Paul She interviewed by AB magazine (September 2025)
As Chinese companies increasingly look to regional exchanges for their growth capital, Chief Financial Officers face a critical strategic decision: whether to list in Hong Kong or on the Mainland's A-share markets. In a recent feature with Accounting and Business Magazine, Paul She, Audit & Assurance Partner and Head of Capital Markets at Forvis Mazars in Hong Kong, provided expert analysis on the evolving landscape of dual capital markets.
The choice between Hong Kong and A-share listings is not merely about location; it's a fundamental decision regarding a company's strategic priorities. CFOs must navigate two distinct ecosystems, each with unique advantages in valuation, investor base, regulatory speed, and compliance requirements. Success in this environment demands a tailored "equity story" and robust cross-border capabilities to ensure compliance and attract the right investors.
“Valuation multiples in Shanghai, Beijing and Shenzhen markets generally exceed those in Hong Kong, due to regulatory and market participant dynamics. Corporate CFOs must determine whether their immediate priority is capital efficiency or volume expansion.” Paul said.
Credit to: AB Magazine, August 2025
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