The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Ka Sing Chan

HONG KONG, July 2 (Reuters Breakingviews) - Mainland-listed firms like the $270 bln CATL usually seek access to hard currency and global investors via coveted Hong Kong flotations. But for startups already trading in the city, Shanghai offers punchier valuations and state capital. More may buck the trend to list onshore.

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The China Securities Regulatory Commission will support ‘eligible Hong Kong-listed companies to ​list in the domestic market’, Chairman Wu Qing told the 2026 Lujiazui Forum in Shanghai on ​June 17. In a ⁠document published in June 2025, the State Council said it will allow Greater Bay Area companies listed in Hong Kong to seek a secondary listing in Shenzhen.