灿谷终止ADR项目：迈向美资机构化的结构性升级

Group 1 - The core point of the article is that the company is terminating its ADR program and transitioning to direct listing of Class A common stock on the NYSE, marking a fundamental restructuring of its capital market strategy [1][2] - The termination of the ADR program reflects a strategic evolution in the company's financing structure, shifting focus from fintech to computing power operations after selling its domestic auto finance business for $351.9 million [1] - Direct listing is expected to simplify the company's market structure and enhance its correlation with U.S. mining indices, improving liquidity and pricing efficiency [1][2] Group 2 - The adjustment aims to eliminate structural barriers for U.S. institutional investments, as approximately 62% of U.S. long-term funds have restrictions on "non-directly listed securities" [2] - By transitioning to direct listing, the company significantly expands its potential investor base and improves the investability of passive and benchmark-tracking funds, potentially adding around $90 million in new investment capital [2] - The company's operational data for September shows resilience in computing power efficiency, with a production decline of only 7.1% compared to the industry average of about 12% [2] Group 3 - The company's valuation appears attractive, with an ADS price of approximately $4.37 and a total market value of about $796 million [3] - Projected revenues for 2025 and 2026 are $609 million and $850 million, respectively, with corresponding price-to-sales ratios significantly lower than industry averages [3] - The exit from the ADR structure and direct listing on the NYSE is expected to narrow the valuation discount, aligning the company's valuation multiples closer to leading U.S. mining companies [3]