如果说2025年之前，出海还只是部分公司的选择， 那在2025年之后，出海已经成为了一个"必答题"。 因为对于国内大部分企业来说，海外市场都是远大于国内市场的。 然而，在贸易战、关税壁垒和逆全球化冲击下，当前企业出海的风险和困难比大部分人想象的还要大， 为了提升企业出海的成功率， 我们已经把企业出海最容易失败的地方和重点注意事项逐一梳理好了， 就在最新上线的 《中国企业出海指南》 中。 中国企业出海指南 1.纸质资料《中国企业出海指南》 2.线上课程《境内企业赴美国上市的法律实务解读》 3.梧桐定制笔记本1个 中国企业出海指南 新品特惠 扫码 立减20元 《中国企业出海指南》共有 332页 ， 15.5万字 ，9个章节，主要从海外布局、监管要求、股权架构、 审批流程、交易文件、合规风险、税务考量、区域国别等角度出发，全景式梳理了企业出海的实务要 点。 境外投资的主要法律文件 操作时间境外投资敏感类项目 0 限制/禁止开展的境外投资 商务流程 ODI备案/核准流程 境外投资的常见流程与风险 ⊙ 没有办理ODI备案的后果 发改委备案/核准 3. 境外投资的境 商务部备案/核准 内审批流程 外汇登记 境外投资的境内 ...

Group 1 - The intermediary system for NASDAQ IPOs is crucial for connecting local operations with international capital markets, directly impacting the success rate and financing efficiency of listings [1] - Key intermediary institutions include investment banks, law firms, accounting firms, depositary banks, market makers, and public relations and investor relations consultants [1][27] - The article provides a comprehensive analysis of the roles, service offerings, fee structures, and selection strategies of these intermediaries, along with practical guidelines for 2025 market dynamics [1] Group 2 - Investment banks play a vital role in valuation pricing, roadshow strategies, and risk hedging, with underwriting fees ranging from 5-7% for amounts less than $100 million and 3-5% for amounts greater than $500 million [2][40] - Law firms are responsible for cross-border compliance, including VIE structure reviews and data security, with fixed fees between $500,000 and $2 million depending on complexity [3][4][40] - Accounting firms focus on financial restructuring and internal control establishment, charging between $500,000 and $1.5 million based on revenue [7][10][40] Group 3 - Depositary banks facilitate the issuance of American Depositary Receipts (ADRs) and cross-border settlements, with fees ranging from $50,000 to $200,000 [12][15][40] - Market makers manage liquidity and crisis response, charging annual fees between $100,000 and $500,000 [17][20][40] - Public relations and investor relations consultants assist in brand building and crisis management, with service fees ranging from $200,000 to $1 million [22][25][40] Group 4 - The overall fee structure for intermediaries in the IPO process can range from $200,000 to $600,000, accounting for 8-15% of the total financing amount [40] - Cost optimization strategies include selecting boutique investment banks for smaller fundraising and splitting auditing tasks to save costs [41] - The selection of intermediaries should consider industry expertise, regional experience, and crisis management capabilities [42][44] Group 5 - The intermediary system for NASDAQ listings exhibits a dual characteristic of "international rules + local adaptation," requiring firms to navigate both global standards and local regulatory environments [47][48] - Companies should prioritize intermediaries with capabilities that blend Western and Chinese practices to ensure compliance and efficiency in the IPO process [49]

Group 1: SoftCloud Technology - SoftCloud Technology successfully listed on NASDAQ on April 8, 2025, under the stock code RYET, raising $15 million by issuing 3.75 million shares at $4 each [1] - As of April 11, 2025, the stock closed at $4.76, representing a 19% increase from the issue price, with a current market capitalization of $161 million [1] - The company, founded in 2012 and headquartered in Nanchang, focuses on the K12 education sector, providing innovative teaching and learning tools through the use of the internet and artificial intelligence [1] Group 2: MasterBeef Group - MasterBeef Group successfully listed on NASDAQ on April 10, 2025, under the stock code MB, raising $8 million by issuing 2 million shares at $4 each [2] - Additionally, 1.81 million shares were sold by shareholders for $7.24 million [2] - As of April 11, 2025, the stock closed at $3.20, reflecting a 20% decrease from the issue price, with a current market capitalization of $5.44 billion [2] - The company operates 12 restaurants under the "MasterBeef" and "Anping BBQ" brands, specializing in Taiwanese hot pot and barbecue [2] Group 3: Nocen International - Nocen International successfully transitioned to NASDAQ on April 10, 2025, under the stock code CIIT, raising $7.16 million by issuing 2.17 million shares at $4 each [3] - The stock opened at $3.30, down 17.5% from the issue price, and closed at $2.60, marking a 35% decline, with a total market capitalization of $4.40747 million [3] - The company provides global logistics services, including booking and transportation arrangements [3] Group 4: Webull Corporation - Webull Corporation received approval from the China Securities Regulatory Commission for its overseas listing on April 8, 2025, through a merger with SK Growth Opportunities Corporation [4] - The company plans to issue up to 64,221,920 shares on NASDAQ, focusing on providing a comprehensive digital investment platform for individual investors [4] - Webull operates in multiple markets, including North America, Asia-Pacific, Europe, and Latin America, with 11 brokerage licenses globally [4] Group 5: CATL (Contemporary Amperex Technology Co., Limited) - CATL has passed the hearing for its potential listing on the Hong Kong main board, aiming to raise between $5 billion and $7 billion (approximately HKD 39 billion to HKD 54.6 billion) [6] - If successful, this would be the largest IPO in Hong Kong since Kuaishou's listing in 2021 [6] - Founded in 2011 and listed on the Shenzhen Stock Exchange in 2018, CATL specializes in the research, production, and sales of power and energy storage batteries [6] Group 6: Mingji Hospital - Mingji Hospital successfully passed the Hong Kong Stock Exchange hearing on April 11, 2025, after two previous failed attempts [7] - The hospital reported a revenue of RMB 2.659 billion in 2024, a slight decrease of 1.07% year-on-year, with a net profit of RMB 109 million, down 34.95% year-on-year [7] - Mingji Hospital is a leading private profit-oriented hospital group in mainland China, operating two comprehensive hospitals [7]

目前A股IPO审核态势趋严，越来越多有意上市的企业开始在香港寻找上市机会。日前，中国政府及香 港特区政府推出了一系列政策措施推动香港资本市场的发展，让许多曾经没有机会上市的企业看到了希 望。 那么，对于企业和各类中介机构，在新的香港市场下，赴港上市有哪些新变化、新规定、新要求？在具 体实务过程中又有哪些需要我们注意的要点？ 我们在此做了简单的梳理，以期帮助大家快速掌握 目前香港上市的制度与业务流程、发行架构、上市 模式，以及法律和财税等实务要 点： 境内企业选择香港联交所 香港联交所的融资优势与对创新科技企业的包容 的重要原因 香港政府对于证券市场的支持 香港交易及结算所有限公司 (港交所) 香港资本市场的 香港联合交易所有限公司 监管主体及职责 (香港联交所) 香港证券及期货事务监察委员会 (香港证监会) 主板（Main Board） 上市板块选择- GEM (Growth Enterprise Market) -上市规则框架和财务要求 - 特专科技公司的行业名单和上市条件 - 不同赴港主板上市情形下有关上市资格的规则适用 营业记录及财务资格 管理层延续性 香港联交所 拥有权和控制权延续性 上市板块及上市条 ...