This paper tests the firm valuation model to Hongkong H stocks. The Ohlson model regards the firm value determined by the future excess profit, and the Option model regards determined by the future cash flow. This paper test which model is more appropriate to the firm valuation model, Ohlson model and Option model, to the Hongkong H stock. And we use 42 enterprise’s data from 2003 to 2011, use the panel regression method. We test five hypothesis. First, the hypothesis 1 testing This paper tests the firm valuation model to Hongkong H stocks. The Ohlson model regards the firm value determined by the future excess profit, and the Option model regards determined by the future cash flow. This paper test which model is more appropriate to the firm valuation model, Ohlson model and Option model, to the Hongkong H stock. And we use 42 enterprise’s data from 2003 to 2011, use the panel regression method. We test five hypothesis. First, the hypothesis 1 testing