对于志在四方的中国企业而言，赴美上市是迈向全球化、拥抱国际资本的重要里程碑。这条道路虽充满机遇，却也布满了挑战与复杂的规则。将漫长的上 市征程分解为清晰的步骤，是企业管理层掌控全局的关键。 本文将赴美上市的全流程提炼为10大关键步骤，为您提供一份从萌生想法到成功敲钟的实战路线图。 壹、10大关键步骤 第一步：内部评估与可行性论证（1-3个月） 这是所有行动的起点。企业必须冷静、客观地审视自身。 核心问题：我们为什么要上市？融资需求有多大？公司是否做好了准备？ 关键评估点： 财务指标：是否满足纽交所或纳斯达克的最低上市标准？（如营收、利润、市值、现金流等）。 业务故事：商业模式是否清晰？成长性是否足以吸引国际投资者？ 法律合规：公司架构（尤其是VIE架构，如适用）是否清晰合规？历史沿革是否存在重大瑕疵？ 团队准备：管理层是否具备领导一家公众公司的能力和心理准备？ 产出物：一份详细的可行性分析报告，为决策提供依据。 第二步：组建顶级中介团队（1-2个月） 上市是一场"团体赛"，中介团队的实力至关重要。核心团队包括： 承销商（投行）：灵魂角色，负责整体协调、估值、发行销售。通常选择一家或两家作为主承销商。 律师事务 ...

纳斯达克拟调整IPO规则和退市程序，中企赴美上市面临变数。 当地时间9月3日，纳斯达克证券交易所（以下简称"纳斯达克"）在官网宣布，提议修改上市标准，旨在解决美国市 场环境下的上市公司流动性等问题。此次修订不仅提高了首次公开募股（IPO）阶段的企业最低公众持股量规模和 募资金额门槛，还针对未能达标的企业制定了更严格的停牌退市机制。 图片来源：纳斯达克官网 1）选择净利润上市标准在纳斯达克上市的新股，其最低公众持股量市值为1500万美元； 2）对存在上市缺陷且上市证券市值低于500万美元的公司，加快其停牌和退市程序； 3）对主要在中国运营的上市公司，首次公开发行的募集资金最低要求为2500万美元。 们将与监管机构、市场参与者携手，深入审查小型公司的证券交易行为，旨在维护市场诚信并强化投资者保护机 制。" 作为这些变化的一部分，纳斯达克正在重新引入专门针对主要在中国运营的公司进行的最低公开发行募资规模要 求，该标准建立在之前为"限制性市场"设定的标准上。通过应用这一门槛，纳斯达克加强了投资者保护并增强了公 司的流动性状况，以反映当今的市场环境。 作为改革举措的一部分，纳斯达克将重新引入针对主要在中国运营的公司的上 ...

除此之外，企业还应考量行业周期、政策环境、国际市场情绪等外部变量，选择在市场热度较高、投资者对所在行业关注度提升时启动更为有利。 对于众多处于成长期的企业而言，赴美上市不仅是融资扩张的重要途径，更是提升国际影响力、优化治理结构的关键一步。 然而，境外上市尤其是美国市场，对企业自身素质和外部环境都有较高要求。企业需审慎评估自身发展阶段，系统规划、扎实准备，才能在海外资本之路 上行稳致远。 壹、何时启动？把握三大关键节点 企业启动赴美上市并非一蹴而就，需在内外部条件相对成熟时果断决策。以下几点可作为判断是否启动上市筹备的重要参照： 企业主营业务应具备清晰的商业模式和可持续的成长性，财务数据连续若干年保持健康增长。 年营收达到一定规模（例如数千万美元级别），毛利率、净利率等关键指标趋于稳定或呈上升趋势，亏损收窄或实现盈利更佳。 在细分赛道中跻身头部，拥有核心技术、知识产权或差异化的竞争优势。 产品或服务已得到市场验证，用户体量、复购率、市场份额等指标支持企业具备高增长叙事。 已搭建较为规范的财务体系和内控制度，可满足美国证监会（SEC）及交易所的审核要求。 股权结构清晰，历史融资与股东关系无重大纠纷，红筹或VIE架 ...

中国上海 — [2025年8月15日] — 宝德亚太有限公司(Boustead APEX, Inc.)携手中小企业合作发展促进中 心在上海成功举办中国多城IPO大会。此次大会汇聚了企业家、投资人以及美国IPO专家，共同探讨中 国企业通过赴美上市筹集资金的发展路径与战略。 继深圳和北京站之后，上海站成为本次中国多城巡回IPO大会的重要一站。这也是美国IPO专家首次大 规模走进中国多个城市，与本土企业家面对面交流，分享赴美资本市场的经验与机会。大会现场吸引了 众多企业创始人和创业者参会，其中包括来自复旦大学高管项目的学生，充分体现了上海作为创新与创 业中心的活力。 在本次大会的路演环节中，三家企业脱颖而出，凭借创新的商业模式和清晰的增长战略，赢得评审团的 高度认可与高分评价，被评为最具赴美上市潜力的优秀企业。 "上海站的成功举办，展现了中国企业对进入全球资本市场的强烈需求。" 宝德亚太公司首席执行官陈 琛傑博士(Dr. Marcuz Tan)表示，"我们很荣幸能够搭建这一平台，让企业家直接与美国市场专家交流， 并将自身潜力展示在国际舞台上。" 关于宝德亚太有限公司 宝德亚太公司及其附属机构专注于协助高增长的亚洲企 ...

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 ...