Its share price ranked only behind Guizhou Moutai, making it the second-highest-priced stock in the A-share market.

Under the spotlight, Yuanjie Technology is a globally leading supplier of laser chip products. The company’s core product lineup includes CW laser chips, EML laser chips, and DFB laser chips, covering key application scenarios such as AI data centers, 5G communications construction, and fiber-optic access. According to a report by Jingshi Consulting, based on 2025 external sales revenue, Yuanjie Technology is the world’s sixth-largest supplier of laser chip products and the world’s second-largest supplier of laser chip products for silicon photonics high-speed optical interconnects. It is also one of the few companies globally that can mass-produce CW laser chips at a unit scale of tens of millions. The amount the company plans to raise in this Hong Kong IPO is intended to enhance R&D and testing capabilities, expand production capacity for laser chip products, and also support strategic investments and business-synergy plans, among others.

Besides Yuanjie Technology, the list of A-share technology companies that are advancing H-share listings is also star-studded, including Luxshare Precision, Sino MICE, Jilong (Jiangbo Long), SAIL? (Winson?), Tianfu Communications, Honghe Technology, and others. Among them, Honghe Technology is a well-known specialized manufacturer of professional mid-to-high-end electronic-grade fiberglass cloth. In the high-end electronic cloth segment, the company is one of the few manufacturers globally with the capability to produce extremely thin fabric. It has successfully broken international monopolies, achieving a historic breakthrough for China’s electronics fabric industry, and reducing domestic market reliance on imported products.

Bidirectional layout will become the mainstream choice

In the view of Wen Tianna, Executive Director and General Manager of Hong Kong Bovda Capital International, as an enterprise-level AI leader, Paradyme Intelligence first completes corporatization and financing in Hong Kong, and then initiates A-share tutoring with the Shenzhen Stock Exchange. This “Hong Kong as the foundation, A-shares as the sprint” path is very typical. “It not only accelerates development by leveraging A-shares’ higher valuation and liquidity advantages, but also reflects hard-tech companies’ strategic emphasis on dual-capital platforms.”

Regarding the phenomenon that more and more hard-tech companies are accelerating their layout of the “A+H” dual platforms while current A-share tech companies are lining up to sprint into Hong Kong, Wen Tianna believes that, on one hand, companies can connect with international capital via Hong Kong to support going overseas and globalized mergers and acquisitions. On the other hand, relying on A-shares to deepen domestic industrialization, the valuation gap between the two places is gradually narrowing in a rational manner. He believes that this bidirectional layout has become the mainstream choice for high-quality hard-tech companies to build long-term competitiveness, which is beneficial for improving the efficiency of resource allocation and enhancing international influence.

For technology companies to set up the “A+H” dual-platform layout, a topic that cannot be avoided is the longstanding AH-share premium phenomenon. For tech companies listed simultaneously in A-shares and H-shares, their A-share prices are generally higher than their H-share prices, and the average premium rate remains at a high level. Based on tech stocks that successfully listed on H-shares this year, A-shares are generally at a premium of 30%—90% over H-shares, but some leading companies show an H-share premium relative to A-shares—for example, LZ (Lanzhi) Technology and Zhaoji (兆易创新), with premium rates exceeding 10%.

Guoxin Securities believes that, compared with the AH-share premium index, the companies listed in both places are undergoing a new round of expansion in their constituent stocks. Since 2025, listed companies in both markets have entered a new period of rapid growth, mainly driven by prominent A-share enterprises collectively listing in Hong Kong. Industry structure has started to skew toward the hard-tech and manufacturing sectors that are comparatively scarce in Hong Kong. It believes that the AH-share premium is related to market capitalization, Northbound? (Southbound) funds, and the float. It is expected that the bottom of the AH-share premium will still have rigidity, but the top may trend downward.