diff --git a/.agents/skills/hk-ipo-analyst/SKILL.md b/.agents/skills/hk-ipo-analyst/SKILL.md
index b94ce2b..0e21d0c 100644
--- a/.agents/skills/hk-ipo-analyst/SKILL.md
+++ b/.agents/skills/hk-ipo-analyst/SKILL.md
@@ -3,8 +3,9 @@ name: hk-ipo-analyst
 description: >-
   Use for Hong Kong IPO subscription analysis in this project: T0/T1/T2
   prediction cards, scoring, cross-IPO comparison, research reports,
-  post-listing reviews, error attribution, and rule-update recommendations.
-  Use archived facts when available and keep predictions append-only.
+  A/H dual-listed valuation overlays, post-listing reviews, error attribution,
+  and rule-update recommendations. Use archived facts when available and keep
+  predictions append-only.
 ---
 
 # HK IPO Analyst
@@ -96,6 +97,8 @@ For scheduled runs, latest IPO list refreshes, and broad candidate reports, firs
 
 Refresh the report content as a complete current snapshot, not as a partial patch. The dated report should be written to `reports/{date}_latest_ipo_candidates_analysis.md` and should update all relevant sections: actionable ranking, fundamentals, break-probability/risk-reward, capital efficiency, per-IPO notes, closed/waiting names, recent 30-day listed-IPO review, data gaps, and sources.
 
+If any current or recently closed candidate already has A Shares or another onshore-listed share class, the latest report must include the A/H dual-listed overlay described below. Do not leave this only implicit in the fundamentals section.
+
 Market heat and subscription multiples must remain stage-safe:
 
 - Unofficial live subscription or margin multiples belong in archived `ipo_market_heat` rows with provider, `observed_at`, stage, and source path.
@@ -105,6 +108,24 @@ Market heat and subscription multiples must remain stage-safe:
 
 After writing the dated latest report, copy the same final Markdown content to `reports/README.md`. This README is an overwriteable mirror of the latest broad candidate report so opening the `reports/` directory surfaces the current report first; the dated report remains the durable historical copy.
 
+## A/H Dual-Listed IPO Overlay
+
+When an issuer already has Mainland A Shares or another onshore listed share class, explicitly mark it as an A/H or dual-listed valuation case in every broad report, single-ticker report, and relevant prediction card. Treat this as a different pricing setup from a pure first-time HK IPO.
+
+Detection cues include prospectus language such as existing `A Shares`, `Shenzhen Stock Exchange`, `Shanghai Stock Exchange`, `ChiNext`, `STAR Market`, an A-share stock code such as `300661.SZ` or `002600.SZ`, or HKEX waiver/pricing text that references the A-share closing price.
+
+The report should include a compact A/H note or table covering:
+
+- A-share ticker, exchange, and whether it is the same issuer, parent, subsidiary, or only a comparable/affiliate.
+- A-share latest close and recent 5/20-day trend as of `data_as_of`, with source and timestamp.
+- H-share maximum/final offer price, exchange-rate assumption, and implied H/A premium or discount.
+- A-share market capitalization/liquidity and the H-share offer size/free-float context.
+- Whether the prospectus says the H-share offer price references the A-share closing price or sets a maximum price linked to A-share trading.
+- A/H fungibility guardrail: A Shares and H Shares are usually not interchangeable or fungible, and there is no direct arbitrage unless the issuer has a documented full-circulation or conversion mechanism.
+- Analyst conclusion on how the A-share anchor changes D1/T2 logic: valuation support, premium/discount risk, A-share momentum spillover, HK liquidity gap, and whether hot A-share pricing is already embedded.
+
+Do not mechanically treat an H-share discount to A shares as a guaranteed upside. Separate valuation anchor from trading demand: an A-share reference can reduce valuation uncertainty, but T0.95/T1 heat, Hong Kong float, cornerstone lockup, and market-window quality still drive short-exit IPO payoff.
+
 ## Single-Ticker Markdown Report
 
 When the user gives a single IPO ticker and asks for an analyst report, use the report generator after archived facts and the analysis dataset are current: