Core Viewpoint - For many growing companies, going public in the U.S. is not only a crucial way to raise funds for expansion but also a key step to enhance international influence and optimize governance structure [1] Group 1: When to Initiate? - Companies should decisively decide to initiate the U.S. listing process when internal and external conditions are relatively mature [2] - A clear business model and sustainable growth in the main business are essential, with healthy financial data maintained over several years [2] - Achieving a certain revenue scale (e.g., tens of millions of dollars), with stable or rising key indicators like gross margin and net margin, is important [2] - Companies should be among the leaders in their niche market, possessing core technologies, intellectual property, or differentiated competitive advantages [2] - Products or services must be market-validated, supported by metrics such as user base, repurchase rate, and market share [2] - A well-structured financial system and internal control mechanisms must be in place to meet SEC and exchange audit requirements [2] - Clear equity structure and resolution of any significant disputes related to historical financing and shareholder relationships are necessary [2] Group 2: External Considerations - Companies should also consider external variables such as industry cycles, policy environment, and international market sentiment when deciding the timing for the listing [3] Group 3: Preparation Steps - Once the decision to go public is made, companies must undertake systematic and professional preparation, focusing on several core areas [5] - Review historical operational compliance, including key risk points like taxation, foreign exchange, cross-border data, and intellectual property [5] - If a VIE structure is involved, it should be established early, ensuring compliance with domestic and international legal and financial processes [5] - Financial statements must be converted and adjusted according to U.S. GAAP [5] - Engage a qualified accounting firm to conduct audits, ensuring reports are accurate, complete, and comparable [5] - Highlight the company's core selling points, emphasizing high growth potential, technological barriers, and market size [5] - Prepare the prospectus (F-1/S-1 documents) to systematically disclose business, risks, financials, and management information [5] - Select experienced listing advisory institutions, including sponsors, underwriters, U.S. lawyers, domestic lawyers, and auditing firms [5] - The underwriting and legal teams should be familiar with the listing process for Chinese concept stocks and recent regulatory dynamics [5]