By comparing the differences in IPO initial returns, short-term returns and long-term returns, this paper analyzes the investment value of shares that are listed in Hong Kong firstly and then return to Chinese A-share market (denoted as H+A shares) and the similar A shares. Specifically, compared to A shares, the IPO initial returns of H+A shares are higher while the short-term and long-term market performances of them are lower. The reasons behind these are that the higher IPO return of H+A shares are related to the lower issuance pricing. The lower short-term and long-term earnings are related to both the worse corporate performances and the worse investor recognitions, which means H+A shares do not have investment value, compared with similar A shares.