未来1–2年，中企赴美上市备案：监管焦点会卡在哪

Group 1 - The approval of Longdian Huaxin New Energy Technology Group marks a breakthrough for domestic companies seeking to list in the U.S. after an 8-month hiatus, reflecting the increasing regulatory requirements from the China Securities Regulatory Commission (CSRC) for overseas-listed companies [2] - As of December 19, 2025, the CSRC has received a total of 888 applications for overseas initial public offerings (IPOs), with 412 companies having obtained approval [2] - Among the companies seeking to list in the U.S., 150 have chosen the NASDAQ exchange, with 54 currently in the application stage, a decrease of one from the previous count [2] Group 2 - The recent surge in SPAC (Special Purpose Acquisition Company) listings in the U.S. indicates a shift in strategy for companies seeking overseas listings, with SPACs accounting for 70% of IPOs from December 15 to 21, 2023 [4][5] - Companies are advised to transition from a static "roadmap" to a dynamic self-adjusting strategy in response to tightening global regulatory environments, emphasizing the need for a deep understanding of different listing methods [5] - The CSRC's focus on compliance includes thorough checks on the entire equity structure and the operational compliance of domestic entities, ensuring that overseas listings are backed by legitimate domestic business operations [9][10] Group 3 - The CSRC has highlighted key areas of concern for companies seeking overseas listings, including compliance with the "negative list" for foreign investment, particularly for companies in sensitive sectors [10] - Data security regulations are specifically targeted at companies with digital operations, ensuring compliance with data protection laws and addressing risks associated with data collection and cross-border data flow [11] - Companies are encouraged to engage professional legal and financial advisors early in the listing process to conduct comprehensive compliance assessments and establish a proactive compliance strategy [14][15]