12月30日，据报道，越南最大企业集团Vingroup旗下电动出行服务商GSM据悉正在考虑在海外进行 IPO，公司估值可能达到约200亿美元。该公司表示，已与顾问合作评估关于IPO的"一系列方案"，但强 调2026年暂无上市计划。该公司在声明中表示，"任何最终估值都将很大程度上取决于上市时机和市场 条件"，并指出未来上市的具体时间表和交易所地点均尚未确定。此外GSM未提供其期望通过IPO筹集 资金的具体数额。 来源：智通财经 ...

格隆汇12月30日｜越南电动汽车出租车运营商Green & Smart Mobility JSC正考虑在海外进行IPO，公司 估值可能约为200亿美元。GSM由越南首富控股。公司表示，正在与顾问合作，从"多种角度"评估IPO 事宜，但强调不会在2026年上市。GSM在一份电邮声明中称："我们确实有IPO计划，但不在2026 年。"同时确认了上述估值目标。公司还表示，未来若进行上市，其最终估值将在很大程度上取决于上 市时点及市场环境，并指出目前尚未确定具体时间表或上市交易所。GSM也未披露此次IPO预计募资规 模。 ...

Core Viewpoint - Muyuan Foods (牧原股份) has made progress in its application for overseas listing of H-shares on the Hong Kong Stock Exchange, receiving a registration notice from the China Securities Regulatory Commission (CSRC) [1] Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for overseas listing and has received a registration notice from the CSRC [1] - The registration notice confirms the company's overseas listing application but does not indicate any judgment on the investment value or returns for investors by the CSRC [1] - The company initiated its Hong Kong listing plan in early 2025 and submitted its application to the Hong Kong Stock Exchange on May 27 [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2] - In the third quarter, the company reported a revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2] Group 3: Strategic Partnerships - In August, the company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors including feed, pig farming, slaughtering, and food processing [2] - In September, the company further deepened its business cooperation with BAF Vietnam Agricultural Joint Stock Company, planning to build and operate a high-tech breeding project in Vietnam [2]

Core Viewpoint - Muyuan Foods Co., Ltd. is making significant progress in its overseas listing plans, having received a registration notice from the China Securities Regulatory Commission for its H-share issuance in Hong Kong [1][2]. Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for its overseas listing on the Hong Kong Stock Exchange [1]. - The registration notice requires the company to report any major events during the listing process and to update registration materials if the listing is not completed within 12 months [1][2]. - The company initiated its Hong Kong listing plan in early 2025 and submitted its application on May 27 [1]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2]. - In the third quarter, the company reported a revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2]. Group 3: Strategic Partnerships - The company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors, including feed, pig farming, and food processing [2]. - In September, the company entered into a partnership with BAF Vietnam Agricultural Joint Stock Company to develop a high-tech pig farming project in Vietnam, with an estimated total investment of 3.2 billion yuan [2].

Core Viewpoint - Hailiang Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international competitiveness [1] Group 1 - The company aims to deepen its globalization strategy and improve its international image [1] - The company is in discussions with relevant intermediaries regarding the H-share issuance and listing [1] - Specific details of the H-share issuance and listing are yet to be finalized [1]

Core Viewpoint - The company, Steady Medical, is currently not prioritizing overseas listing despite the growing trend of A-share companies seeking international capital. The focus remains on domestic growth and market expansion [1][2]. Group 1: Company Strategy - Steady Medical's chairman, Li Jianquan, emphasized that overseas listing is not a current focus, as the domestic market continues to show significant growth potential [1]. - The company previously listed on the US stock market from 2005 to 2012 before returning to the A-share market in September 2020 [1]. Group 2: Financial Performance - For the first half of 2025, Steady Medical reported revenues of 5.296 billion yuan and a net profit attributable to shareholders of 492 million yuan, reflecting year-on-year growth of 31.31% and 28.07%, respectively [2]. - The consumer brand "All Cotton Era" is a key growth driver, generating 2.75 billion yuan in revenue in the first half of 2025, with over 20% year-on-year growth [2]. Group 3: Store Expansion Plans - The annual plan for new stores under "All Cotton Era" has been reduced to 50, down by half from previous projections, due to fewer new commercial real estate projects and a shift towards larger store formats [3]. - The first global flagship store for "All Cotton Era" is set to open in Wuhan, targeting mid-to-high-end consumers and featuring a product range that includes home goods and outdoor apparel [4]. - Future flagship stores are planned for major cities like Beijing, Shanghai, Chengdu, Shenzhen, and Xi'an, with a focus on suitable projects to avoid excessive costs [4].

Core Viewpoint - Nasdaq is proposing stricter listing rules for small companies, particularly targeting Chinese firms, which will significantly impact both businesses and investors seeking alternatives [1][4]. Group 1: Nasdaq's Proposed Changes - The new rules will raise the minimum public float requirement for IPOs from $5 million to $15 million, with a specific requirement of $25 million for new Chinese companies [4]. - Companies failing to meet continued listing standards will face immediate delisting rather than a lengthy appeals process [4]. - The proposed changes are expected to take months for approval by the U.S. Securities and Exchange Commission [4]. Group 2: Impact on Chinese Companies - Chinese companies have seen an average return of -55% in 2024, indicating issues with realistic pricing during IPOs [3]. - The average IPO fundraising for Chinese firms is projected to drop from $300 million in 2021 to $50 million in 2024, influenced by strained U.S.-China relations and increased scrutiny from Chinese regulators [3]. - Companies that cannot meet the new $25 million threshold may seek alternative routes, such as restructuring ownership or considering listings in other financial hubs like Singapore [5]. Group 3: Market Trends and Responses - The number of U.S. listed companies has decreased by 17% over the past three years, with a notable decline of about 50% since 1997 [3]. - Despite challenges, some Chinese IPOs have performed well, such as Ascentage Pharma, which has seen its stock price more than double since its Nasdaq debut [3]. - Smaller companies unable to meet the new requirements may still consider listing on the New York Stock Exchange (NYSE) or pursuing SPAC mergers as an alternative to traditional IPOs [5].

Core Viewpoint - The company has approved the issuance of H-shares and plans to list on the Hong Kong Stock Exchange, which is expected to enhance its core competitiveness and support its strategic expansion plans [1] Group 1: Listing Progress and Impact - The company will comply with relevant laws and regulations and will disclose progress on the issuance and listing in a timely manner [1] - The funds raised from the listing will be primarily used for R&D investments, expansion of manufacturing capacity, and working capital [1] Group 2: Strategic Benefits of Listing - Listing in Hong Kong will help convey the company's core values to the international capital market, enhancing global influence and promoting international business expansion [1] - It will establish an international capital operation platform, strengthening capital strength and facilitating rapid expansion, including future refinancing and overseas mergers and acquisitions [1] - The listing is expected to attract diverse high-quality investors, benefiting the diversification of the company's shareholder structure [1] - The company plans to design various equity incentive schemes through the Hong Kong listing to meet the incentive needs of global talent [1]

Core Insights - A Chinese unicorn company with a valuation exceeding 100 billion faced a delay in its IPO plans in the U.S. due to regulatory policy changes, signaling a warning for other Chinese companies looking to go global [2] - The tightening of overseas listing policies has raised concerns regarding data security, information disclosure, and foreign control, making it crucial for companies to prepare adequately [2][6] Regulatory Environment - Recent years have seen stricter overseas listing policies, with regulatory bodies focusing on financial audits, tax disclosures, and data security as key areas of scrutiny [2][6] - Companies must ensure compliance with financial auditing and tax regulations to maintain transparency in overseas investments and operations [6][12] Risk Management Strategies - Companies are advised to establish overseas company registrations, tax compliance, and international notarization as foundational steps to mitigate policy risks [4][12] - A client successfully optimized international payments through a Hong Kong company and overseas bank accounts, avoiding risks associated with policy changes [5] Financing and Investment Strategies - Delays or obstacles in IPOs can impact financing plans and lead to valuation reductions, highlighting the risks of relying solely on overseas financing or listings [6][8] - Companies should diversify their financing channels, combining overseas listings, offshore bonds, and private equity to spread risk [9] Comprehensive Outbound Strategy - Outbound strategies should encompass not just IPOs or financing but also international trade, brand protection, and tax compliance [8][12] - The recent IPO delay serves as a critical reminder for companies to avoid concentrating their hopes on a single market or business model [8] Recommended Actions - Companies should open overseas bank accounts to ensure liquidity and establish a controlled fund flow system [9][12] - A comprehensive plan should include company registration, bank account setup, financial auditing, tax compliance, and international notarization to ensure operational sustainability [11][12]

Core Viewpoint - Hong Kong plays a crucial role as a hub connecting mainland China and the world, facilitating cross-border business in areas such as tax planning, cross-border trade, and overseas listings [2][14] Tax Planning - Hong Kong's tax system offers significant advantages for cross-border business tax planning, featuring a simple structure with only profits tax, salaries tax, and property tax, eliminating VAT and consumption tax [5] - The two-tier profits tax system allows profits up to HKD 2 million to be taxed at a preferential rate of 8.25%, while profits exceeding this amount are taxed at a standard rate of 16.5%, which is more competitive compared to mainland China's 25% corporate income tax [7] - Under the territorial principle, income earned from overseas operations is exempt from Hong Kong profits tax, facilitating reinvestment and business expansion in international markets [7] - Hong Kong has signed double taxation avoidance agreements with over 40 countries and regions, including major economies like mainland China, Singapore, the UK, and France, reducing the risk of double taxation and optimizing fund allocation efficiency [7] Cross-Border Trade - As an international free port, Hong Kong has unique advantages in cross-border trade, including a robust legal system aligned with international standards, providing stability for contract execution and reducing legal risks [9] - The highly internationalized financial system allows for free currency exchange and the use of multiple international currencies for settlements, enhancing fund settlement efficiency and mitigating exchange rate risks [9] - Hong Kong's efficient logistics network and world-class port facilities ensure fast customs clearance and timely delivery of goods globally, helping companies optimize supply chain management and reduce logistics costs [9] Overseas Listings - Hong Kong is a significant global financial center with a mature and regulated securities market, making it an ideal venue for companies seeking to list overseas [11] - For mainland companies, listing through a Hong Kong entity offers various benefits, including flexible listing standards that cater to different industries and sizes, particularly favoring technology and new economy enterprises [11] - The VIE (Variable Interest Entity) structure is commonly used for overseas listings, involving a Cayman company registering a wholly-owned subsidiary in Hong Kong, which then establishes a foreign-invested enterprise in mainland China, leveraging Hong Kong's unique position and tax agreements [11] - Under the double taxation agreement, dividends received by Hong Kong companies from mainland China can be taxed at a preferential rate of 5%, significantly more favorable than the rates applicable to foreign-invested companies registered directly in mainland China [12]