Group 1 - A growing number of local Hong Kong companies are listing in the United States, with approximately 31 companies having already listed on NASDAQ this year, and at least 27 more in the application process [2] - Among the listed companies, there are several capital market intermediaries, including brokers, financial printing firms, and investor relations service providers [2] - According to Ryan's statistics, as of August 15, 2025, 10 Hong Kong brokerage firms have applied for U.S. listings this year, with 4 already listed and 6 still in process [2] Group 2 - The reasons for the influx of intermediaries to the U.S. market include lower listing thresholds, faster and easier listing processes, and relatively lower initial IPO costs compared to Hong Kong [3] - The U.S. listing requirements are less stringent, with some companies facing lower performance expectations than those on Hong Kong's GEM (Growth Enterprise Market) [3] - The U.S. operates under a registration system that requires only disclosure, while Hong Kong has a dual filing system that necessitates approval from both the Hong Kong Stock Exchange and the Securities and Futures Commission [3]