三、中概股IPO上市板块与募资情况 2025年上半年，中概企业美股上市募集资金约8.7亿美元（不含4家De-SPAC和1家OTC转板）。其中募资额低于1000万美元的企业占比71%，而大于1亿 美元的企业仅有5%，募资规模呈现两极分化。 34家企业集中于纳斯达克资本市场，这些企业不仅体量较小，募资金额也较低，上市估值中位数为8700万美元，募资中位数为700万美元。仅有4家选择 在纳斯达克全球精选或全球市场上市，而这4家企业的上市估值中位数超10亿美元，募资额中位数超7800万美元，均远高于资本市场的上市企业。 华谊信资本 | 赴美IPO上市 | 中概股IPO | 赴美上市 | 境外上市 | De-Spac 2025年上半年，赴美IPO上市中概股在全球资本市场波动中彰显强劲韧性，呈现出行业多元发展、地区分布均衡、募资额逆势增长等显著特征。为助力 各界更深入了解中概股在美市场的发展趋势，华谊信资本特此整理分析了2025年上半年中概股赴美IPO数据，希望能对大家有所帮助。 一、中概股IPO上市数量 2025年上半年中概企业在美上市表现出了活跃趋势，共有45家成功在美国上市，共计占到美股IPO市场的22%，数量远超 ...

Core Insights - The US equity financing market showed a recovery in the first half of the year, with total equity financing (including IPOs and refinancing) amounting to $95 billion, an increase of $12.7 billion or 15.46% compared to the same period last year [1] IPO Market Summary - A total of 198 companies successfully went public in the first half of the year, an increase of 84 companies year-on-year, raising $25.9 billion, which is a growth of 33.72% [1] - The Nasdaq led the IPO market with 157 companies listed, raising $17.632 billion, accounting for 68.05% of the total IPO market [1] - The New York Stock Exchange had 29 IPOs raising $8.179 billion, representing 31.57% of the total [1] - The American Stock Exchange (AMEX) had 12 IPOs with a total fundraising of $0.098 billion [1] Refinancing Market Summary - There were 429 refinancing events, a decrease of 17 events compared to last year, with a total refinancing amount of $69.1 billion, an increase of 9.83% [1] - The highest refinancing amount was from Charles Schwab, totaling $13.111 billion, followed by Keurig Dr Pepper at $4.903 billion and QXO at $4.222 billion [2] Notable Companies in IPOs - Venture Global, the second-largest LNG producer in the US, was the top IPO fundraiser with $1.75 billion [2] - CoreWeave and SailPoint Parent raised $1.5 billion and $1.38 billion, respectively, ranking second and third [2] - The top ten IPOs raised a total of $9.7 billion, accounting for 37.62% of the total IPO fundraising [2] SPAC Market Insights - The number of SPAC listings significantly increased, with 52 SPACs going public, up by 40 from the previous year, raising $9.4 billion, a substantial increase of 338.60% [2] Chinese Companies in the US Market - 40 Chinese companies went public in the US, primarily small and medium-sized enterprises, raising a total of $0.9 billion, a decrease of 61.12% year-on-year [3] - Only two companies, Bawang Tea and Ascentage Pharma, raised over $100 million, with amounts of $0.411 billion and $0.126 billion, respectively [3] Underwriting Performance - Cantor Fitzgerald led the IPO underwriting with $2.828 billion across 15 deals, followed by JPMorgan with $2.234 billion from 13 deals, and Goldman Sachs with $2.213 billion from 15 deals [3] - In refinancing, JPMorgan topped the list with $10.398 billion from 39 deals, followed by Goldman Sachs with $9.913 billion from 32 deals [3]

Group 1: Overall Market Performance - In the first half of the year, US equity financing saw a rebound, totaling $95 billion, an increase of $12.7 billion or 15.46% compared to the same period last year [1] - A total of 198 companies went public through IPOs, raising $25.9 billion, which is a 33.72% increase year-over-year [1] - There were 429 refinancing events, a decrease of 17 from the previous year, with a total refinancing amount of $69.1 billion, up 9.83% year-over-year [1] Group 2: Sector Performance - The non-bank financial sector led in financing, raising a total of $32.9 billion [1] - The software services sector ranked second with $9.7 billion raised [1] - The pharmaceutical and biotechnology sector came in third, raising $7.5 billion [1] Group 3: IPO Market Distribution - Nasdaq remained the leading market for IPOs with 157 companies listed, raising $17.632 billion, accounting for 68.05% of the total IPO market [1] - The New York Stock Exchange had 29 IPOs, raising $8.179 billion, which is 31.57% of the total [1] - The American Stock Exchange (AMEX) had 12 IPOs, raising $0.098 billion [1] Group 4: Top IPOs - Venture Global, the second-largest LNG producer in the US, was the top IPO fundraiser with $1.75 billion [2] - CoreWeave and SailPoint Parent followed with $1.5 billion and $1.38 billion, respectively [2] - The top ten IPOs raised a total of $9.7 billion, representing 37.62% of the total IPO fundraising [2] Group 5: SPAC Performance - The number of SPAC IPOs significantly increased, with 52 SPACs listed, up 40 from the previous year, raising $9.4 billion, a substantial increase of 338.60% [2] Group 6: Chinese Companies in the US Market - In the first half of the year, 40 Chinese companies went public in the US, raising only $0.9 billion, a decrease of 61.12% year-over-year [3] - Only two companies, Bawang Tea and Ascentage Pharma, raised over $100 million, with amounts of $0.411 billion and $0.126 billion, respectively [3] Group 7: Underwriting Performance - Cantor Fitzgerald led the IPO underwriting with $2.828 billion across 15 deals [3] - JPMorgan Chase followed with $2.234 billion from 13 deals, while Goldman Sachs was third with $2.213 billion from 15 deals [3] - In refinancing, JPMorgan Chase also led with $10.398 billion from 39 deals, followed closely by Goldman Sachs with $9.913 billion from 32 deals [3]

为获得合理的IPO估值，中企可对标同类业务的美国公司，或跨行业对标商业规律类似的公 司。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 2023 年 ， 中 国 公 司 在 美 国 新 股 IPO 数 量 占 比 近 25%； 今 年 前 三 季 度 中 企 赴 美 IPO 数 量 （ 同 比 +44%）和募资额（同比+15%）延续上升趋势。最近几个交易日，美股中概股股价及估值快速修复 并震荡；纳斯达克金龙指数（HXC.US）过去一周成交量较今年年中上涨4倍。当下环境对中概股赴 美IPO是否带来新的影响？ 近 日 ， 美 国 投 资 者 关 系 和 媒 体 关 系 咨 询 集 团 Blueshirt Group 亚 洲 区 董 事 总 经 理 （ MD ） Gary Dvorchak对IPO早知道表示，目前美股中概股估值仍远低于同类型美国本土公司，会持续吸引知名 价值投资基金等机构的资金。但就IPO来说，由于后续的美国大选结果及西方传统假期影响，2024 年留给中国企业完成赴美IPO的窗口期很小。 Gary预计，最早到2025年二季度，美股才会迎来规模较大的IPO，中概股也会追随这 ...