Since the beginning of this year, the Hong Kong stock index has risen strongly as a whole, outperforming major global stock indices during the same period, and the Hang Seng AH Premium Index has continued to fall. On June 12, the index hit an intraday low of 126.91 points, a new low since June 2020. As of the close of June 13, the Hang Seng AH Premium Index was at 128.05 points. The index has fallen by more than 10% overall this year. The premium of A shares relative to H shares has always been a common phenomenon. Currently, 42 companies still have an AH premium rate of more than 100%. At the same time, the number of companies with A shares at a discount to H shares has gradually increased. The H-share prices of CATL, WuXi AppTec, and China Merchants Bank are all higher than A shares. Many industry insiders believe that the AH spread is expected to continue to narrow in the short term, and the current changes may herald the beginning of a new round of long-term trends.