需要说明的是，中国粮投虽完成挂牌，但因未取得境内监管备案，上市当日即被停牌，未计入本次统计，该案例也凸显了境内合规程序在中企赴美上市过 程中的重要性。 2025年，中国企业赴美上市继续保持活跃势头，整体表现出 "数量稳步增长、结构多元丰富、地域集中明显" 的特点。 截至12月30日，全年累计93家中企在美股成功挂牌，另有149家已公开递交申请，在全球资本市场波动环境下，显示出中企境外融资的强烈意愿。 壹、上市路径与方式：IPO占绝对主导 在上市方式上，传统IPO继续占据主导并呈现高度集中态势。全年成功上市的93家企业中，84家通过首次公开募股实现，占比90.3%；8家借助De-SPAC （特殊目的收购公司合并）方式上市，占比8.6%；仅有1家从OTC市场转板至主板。 贰、交易所选择：纳斯达克成为绝对首选 交易所选择方面，纳斯达克依然是中企的首选平台。全年89家企业于纳斯达克上市，占比95.7%；仅4家选择纽交所，占比4.3%。"纳市为主、纽交为 辅"的格局进一步强化，尤其反映了科技类企业对纳斯达克市场生态环境的青睐。 叁、 融资规模结构：头部集中与整体规模偏小 行业分布显示，科技与多元服务领域共同成为中企赴美 ...

2025赴美上市|赴美上市统计|赴美IPO|中概股|专业赴美上市服务机构 2025年全球资本市场稳步复苏，美股凭借成熟的投资者生态、充足的流动性及多元融资渠道，持续成为中企跨境融资的核心阵地。中企赴美上市积极性持续 高涨，数量再攀新高，然而结构性分化愈发明显，整体呈现"数量攀升而规模收缩"的显著特征。 为便于各界深入掌握全年美股市场行情与中企赴美上市趋势，华谊信资本围绕2025年度中企赴美上市相关事宜，进行了分析和总结。 2、中概股募资特征突出：头部占比超三成，小额募资占比近六成！ 2025年中企赴美上市圆满收官。截至当地时间12月31日，全年共有93家中企通过IPO、SPAC合并、OTC转板等路径成功登陆美股主板，较2024年的64家同 比增长7.8%；另有149家企业已公开递交赴美上市申请，后续储备动能充足。 1、中企赴美超九成选IPO！整体呈现"IPO成核心、补充路径小众"格局 上市路径方面，传统IPO仍占据绝对主导地位，且集中度显著提升。在93家成功挂牌的中企中，84家通过首次公开募股（IPO）完成上市，占比高达90.3%， 成为赴美上市的核心选择；另有8家借助De-SPAC（特殊目的收购公司合并）模 ...

行业分布多元，应用软件等科技企业领跑，建筑、工业等传统行业稳健跟进，制药、餐饮物流等现代服 务业活力凸显，全面映射中国经济转型的蓬勃动力。 2025年截至年末，93家中企成功登陆美股，149家公开递交上市申请。与2024年的69家相比，上市数量 保持了温和增长。 交易所选择上，纳斯达克延续绝对优势，89家企业在此挂牌，占比达96%，仅4家选择纽交所。 适用企业：新兴科技公司，盈利模式尚未完全验证寻求更快上市速度的企业估值模型特殊，需要更灵活 定价机制的公司 1家企业通过OTC转板上市，Tianci International Inc（CIIT）从OTC市场成功转板到纳斯达克，该路径更 多适用于已在OTC市场积累一定流动性与估值基础的企业。 实施路径：先在OTC市场挂牌交易，建立交易历史和股东基础满足主板上市条件后申请转板获得批准后 正式在纳斯达克或纽交所交易。 优势：前期成本和门槛相对较低为中小企业提供渐进式成长路径转板成功通常能带来流动性和估值提 升。 展望2026年，随着纳斯达克新规生效（净收入标准门槛提升200%），传统IPO的门槛进一步提高，中小 企业OTC转板有望迎来更大发展机遇，值得注意的事，从O ...

赴美上市｜证监会备案｜上市监管｜中企赴美｜专业赴美上市服务机构 近期，龙电华鑫新能源科技集团的获批，为停滞8个月的境内企业赴美上市备案通道带来突破，也印证了近一年中国证监会监管对境外上市企业质地的要求 不断提高。 截至2025年12月19日，证监会公开信息显示，已累计接收境内企业境外首次公开发行（含全流通）备案申请888家，其中412家已取得备案通知书。 在赴美上市方面，共有150家企业选择纳斯达克交易所。细分来看，当前正处于申请阶段的企业共54家，较上一轮统计减少1家。 | | | | 境内企业赴美发行证券和上市备案情况表(首次公开发行及全流通) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (截至2025年12月19日) | | | | | | 序号 | 亚斯名秘 | 申报类型 | 甲报主体 | 拟上市证券交易所 | 接收日期 | 备案状态 | 道注 | | 1 | GoodFaith Technology Inc. | 间接境外上市 | 办州承信信息科技有限公司 | 纳斯达克交易所 | 2023年6月28日 | 补 ...

华谊信资本 | 美国SEC | 赴美上市 | 中美监管 | 中国证监会 | 美国市场政策 2025年末，赴美上市迎来关键转折。近日，中国证监会赴美上市备案重启，美国SEC全面复工开始审批工作，叠加美国政府层面的资本支持举措，多重利好 消息形成合力，中企赴美上市正式告别此前的"停滞观望期"。中美两国监管机构的不约而同，为2025年末中企赴美上市创造了难得的窗口期。 三、美国政府流动性资金充裕，托底IPO估值 政策层面的积极信号也早已释放。10月27日，证监会主席吴清在2025金融街论坛年会上发表主题演讲时明确提出，要稳步扩大高水平制度型对外开放。吴清 明确表示，将通过优化互联互通机制，提升企业境外上市备案效率。这一表态与备案流程的恢复形成呼应，为正在规划或正在推进境外上市的企业注入了强 劲信心。 二、SEC审批通道恢复，积压申请开始受理，叠加多重监管优化举措 持续43天的美国联邦政府停摆正式落幕，参议院通过临时拨款法案后，SEC于11月13日全面重启，打开了中企赴美上市审批通道。此前停摆导致近百家IPO 申请积压、市场流动性与融资效率皆受影响，如今积压申请进入"清库存"模式。参考2019年停摆结束后的经验，SE ...

Group 1 - The core viewpoint of the article is that Smart Logistics, based in Fuzhou, Jiangxi, successfully went public on NASDAQ under the ticker SLGB, marking it as the second Chinese company to list in the U.S. through an IPO in October [1] - Smart Logistics issued 1 million shares at a price of $5 per share, raising a total of $5 million [1] - On its first trading day, Smart Logistics' stock closed at $5.28, reflecting a 5.60% increase, with a current market capitalization of approximately $216 million [1] Group 2 - Established in 2017, Smart Logistics focuses on developing a smart logistics industry cluster, offering services that include transportation, modern warehousing, cargo distribution, urban and rural delivery, multimodal transport, and logistics information [1] - The company has branches in Jiangsu, Guangdong, Chongqing, and Shandong [1] - Additionally, over 10 other Chinese companies have submitted their prospectuses, which have been approved and are awaiting their IPOs [1]

Core Viewpoint - The Nasdaq's proposed rule changes significantly raise the IPO thresholds for companies operating primarily in China, impacting the path for Chinese companies to list in the U.S. and altering the ecosystem for Chinese stocks in the U.S. market [2] Group 1: IPO Pathway Challenges for Chinese Companies - The Nasdaq's proposed rule changes require companies operating mainly in China to meet a minimum fundraising requirement of $25 million for IPOs, with the minimum public holding market value increasing from $5 million to $15 million [4] - In Q1 2025, the average fundraising amount for Chinese companies going public in the U.S. was below $2.5 million, with over half raising less than $1 million, indicating that many small and medium-sized enterprises will be blocked from IPOs under the new rules [4] - The traditional IPO process takes an average of 12-18 months, with significant delays in the Chinese regulatory approval process, leading to increased costs and uncertainty for companies [4] Group 2: OTC Shell Acquisition as an Alternative Pathway - OTC shell acquisitions are emerging as a viable alternative for Chinese companies facing IPO challenges, allowing them to acquire control of a U.S. shell company and inject their core assets, achieving a "reverse merger" [5] - The OTC shell acquisition process can be completed in 3-4 months, significantly faster than the traditional IPO process, which can take 12-18 months [5] - While OTC shell companies offer flexibility in issuing new shares, they face challenges in traditional financing, requiring companies to build market trust through stable operations and compliance disclosures [5] Group 3: Advantages of Using Dormant Shell Companies - Dormant shell companies have no profits, which helps avoid historical tax risks and reduces the costs and time associated with tax compliance and due diligence [8] - The absence of pending litigation in shell companies mitigates risks related to liabilities and legal responsibilities, ensuring compliance and certainty in transactions [9] - The cost of acquiring a shell company is approximately $240,000, which is more manageable compared to the higher costs associated with IPOs, making it a more attractive option for companies looking to enter the U.S. capital market [10]

Core Insights - The article discusses the recent policy changes by the China Securities Regulatory Commission (CSRC) that facilitate Chinese companies' listings in the U.S., creating a "fast track" for international financing opportunities [1][2]. Policy Updates - On March 11, the CSRC announced three major breakthroughs aimed at addressing long-standing challenges for companies seeking to list abroad, thereby easing the international financing process for high-quality enterprises [2]. - The CSRC has established a "red/yellow/green" channel system based on industry characteristics, company qualifications, and risk levels. The green channel is for innovative tech companies with good compliance records, allowing for expedited review processes [3]. - The yellow channel targets companies with minor compliance issues but solid business fundamentals, while the red channel is for firms with sensitive data or special regulatory requirements, necessitating multi-department reviews [4]. Efficiency Improvements - The automatic extraction of key data from prospectuses has increased risk identification accuracy to 92% [5]. - Eight departments, including foreign exchange management and data security, have implemented a "one-stop service" for processing applications [5]. - A regular communication mechanism with the Public Company Accounting Oversight Board (PCAOB) has been established, tripling the efficiency of resolving audit disputes [5]. New Financing Landscape - High-quality Chinese companies are now allowed to initiate small-scale quarterly offerings, exempting certain reviews if the financing does not exceed 5% of their market value [6]. - Clear exit pathways for private equity and venture capital investors have been defined, along with dedicated channels for sovereign funds and ESG investors [6]. - A pilot program for a dual-counter mechanism between Hong Kong and U.S. markets has been launched, unlocking over 200 billion offshore RMB funds [7]. Nasdaq Listing Advantages - Companies listing on Nasdaq not only gain financing but also enhance their international visibility, facilitating domestic and international collaborations [11]. - Nasdaq offers a range of value-added services, with no time restrictions on subsequent financing, allowing for rapid follow-on offerings within six months [11]. - As of May 13, 2024, there are 16,786 companies listed in the U.S. with a total market capitalization of $59 trillion [14]. Market Statistics - As of May 10, 2024, 162 Chinese companies are listed in the U.S., with a total market value of $1.743646 trillion. Among these, 133 are on Nasdaq and 29 on the New York Stock Exchange [15].

2024年以来，中国企业境外上市热度攀升。截至2024年12月31日，共有68家中概股成功在美上市，突破了 2021年 58家 中概股 在美上市的 纪录， 2024年成为了有史以来中国企业赴美上市数量最多的一年。 3.我国政府近年来对境外上市持开放态度，并出台了一系列政策措施支持企业"走出去"，并加快了备案速度，为 企业境外上市提供了便利和保障。 当下，市场越来越看好美国股市，2025年势必迎来更多中企赴美上市。 为了帮助更多朋友了解赴美上市的条件、流程、常见问题等， 梧桐课堂 特邀北京德恒（深圳）律师事务所高级合 伙人 李忠轩 律师，为我们讲解 《境内企业赴美国上市的法律实务解读》 ，全方位解析美国上市全貌。 5节课，时长1小时50分钟 境内企业赴美国上市的法律实务解读 扫码 试看课程 这68家中概股中， 通过IPO上市的有62家，通过SPAC上市的有 5家 ，还有1家OTC转板上市， 募集资金总额为 27.58亿美元。 企业境外上市热度攀升，主要有 三方面 原因： 1.这在一定程度上说明内地企业融资需求提高，到境外资本市场寻求更多的融资机会，提升竞争力。 2.随着全球经济的逐步复苏和资本市场的活跃，境外资 ...