随着"出海"业务的升温，不少A股龙头公司都踏上了境外资本化征程。 作为兼具医疗和消费属性的医疗器械企业，稳健医疗（300888.SZ）的境外证券化计划亦备受关注。 根据稳健医疗管理层规划，2025年全棉时代年度规划新增门店数为50家，较此前的规划减少了一半。 对此，全棉时代高级副总裁廖美珍向信风表示，一方面是因为新开的商业地产项目有所减少，因此整体 下调了新增门店数；另一方面是因为目前新开门店的规模较大，不再新设面积在100-200平米的门店， 主要考虑300平米以上的门店。 9月17日，稳健医疗在武汉举办上市五周年活动，董事长李建全就该话题对信风作出了回应：海外上市 仍不是目前考虑的重点。 "我觉得目前海外上市不是我们考虑的重点。总的来讲，不管今天我们国内面临着多么大的困难，中国 还是一个非常每年保持增长的国家，消费人群也在不断增加，所以发展空间还是非常大。"李建全指 出。 李建全进一步表示："我们产品、品牌是要走出去，但是不是一定要在海外上市？我觉得起码目前不是 我个人在考虑的问题。如果我们团队还要讨论，那也没问题。我个人是觉得还没到时候。" 事实上，稳健医疗曾于2005年至2012年在美股上市，直至20 ...

总部位于纽约的麦楷亚会计师事务所（MarcumAsia CPAs LLP）联席主席、资深中国会计专家Drew Bernstein（伯恩斯坦）表示，纳斯达 克本月提议针对小型企业（尤其是中国企业）实施更严格的上市规则，此举将加强对投资者的保护，但也将产生"巨大"影响，促使企业 和投资者寻求替代方案。 Drew Bernstein在最近的一次采访中表示："新标准将提高纳斯达克IPO的门槛，尤其是来自中国的IPO。"他还补充道，在中国本土面临 上市限制的相对稳健的小型公司将会寻找思路和解决方案。 据悉，由MarcumAsia和纳斯达克近日在香港联合主办的"亚洲IPO峰会"吸引了900多名与会者，他们渴望了解纳斯达克拟议的改革方案。 包括伯恩斯坦和纳斯达克中国区首席代表郝毓盛在内的演讲嘉宾还就如何在海外投资者中赢得关注以及如何获得中国监管机构批准在美 国上市等融资话题分享了深刻见解。 纳斯达克总部位于美国纽约，包括英伟达、微软在内的许多知名公司也都在美国，但目前亚洲公司的海外上市仍占纳斯达克IPO总数的 一半左右。毫无疑问，最多的仍然是中国公司。 伯恩斯坦解释说，未来，那些未能达到继续上市标准（例如每股1美元）且公众 ...

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]