2025中企赴美上市备案盘点，数量同比减少74.5%

Group 1 - In 2025, only 14 domestic companies received approval for listing in the US, a significant decrease of approximately 75% compared to 55 companies in 2024, marking a new low in recent years [1] - The total number of companies that completed overseas listing filings reached 179, representing a year-on-year increase of 15%, with 156 companies listed in Hong Kong, accounting for over 86% of the total [1] - The stark contrast between the decline in US listings and the increase in Hong Kong listings indicates a profound change in the cross-border financing landscape for Chinese companies [1] Group 2 - From January to April 2025, 13 companies were approved for listing, followed by an 8-month "frozen period," with only one company, Longdian Huaxin New Energy Technology Group, breaking the silence in December [2] - Among the 14 approved companies, 3 adopted the VIE structure, 3 went public through SPAC mergers, and 2 were second-time filings, reflecting companies' flexible responses to regulatory uncertainties [2] - The SEC's ongoing reinforcement of audit and disclosure requirements for Chinese companies has significantly increased compliance costs and potential delisting risks, diminishing the attractiveness of the US market for many small and medium-sized Chinese enterprises [2] Group 3 - The industry distribution of companies completing overseas listings in 2025 shows a clear trend of "hard technology leading, consumer recovery following," with technology and biomedicine accounting for over 43% of the total [3] - Hard technology companies are primarily concentrated in the Hong Kong market, leveraging the inclusivity of Hong Kong's 18A and 18C rules for biomedicine and specialized enterprises [3] - The sharp reduction in the number of companies listed in the US signifies a new phase in cross-border financing for Chinese companies, necessitating a more rational assessment of the pros and cons of different listing locations amid geopolitical and regulatory uncertainties [3]