当前赴美上市市场呈现明显的"分层适配"特征。 数据显示，2025年中美审计底稿协议落地后，虽重启备案窗口，但纳斯达克拟提高流通市值要求、SEC 强化VIE架构与数据安全审查，让直接IPO的门槛进一步抬高，仅适合净资产雄厚、盈利稳定的成熟科 技或制造企业，且审核周期长达12-24个月，承销费占募资额的7%-10%。曾风靡一时的SPAC并购模 式，在2025年监管趋严后陷入高赎回率（平均超97%）的困境，融资成本显著攀升，仅适配少数亟需上 市的高成长性赛道企业。 而美国OTC市场凭借"低门槛、强灵活、可进阶"的核心优势异军突起。特别是2025年7月1日实施的市场 改革，将原有三大层级优化为OTCQX、OTCQB、OTCID和Pink Limited Market四个板块，层级划分更 清晰，风险定价更精准。 对于许多需要出海上市，却暂时不满足纳斯达克或纽交所等主板市场严格要求的企业来说，OTC市场提 供了一个最佳的过渡平台。 对于多数中国中小企业而言，OTC市场的挂牌流程兼具高效性与可控性，主要分为两个路径：直接挂牌 与反向并购。 随着美国OTC市场完成近十年最重大的结构性改革，其灵活高效的挂牌机制与明确的转板路径 ...

在147家中国申请企业中，89家为实体运营企业，已有24家成功登陆美股，包括霸王茶姬（CHA）、石榴云医（POM）、巨龙在线 （JLHL）等知名企业。不过需警惕的是，有24家中国企业因提交信息不全的"空白招股书"被SEC迅速拒绝，凸显信息披露合规是赴美上市 的核心前提。 此次热潮既反映了全球资本对优质企业的需求，也体现了中国经济的活力。展望未来，赴美上市仍是企业国际化重要路径，但合规经营与 充分信息披露将成为成功的关键。 2025年赴美IPO市场迎来爆发式增长，全球企业上市热情高涨。据统计，全年共有531家企业向美国SEC递交招股书，同比大增55.72%，彰 显美股资本市场的强劲吸引力。其中，中国企业表现亮眼，以147家申请量稳居美国本土外最大IPO来源地，占比达27.68%，成为海外主力 军。 ...

Group 1 - Three Chinese companies submitted applications for listing in the US during the week of December 22-28, including one SPAC [1] - Student Living EduVation (Holdings) Corporation, established in 2016 and headquartered in Hong Kong, plans to list on NASDAQ under the temporary code SLED.RC, focusing on student accommodation and property management services [2] - AOJE INC, founded on May 9, 2019, in Jiangsu, aims to list on NASDAQ under the code AOJE, specializing in the manufacturing of copper industrial components for furniture and industrial applications [2] Group 2 - Albert Origin Acquisition Corporation, a SPAC established by a Chinese team, submitted its prospectus to the SEC on December 23, 2025, planning to raise $60 million by issuing 6 million units at $10 per share [3] - The SPAC aims to complete acquisitions of mature companies in North America, Europe, Asia, and Oceania within 18 months, focusing on firms with international expansion potential and sustainable development logic [4] - The core promoter, Bo Yan, holds 100% of the company prior to the IPO and has experience in cross-border investment and corporate operations [4]

2025年美国IPO市场持续活跃，全球企业赴美上市热情高涨。 根据绿专资本对SEC公开数据的统计，截至当地时间2025年12月25日，今年已有531家企业向SEC公开递交了招股书，同比增长了55.72%，显示出全球企业 对美国资本市场的持续热情。 从地域分布来看，申请企业覆盖全球18个国家和地区。其中，中国以147家企业稳居美国本土外最大IPO来源地，占比达27.68%;新加坡以35家申请位列第 二，占比6.59%。 56% We capitalise your value globally IREEN 在147家中国申请企业中，89家为实体运营企业，其中已有24家完成上市，包括新式茶饮品牌霸王茶姬(CHA)、互联网医疗平台石榴云医(POM)、以及数字 科技服务商巨龙在线(JLHL)等知名企业。 需要指出的是，在147家中国申请企业中，有24家递交"空白招股书"，由于这些企业招股说明书中信息严重缺失，无法满足SEC基本审核要求，通常在提交 后3个工作日内即被拒绝审查，这一现象凸显了信息披露合规在赴美上市过程中的重要性。 重要声明：本文信息均来源于公开资料，本公司对上述信息的来源、准确性及完整性不作任何保证。在 ...

赴美上市，不是盲目跟风的冒险，而是精准匹配的征程。企业能否成功登陆美股，不仅取决于市场时机与政策环境，更关键在于自身是否具备与美股市场 深度契合的"基因"。 贰、行业适配性：创新驱动与差异化优势 美股投资者对高科技、生物医药、新能源、消费创新等赛道具有明显偏好，这类企业往往因其成长性和颠覆性获得估值溢价。 若企业处于传统行业，则需展现出独特的竞争优势、技术壁垒或成功的全球化布局能力，才能突破市场固有的认知局限，吸引国际资本的关注。 叁、公司治理水平：合规是信任的基石 这种"美股基因"，是企业融入国际资本市场的内在基础，也是赢得投资者长期信任的核心要素。迅实国际建议，企业在迈出第一步前，应从以下四个维度 开展系统性自检与诊断。 壹、财务健康度：持续盈利与成长叙事并重 美股市场重视企业的持续盈利能力与稳健的现金流，尤其在面向更广泛的投资者时，清晰的盈利模型和健康的财务报表是基础门槛。 即使对于尚未盈利的新兴产业企业，也必须向市场展示明确的盈利路径、可验证的增长数据以及合理的成本控制能力。SEC的严苛披露要求，意味着企业 不仅要有"故事"，更要有扎实的财务数据作为支撑。 肆、全球化潜力：国际视野与落地能力 清晰且稳 ...

在全球主要交易所IPO窗口持续收紧的当下，"赴美上市"这四个字让许多中小企业心情复杂。它象征着更广阔的资本舞台，却也意味着动辄数千万美元的 显性成本、以年计算的漫长周期以及极高的合规不确定性。 当直接冲击纳斯达克或纽交所看似遥不可及时，是否还存在一条现实可行的路径？越来越多的企业将目光投向了一个曾被误解的市场——OTCQB。它不 再是传闻中良莠不齐的"粉单"地带，而已然演进为一条清晰的上市"训练营"与"中转站"路径。 壹、重新定义OTCQB：不是终点，而是价值成长的关键中间站 对OTC市场的陈旧认知需要刷新。今天的OTCQB，其核心功能是为成长型企业提供一个"预科平台"。企业在此并非止步，而是完成从私人公司向严格监 管的公众公司的关键过渡。 它的战略价值体现在三个方面： 低成本试水：以远低于传统IPO的费用和耗时，获得公开交易代码，建立国际化的公司治理与财务披露体系。 贰、五步阶梯：从架构到交易的清晰路线图 获得市场估值：尽管初期流动性有限，但企业从此拥有了公开的市场价格，为后续融资、并购及股权激励提供了定价基准。 铺平转板道路：这是在美上市全路径中，风险可控、成本最优的起步环节，为企业最终晋级主板积蓄所有必 ...

近年来，中美资本市场监管框架持续调整，既为中国企业跨境融资保留了窗口，也抬高了传统上市路径 的准入门槛。 3.OTC场外市场上市 作为门槛最低的路径，其核心价值在于"跳板属性"——通过分层市场实现阶梯式发展，成为中小企业的 优选。 以OTCQB挂牌为例：总周期6-9个月 基础搭建（2-3周）：注册美国主体，明确股权架构； 随着纳斯达克拟提高流通市值要求、SEC强化VIE架构与数据安全审查，直接IPO的高门槛让多数中小 企业望而却步；SPAC并购模式虽曾以"快速上市"为亮点，却在2025年监管趋严后陷入高赎回率、融资 成本高企的困境。 在此背景下，美国OTC（场外交易）市场凭借低门槛、强灵活性的"跳板属性"，逐渐成为中小企业切入 国际资本市场的务实选择。下面分析赴美上市三大主流路径的核心差异，为不同发展阶段的中国企业提 供跨境上市决策参考，助力企业在合规前提下实现国际资本布局。 1.直接IPO（纽交所/纳斯达克） 作为传统路径，其优势在于融资规模大（拟募资门槛将提至2500万美元）、流动性强且品牌背书效应显 著，适合成熟型科技或制造业企业。但劣势同样突出：SEC审核需耗时12-24个月，承销费占募资额的 7%- ...

Core Viewpoint - The article discusses the strategic choices Chinese companies face when considering listing in the U.S., highlighting the traditional IPO and the emerging SPAC as two main pathways for international expansion and growth [1]. Group 1: Traditional IPO - A Stable Choice - IPOs are a classic model that has been tested over time, offering deep value discovery and structural stability [2]. - Key advantages include transparent valuation based on detailed financial disclosures and market roadshows, which reflect the company's fundamentals and growth potential [3]. - The IPO process involves rigorous due diligence and regulatory scrutiny, leading to a stable equity structure that attracts long-term institutional investors [3]. - Successfully listing on a major exchange after passing SEC scrutiny enhances the company's international brand reputation [3]. Group 2: Potential Challenges of IPO - The IPO process can be lengthy, typically taking 6-12 months or longer, with stringent SEC reviews of financial, legal, and business information [4]. - High intermediary costs and market sentiment can create uncertainty regarding the success of the issuance and pricing, with risks of delays or lower-than-expected valuations during market turbulence [4]. Group 3: SPAC - An Efficient Pathway - SPACs provide a more efficient listing option for certain types of companies, allowing for quicker access to public markets [5]. - The process is faster, typically completed within 3-6 months, avoiding the complexities of traditional IPOs [6]. - Valuation is flexible and can be negotiated directly with the SPAC sponsor, making it suitable for high-growth companies with innovative business models that may not yet be profitable [6]. - SPACs offer a viable listing route for companies that do not fully meet traditional IPO financial criteria but possess disruptive technologies [6]. Group 4: Potential Risks of SPAC - Merging with a SPAC requires shareholder approval, and doubts about the target company's quality can lead to significant redemptions, risking transaction failure or reduced financing [7]. - Initial stock price volatility may be high post-listing, and companies must bear some operational and incentive costs associated with the SPAC [7]. - Despite a faster process, companies still undergo rigorous business, financial, and legal due diligence to meet regulatory requirements [7]. Group 5: Choosing Between IPO and SPAC - The choice between IPO and SPAC is not a simple good or bad evaluation but should align with the company's strategic situation [10]. - Companies suited for IPOs typically have mature business models, stable growth records, and robust financial systems, seeking solid valuations and stable investor structures without urgency for short-term listing [10]. - Companies that may prefer SPACs are often in high-growth sectors (e.g., renewable energy, biotech) and may not be profitable yet but have clear future growth trajectories, requiring quick capital access to seize market opportunities [10].

Core Viewpoint - The door for Chinese companies to list in the U.S. has reopened after being closed for seven months due to regulatory disputes between China and the U.S. [1] Group 1: Background of the Situation - The previous freeze was caused by tensions between China and the U.S., primarily over the U.S. demand to inspect the audit papers of Chinese companies, which China deemed a national security issue [2][4]. - Additionally, new regulations in China required companies to obtain approval from the China Securities Regulatory Commission (CSRC) before listing abroad, leading to a halt in applications since April [3][4]. Group 2: Current Developments - A recent agreement between China and the U.S. in October has provided a mutually acceptable method for inspecting audit papers, alleviating the major crisis of potential delisting [5]. - The CSRC has resumed processing applications, signaling a restart of the listing process for companies that had been waiting [5]. Group 3: New Listing Requirements - Companies seeking to list in the U.S. now face stricter requirements from both the CSRC and U.S. exchanges like NASDAQ: - The CSRC will conduct thorough checks on the company's ownership structure, shareholder backgrounds, business scope, and data security practices [5]. - NASDAQ has raised the minimum fundraising requirement for initial public offerings (IPOs) to $25 million, up from no hard requirement previously [5][9]. Group 4: Opportunities for Companies - Despite the increased scrutiny, the reopening of the listing process presents opportunities for companies that are in urgent need of capital, particularly in sectors like biotechnology and technology [5]. - Companies with straightforward business models, such as SPACs, are also well-positioned to take advantage of the new environment [5]. Group 5: Market Context - The U.S. government has resumed liquidity injections into the market following the end of a government shutdown, creating a favorable environment for new listings [6]. - The reopening of the listing process is seen as a strategic opportunity for companies that can meet the new requirements and are looking for international market recognition [6][7]. Group 6: Proposed Changes in NASDAQ Rules - NASDAQ has proposed new rules that include: - Increasing the minimum public float for companies listing based on net profit from $5 million to $15 million [9]. - Accelerating delisting procedures for companies with market values below $5 million [9]. Group 7: Listing Pathways - Companies can consider various pathways for listing, including direct IPOs, SPAC mergers, and reverse takeovers [10]. - The direct IPO process involves several key stages, including preparation, submission of registration documents, roadshows, and final pricing [11][14]. Group 8: Strategic Recommendations - Companies should reassess their fundraising strategies in light of the new $25 million minimum requirement and consider alternative markets such as the New York Stock Exchange or Hong Kong Stock Exchange [15][17]. - For smaller companies that may struggle to meet the new IPO requirements, exploring SPAC mergers could provide a viable alternative for going public [18].

Core Viewpoint - Nasdaq is proposing to raise the listing thresholds for companies, which will significantly impact Chinese enterprises planning to go public in the U.S. [1][3] Group 1: Proposed Listing Standards - The new regulations will increase the minimum public float market value for IPOs to at least $8 million for the global market and $5 million for the capital market, with a unified increase to $15 million for companies listing based on net profit [3]. - Chinese companies will be required to raise at least $25 million through public offerings during their IPOs [3]. - The proposed changes aim to maintain market integrity and enhance investor protection, particularly against potential stock price manipulation [3]. Group 2: Impact on Chinese Companies - In the current year, 59 companies have gone public on Nasdaq, raising a total of $1.02 billion, with an average fundraising of $17.3 million; only three companies raised over $25 million [4]. - The new rules will likely have a significant impact on the ability of small Chinese enterprises to list on Nasdaq, as many of these companies have small issuance scales [4]. Group 3: Increased Delisting Pressure - The proposed regulations introduce new conditions that could lead to immediate delisting if a company fails to meet ongoing listing requirements, such as maintaining a market value of at least $5 million for ten consecutive trading days [6]. - Companies that do not meet these conditions will not have a grace period and could face immediate suspension of trading [6]. Group 4: Recommendations for Companies - Companies planning to go public in the U.S. should prepare in advance by assessing their current stage and considering alternative markets, such as the New York Stock Exchange or Hong Kong Stock Exchange, which have less stringent requirements [8][9]. - For companies already listed, it is advised to focus on core business operations, optimize asset structures through mergers and acquisitions, and regularly communicate with investors to ensure compliance with listing standards [9].