Recently, Cairoke Technology successfully navigated the review process. Following the listing of Tiangong Shares, a subsidiary of Tiangong International, on the Beijing Stock Exchange, the capital operation strategy of having a "Hong Kong-listed parent company with a northbound-listed subsidiary" is gradually coming of age. At present, the spin-off mechanism is undergoing continuous refinement, offering institutional safeguards for Hong Kong-listed entities to streamline their capital structures and unleash the potential value of their subsidiaries. Industry experts highlight that, with the expansion of market capacity and heightened appeal, coupled with the influence of more exemplary cases, the "Hong Kong-listed parent with a northbound-listed subsidiary" model is poised to emerge as a pivotal channel for innovative small and medium-sized enterprises to gain entry into the capital market.