This paper tests the firm valuation model to Hongkong Hstocks. The Ohlson model regards the firm value determined bythe future excess profit, and the Option model regardsdetermined by the future cash flow. This paper test which modelis more appropriate to the firm valuation model, Ohlson modeland Option model, to the Hongkong H stock. And we use 42enterprise’s data from 2003 to 2011, use the panel regressionmethod. We test five hypothesis. First, the hypothesis 1 testing result suggests that the Ohlson model and Option model havesignificance to the firm valuation model in Hongkong H stock.Second, the hypothesis 2 testing result suggests that the Ohlsonmodel has more positive significance than the Option model tothe Hongkong H stocks, but it is not absolute. Third, thehypothesis 3 testing result suggests that the per share net assethas more significance than another variables in Ohlson model andOption model, to the Hongkong H stock. Fourth, the hypothesis 4testing result suggests that the per share excess profit of theproxy variable of the future excess profit has significance inOhlson model. Fifth, the hypothesis 5 testing result suggests thatthe per share net profit of the proxy variable of the future cashflow has more significance than another proxy variables.