赴美IPO遇阻、SEC停摆！买壳转板或成赴美上市新捷径

Group 1 - The U.S. government shutdown has caused a significant impact on companies planning to go public in the U.S., effectively putting a halt to IPO processes [2][4] - The SEC has initiated emergency plans, with over 90% of its staff on unpaid leave, limiting its operations to routine disclosures and halting IPO and refinancing reviews until government operations resume [4][5] - As of October 1, 2025, 17 companies are stuck in the IPO application process, including major industry players, facing indefinite delays and resource wastage [6] Group 2 - The "20-day registration rule" is being considered by some companies as an alternative to bypass SEC approval, allowing them to set IPO prices 20 days before the offering [7] - This approach carries significant risks, including potential legal issues due to lack of SEC oversight, which could lead to investor lawsuits and increased scrutiny from investors [7] - Different industries have varying tolerance for the IPO pause, with biotech firms potentially opting for the "20-day registration rule" due to urgent funding needs, while other sectors may find it less appealing [7] Group 3 - Huayi Capital suggests a shell acquisition as a more stable alternative for companies looking to enter the U.S. capital market amid the current uncertainties [8] - The shell acquisition model offers three core advantages: stable processes with controllable timelines, proactive risk management through comprehensive due diligence, and a full-service approach that supports companies throughout the listing process [9] - As global capital market volatility increases, the shell acquisition model is expected to become a preferred pathway for more Chinese companies seeking international capital [10]