Group 1: Listing Overview - In July, 13 Chinese companies successfully listed on the US main board, with an additional 8 companies submitting listing applications to the SEC [1] - 12 companies went public through traditional IPOs, raising a total of approximately $288 million, while 1 company (YOUL) used the De-SPAC method for listing [2] Group 2: Fundraising Details - The fundraising was notably uneven, with SPAC company AParadise Acquisition (APADU) leading with $200 million, while New Jun Cashmere (MJID) and MeiHua ChuangFu (MGRT) each raised $15 million, and the remaining 9 IPO companies raised less than $10 million each [2] Group 3: Geographic Distribution - Hong Kong's Kingdian Technology (KMRK) completed its listing in just 195 days, the fastest among the listed companies, while Taiwan's J-Star (YMAT) took 1414 days, highlighting the need for companies to carefully plan their listing timelines based on market conditions [4] Group 4: First Day Performance - Kingdian Technology (KMRK) had the best first-day performance, closing up 23.75%, followed by Creative Greater China (CRE) with a 10% increase, while other companies had first-day gains of less than 5%, with some even experiencing a decline [6] Group 5: SEC Filing Trends - Among the 8 companies that submitted applications in July, 4 submitted preliminary prospectuses (F-1 filings), with 3 of these being rejected by the SEC, indicating the importance of adhering to disclosure regulations [8] - The other 4 companies that submitted formal prospectuses include KBAT, KOKO, ACCL, and AGCC, covering sectors such as consumer goods and logistics, with their future progress being noteworthy [8] Group 6: Company-Specific Details - KBAT Group plans to issue 3.75 million shares at a price of $4-5, aiming to raise between $15 million and $18.75 million, focusing on vacuum packaging machinery [9] - KOKO, a Shanghai-based tech company, is focused on the development and leasing of smart commercial cleaning robots, integrating L4 level autonomous driving and IoT technology [10] - Acco Group Holdings Limited (ACCL) has filed for an IPO on NASDAQ, planning to raise $7 million [11] - Agencia Comercial Spirits plans to issue 1.75 million shares at a price of $4-6, expecting to raise between $7 million and $10.5 million [13]

Regulatory and Legal Compliance Challenges - The introduction of a filing system for overseas listings in China starting in 2023 increases time costs and poses risks of failing to list if the filing is unsuccessful [2] - The SEC in the U.S. has strict disclosure requirements, particularly concerning audit working papers for Chinese companies, despite a cooperation agreement between China and the U.S. [2] - Domestic policies affecting industries like real estate and education may lead to scrutiny of business models [2] - Legal risks include the potential for delisting under the Foreign Company Accountability Act and compliance challenges with the FCPA [2] Strategies for Regulatory Compliance - Companies should plan early and understand U.S. regulatory requirements before preparing for listing [3] - Engaging a professional legal team familiar with both Chinese and U.S. securities laws is essential for compliance [3] - Establishing a robust internal control system is necessary to ensure the accuracy and transparency of financial reporting [3] Differences in Accounting Standards - Significant differences exist between Chinese Accounting Standards (CAS) and U.S. GAAP, affecting revenue recognition and asset impairment, which can impact company valuations [5] - Companies in sensitive industries must handle audit working papers carefully to balance compliance and disclosure [5] Strategies for Accounting Compliance - Companies should adjust financial statements according to GAAP before listing to meet U.S. regulatory requirements [6] - Hiring an auditing firm recognized by the PCAOB can enhance the credibility of financial reports [6] Investor Culture Differences - Information asymmetry may lead to U.S. investors undervaluing Chinese companies due to a lack of understanding of their business models [8] - U.S. investors prioritize long-term growth potential, innovation, and management execution, which may not be effectively communicated by traditional Chinese companies [8] - Short-selling firms may target Chinese stocks, necessitating enhanced financial transparency and crisis management capabilities [8] Strategies for Investor Engagement - Frequent roadshows can help companies understand U.S. investor culture and effectively communicate their core competencies and long-term plans [9] - Establishing a professional investor relations team and improving ESG reporting can enhance transparency and attract U.S. investors [10] Geopolitical Conflicts - Uncertainties in U.S.-China relations, including trade tensions and technology sanctions, can affect the listing process and stock prices [11] - Domestic policy tightening, such as data security reviews, requires timely assessments of listing feasibility [12] Strategies for Managing Geopolitical Risks - Companies should consider diversifying listing locations and financing channels to mitigate market volatility risks [13] - Strengthening communication with investors to convey stable operational information can enhance investor confidence [13] Information Security and Data Privacy - Strict compliance requirements under the Data Security Law and Personal Information Protection Law pose challenges for companies handling user data [15] - Conflicts between U.S. data disclosure requirements and Chinese regulations necessitate compliant data processing solutions [15] Strategies for Data Compliance - Companies should clearly outline data compliance measures in their prospectus and conduct data security assessments before data export [16] - Maintaining close communication with government departments can help secure policy support for cross-border data flow [16] High Listing Costs - The financial burden of listing in the U.S. includes underwriting, legal, accounting, and sponsorship fees, which can be significant for smaller companies [17] - Ongoing compliance costs post-listing, such as regular audit and disclosure expenses, can also be high [17] Strategies for Cost Management - Conducting thorough financial planning and cost-benefit analysis before deciding to list in the U.S. is crucial [18] - Introducing strategic investors prior to listing can alleviate financial pressure and ensure sufficient funding for the listing process and subsequent operations [18]

根据资本市场智库New Financial的研究，过去十年间，约130家欧洲公司(总市值达6670亿美元)选择赴 美上市或将主要上市地迁往美国。该智库补充指出，这些公司中有70%的股价低于其发行价，平均跌幅 为9%。 德意志交易所警告称，跨境上市公司面临更高的诉讼风险。诚然，一些市场参与者辩称，诉讼风险为股 东提供了获得赔偿的途径。 运营包括阿姆斯特丹和巴黎在内七个市场的泛欧交易所也计划重新发布类似报告，以挑战"在美上市公 司估值更高"的看法。德意志交易所资本市场及企业业务负责人Stefan Maassen表示："我们现在看到的 竞争，其实更多是在欧美市场之间，而不是欧洲内部之间的竞争。" 智通财经APP获悉，过去两年，欧洲和英国的证券交易所遭遇了首次公开募股(IPO)"寒冬"，不少本地企 业选择赴美上市、或将主要上市地迁往美国，以期获得更深厚的资本池和更高的潜在估值。面对来自美 国的竞争，欧洲两大主要证券交易所运营商正在加紧努力，力图留住本地企业的IPO，方式是通过市场 营销和研究手段挑战"在纽约上市的公司估值更高"的普遍看法。 德意志交易所和泛欧交易所此番努力与伦敦证券交易所在今年3月发布"破除迷思"文件 ...