SEC复工+赴美备案重启：2025年末中企赴美上市迎窗口期

Core Viewpoint - The reopening of the filing process for Chinese companies to list in the U.S. marks a significant turning point, with multiple favorable factors creating a rare window for Chinese enterprises to pursue U.S. listings by the end of 2025 [2] Group 1: Resumption of Filing and Regulatory Signals - The China Securities Regulatory Commission (CSRC) has resumed the filing process for U.S. listings, as evidenced by the recent requests for supplementary materials for two companies, signaling the end of a seven-month "frozen period" [3] - CSRC Chairman Wu Qing emphasized the need to steadily expand high-level institutional openness and improve the efficiency of overseas listing filings, boosting confidence among companies planning to list abroad [5] Group 2: SEC Approval Process and Regulatory Optimizations - The SEC has fully resumed operations after a 43-day government shutdown, allowing for the processing of nearly 100 backlog IPO applications, which is expected to expedite the review process for previously stalled companies [5] - The signing of the audit regulatory cooperation agreement between China and the U.S. has significantly reduced compliance risks for Chinese companies, with over 280 companies already removed from the "pre-delisting" list [7] Group 3: Market Liquidity and IPO Valuation Support - The U.S. Treasury's cash reserves are expected to release between $500 billion to $700 billion into the market, which could alleviate previous liquidity pressures and support stock valuations, potentially increasing risk asset valuations by 3%-5% [8] - The rising probability of interest rate cuts by the Federal Reserve in December may further stimulate companies' willingness to go public, enhancing market liquidity and investor interest in quality small and medium enterprises [8] Group 4: Strategic Recommendations for Companies - Companies preparing for U.S. listings should focus on compliance, speed, and strategic timing to leverage the upcoming window of opportunity effectively [9] - Key recommendations include ensuring compliance with application materials, expediting the filing process to meet SEC requirements, and closely monitoring SEC developments to optimize listing timelines [10]