共有65家中概股通过传统IPO方式完成赴美上市，其中募集金额超过1亿美金的只有两家企业，分别为：万洲国际(00288.HK)分拆的猪肉生产商史密斯菲尔 德(Smithfield Foods）募集2.6亿美金，港股上市公司亚盛医药-B(HK:06855)美股二次上市，募集1.26亿美金。剩余其他企业的募集金额绝大部分在2000万 美金以内，不超过1000万美金的占比最大。 截至2025年12月31日，总共有71家中概股完成赴美上市，其中65家中概股通过传统IPO方式完成赴美上市，6家中概股通过与SPAC合并方式完成赴美上 市。而在2024年总共有69家中概股完成赴美上市，其中61家通过传统IPO方式完成赴美上市，8家通过与SPAC合并方式完成赴美上市。 ...

2025年中国企业赴美上市申请意愿显著回升，全年共有80家企业首次递交赴美上市申请（不含SPAC IPO及已上市企业），较2024年的72家增长11%。 上市路径呈现明显分化，传统IPO成为绝对主力。71家企业计划通过传统IPO上市，同比大幅增长29%，成为推动申请总数增长的核心动力；而SPAC合并 路径热度降温，仅9家企业选择该方式，较2024年的17家明显减少，且这些企业均计划登陆纳斯达克，估值均不超过6亿美元。 地域分布上，超六成申请企业总部位于香港，49家占比达61%。申请企业中包含3家涉及VIE架构的企业，还有从A股剥离、OTC转板及香港创业板转战纳 斯达克等特殊背景主体。 需注意的是，目前所有企业均处于上市申请早期阶段，叠加全球监管环境变化，后续上市进程仍存在较大不确定性。 ...

12月18日，德勤中国资本市场服务部发布的《中国内地及香港IPO市场2025年回顾与2026年前景展 望》预计，截至2025年12月31日，A股市场将有114家公司上市，融资1296亿元。相对2024年有100家公 司上市融资668亿元，这代表2025年新股数量将增加14%，而融资总额将急升94%。预计创业板的新股 数量将会为最多（19只），而上海证券交易所主板的融资额为最高（432亿元）。上交所预计将以800亿 元的新股融资额领先，而深交所则会有最多新上市公司数量（48家）。北京证券交易所将有24家公司上 市，融资69亿元。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场 将有约160只新股融资不少于3000亿港元。预计其中将有7只新股，每只最少融资100亿港元，其中包括 内地龙头企业。除A+H股批量递表外，科技、传媒与电信、医药医疗、新消费、国际企业以及回流中 概股，将共同构成港股IPO下一波高光阵容。 报告还指出，2025年大约将有63家中国企业到美国上市，融资大约11.2亿美元。相对2024年，新股 数量从59只增加了7%，而融资额则从19.1亿美元下降4 ...

在中概股探索赴美上市的多元路径中，OTC场外交易市场正逐渐成为一条值得关注的替代通道。与纳斯达克、纽交所等主流交易所相比，OTC市场以其更 为包容的上市条件和灵活的规则，为许多尚处于成长期的企业提供了登陆美国资本市场的可行入口。 盈利要求差异显著 纳斯达克（以全球精选市场为例）设有严格的盈利门槛，例如要求企业最近三年累计税前收入不低于1100万美元，且最近两年每年不低于220万美元。这 对于许多高研发投入、尚未盈利的科技或生物医药企业构成较高障碍。 相比之下，OTC市场并无硬性盈利要求，使仍处于研发或市场拓展阶段的企业也能获得上市机会，凭借创新潜力与技术优势吸引早期投资者。 市值与现金流要求灵活 纳斯达克全球市场通常要求企业市值不低于7500万美元，并满足一定的现金流标准。而OTC市场对此类指标没有统一硬性规定，为规模尚小、现金流不稳 定但具备成长潜力的企业提供了进入资本市场的通道。 贰、股权结构与股东分布条件更具弹性 为何OTC被视为中概股的"机会之窗"？核心在于其与纳斯达克等市场在上市条件上的显著差异，主要体现在以下几个方面： 壹、财务条件更为宽松 纳斯达克的信息披露要求严格、报告格式复杂且频率高，合规成 ...

声明：在任何情况下，本文中的信息仅供参考。 | | | | | 現的正式填外友们址分和上市食茶情况表(自公公开友门及主流圈 A (截至2025年12月12日) | | | | --- | --- | --- | --- | --- | --- | --- | | ▶ | | ▼ ▼ | | レ T. | レ | | | 陸号 | 企业名称 | 申报类型 | 甲报主体 | 拟上市证券交易所 | | 中介机 | | | | | | | 保存人/主承销商 | | | ] | GoodFaith Technology Inc. | 间接境外上市 | 苏州承信信息科技有限公 ם | 纳斯达克交易所 | Revere Securities LLC Alliance Clobal Partners | | | | Lemeng Holdings Limited | | 北京乐盟互动科技有限公 | | | | | 2 | (乐盟控股有限公司) | 间接境外上市 | ロ | 纳斯达克交易所 | Prime Number Capital | | | 3 | MED EIBY Holding Co., Limited (瓒碧医疗控 ...

金融从业者的朋友圈今晚被"开闸了"三个字刷屏，中国证监会一纸备案通知书，点燃了沉寂大半年的中概股赴美上市热情。 证监会国际合作司向龙电华鑫新能源科技集团发出的境外发行上市备案通知书，允许这家注册资本53亿元的新能源材料企业发行不超过1.415亿普通股，选 择在纳斯达克或纽交所上市。 这则消息迅速在金融圈内传播，引发行业人士的集体欢呼。 | 01 市场信号 | | --- | 02 实际数据 龙电华鑫获得备案，象征着中国公司赴美上市通道的重新激活。 这一消息迅速在金融从业者的社交圈中传播，"开闸了"三个字成为今日行业内的关键词。经过近八个月的相对沉寂，此次备案被市场解读为重要政策信号。 有证券律师透露："近期赴美上市备案审核节奏明显加快，监管部门对符合条件的企业持更为开放的态度。" 龙电华鑫计划募资约5亿美元，将成为近期较大规模的中概股IPO案例。 与外界感知不同，中企赴美上市的通道从未完全关闭，但规模和结构发生了变化。 2025年上半年，已有36家中国公司在美国成功上市，延续了2024年64家的历史高位。主要集中在新能源、生物科技和消费领域。 面对全球资本市场的复杂环境，越来越多的中国企业开始构建多重上市架构 ...

近期，国际资本市场上一股暖流悄然涌动，曾一度沉寂的中概股赴美上市通道，似乎重新透露出值得关注的曙光。政策层面的双向调整与市场情绪的显著 回暖交织，共同指向一个可能的新窗口期。 壹、政策环境：从"收紧"到"校准"，清晰化指引成关键 国内监管：规范与支持并重，明确预期。中国监管部门持续优化企业境外上市备案管理规则，其核心思路已从单纯的风险防范，转向 "规范与支持并 重"。在数据跨境安全、VIE架构合规等关键敏感领域，监管红线愈发明确，为企业提供了清晰的整改与规避路径。这种"划清界限"的做法，反而减少了政 策"模糊地带"带来的不确定性，让符合条件的企业能够更有底气地规划上市进程。监管层多次强调支持符合条件的平台企业利用国内外资本市场融资发 展，释放出鼓励合规出海的积极信号。 美国市场：门槛松动，聚焦创新。尽管宏观政治经济环境依然复杂，但美国资本市场自身对新股发行的态度正出现微妙变化。为激活IPO市场，美国监管 机构与交易所对科技、生物医药等创新领域的公司展现出更高的接纳度，部分行业的上市门槛实际有所降低。纳斯达克等交易所持续优化其多层级的上市 标准，旨在吸引更多具有高成长潜力的企业。对于掌握核心技术、商业模式清晰的 ...

Group 1 - The core viewpoint is that geopolitical tensions have not hindered Chinese companies from listing in the U.S., with a record number of listings expected in 2024 and 2025 [2] - In 2024, 64 Chinese companies have already listed in the U.S., and 36 more are expected in the first half of 2025, primarily small and medium-sized enterprises, many utilizing SPACs to expedite the process [2] - Over 40 Chinese companies are currently waiting to list on NASDAQ, driven by stricter domestic listing regulations and the attractive valuations in the U.S. market [2] Group 2 - In July 2025, 13 Chinese companies successfully listed in the U.S., all on NASDAQ [3] - The financing landscape for Chinese companies listing in July showed significant stratification, reflecting the flexibility of U.S. capital tools and differing financing strategies among companies [5][11] Group 3 - The SPAC model has emerged as a leading capital tool in the U.S., with A Paradise Acquisition raising $200 million, accounting for over 69% of the total IPO scale for Chinese companies during the same period [6][11] - Companies like Youlan International and Meihua Chuangfu are focusing on core sectors, raising $27 million and $15 million respectively, indicating a trend towards securing funds for technology development and market expansion [8] Group 4 - Smaller companies are adopting a "lightweight listing" strategy, with firms like Weimei Holdings and Anba Finance raising $2.5 million and $5 million respectively, prioritizing brand exposure and flexible post-listing financing [9] - The differentiation in fundraising among Chinese companies is influenced by industry attributes and listing models, with emerging industries attracting more capital due to clear growth potential [11] Group 5 - Foreign institutions are becoming more optimistic about Chinese stocks, as evidenced by the 16.76% increase in the NASDAQ Golden Dragon China Index since the beginning of the year, outperforming major U.S. indices [12] - Approximately 72% of Chinese companies choose to list on NASDAQ, favoring technology and growth-oriented firms, while 25% opt for the NYSE, primarily for established industry leaders [12][13]

Group 1 - The core viewpoint is that there is a resurgence of Chinese companies listing in the US, with 50 companies successfully going public, marking a significant increase and reflecting a new strategy for Chinese enterprises in the global capital market [1][2] - The number of Chinese companies listed in the US has increased by 78.57% compared to the same period last year, with 23 companies listed in the first quarter alone, accounting for 26.4% of new listings on US stock exchanges [2] - The listing trend has shifted from a focus on the internet sector to a more diverse range of industries, with 14 companies from the industrial sector and 12 from the consumer sector, indicating a broader representation of Chinese enterprises [2] Group 2 - Hong Kong has emerged as the primary hub for Chinese companies listing in the US due to its unique geographical advantages, serving as a bridge between mainland China and global capital markets [4] - Many mainland companies establish a presence in Hong Kong before listing in the US, allowing them to navigate complex regulatory requirements more effectively and enhancing international investor confidence [4] Group 3 - The motivation for Chinese companies to list in the US has evolved from merely seeking funds to pursuing a global strategy, leveraging the high liquidity and broad investor base of the US capital market [6] - Companies are adopting more flexible listing strategies, with 77.5% of Chinese companies choosing to issue shares at around $4, which helps increase the success rate of listings and leaves room for future financing [6] Group 4 - Despite the current listing boom, Chinese companies face challenges such as regulatory differences between China and the US and market volatility, prompting a reevaluation of the traditional view that listing is the end goal [8] - The role of Hong Kong as a key output location for Chinese companies is expected to strengthen with the facilitation of cross-border capital flows, potentially leading to more companies utilizing the "Hong Kong + US" dual-platform model for growth [8]

Core Viewpoint - The article discusses the increasing trend of Chinese companies listing in the U.S. through various methods beyond traditional IPOs, including SPACs and OTC uplisting, highlighting the importance of compliance and strategic planning for successful market entry [1][2][4]. Group 1: Listing Methods - In addition to IPOs, companies are increasingly considering SPACs, OTC uplisting, and reverse mergers as viable options for U.S. listings [1][4]. - SPAC listings offer higher certainty in financing, shorter listing processes, and greater pricing flexibility compared to traditional IPOs, but still require compliance with Chinese regulatory bodies [4][5]. - OTC uplisting allows companies to bypass the Chinese regulatory approval process, enabling them to list on the OTC markets and potentially move to major exchanges like NYSE or NASDAQ if they meet financial and liquidity requirements [5]. Group 2: Compliance and Regulatory Considerations - The average time for Chinese companies to complete the U.S. listing process was approximately 7 months in Q1 2025, compared to about 7.5 months for Hong Kong listings [4]. - Key compliance areas include foreign investment restrictions, data security, and the legality of ownership structures, particularly for Variable Interest Entities (VIEs) [4]. Group 3: Investor Relations Strategies - Effective investor relations (IR) strategies are crucial for companies post-IPO, focusing on communicating long-term strategies and quarterly performance to maintain investor interest [6][9]. - Companies should engage with retail investors, especially smaller firms where retail ownership can range from 40% to 60%, utilizing platforms like E-trade and Robinhood for outreach [9][10]. Group 4: Cryptocurrency and Financing Strategies - Companies are exploring the integration of cryptocurrencies into their financial strategies, with examples like SharpLink Gaming's $425 million private placement involving Ethereum as a reserve asset [12][14]. - There is a misconception regarding the nature of funds raised through cryptocurrency strategies, with many companies failing to recognize the difference between actual capital and credit lines [14].