2025年初至今（12.28），有四家中国公司通过与SPAC合并方式完成赴美上市（中国内地），其中估值最高的为 Global IBO Group Ltd，达到83亿美金； 南京司凯奇汽车科技有限公司Scage International与其合并的SPAC：Finnovate Acquisition由于未在规定时间内完成 合并，因此掉到了OTC，而在随后合并完成后，合并后主体重新申请转到了纳斯达克； 优蓝国际控股股份有限公司曾于2022年底递交过香港上市申请，最终无果，随后通过与SPAC合并完成赴美上市； 重庆灏瀚 Gamehaus Inc曾在推进与SPAC合并过程中，由于未向中国证监会备案收到监管叫停了原定的股东会。但 最终以上公司都完成了合并，并完成了赴美上市。 编辑搜图 ...

Core Viewpoint - Polestar, a high-end electric vehicle brand under Geely Holding Group, has received a warning from NASDAQ regarding potential delisting due to its stock price falling below the minimum requirement of $1 [1][3]. Group 1: Stock Performance and Compliance - As of October 31, Polestar's stock price closed at $0.845, having dropped 0.35% on that day [1]. - NASDAQ has given Polestar 180 days to regain compliance by maintaining a stock price of at least $1 for 10 consecutive trading days, with a deadline of April 29, 2026 [1]. - If compliance is not achieved, Polestar may be eligible for an additional 180-day extension [1]. Group 2: Financial Performance - Polestar's stock has been in decline since its SPAC merger and NASDAQ listing in June 2022, with a drop of over 50% last year and an additional approximate 20% decline this year [3]. - The company has reported net losses of $466 million, $1.195 billion, and $2.05 billion for the years 2022 to 2024, with a loss of $1.193 billion in the first half of this year and a gross margin of -49.4% [4]. - Global sales figures for Polestar from 2022 to the first three quarters of 2025 were 51,500, 54,600, 44,900, and 44,500 vehicles, respectively, with sales in China being particularly low [3][4]. Group 3: Strategic Moves and Investments - To improve sales, Polestar has implemented discounts and leasing incentives, but these measures have had limited success [3]. - In June 2024, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Geely's chairman Li Shufu, increasing Geely's stake in Polestar to 66% [4]. - Volvo, which previously held a 48% stake in Polestar, has reduced its ownership to 16% after ceasing financial support [4].

Core Viewpoint - Nasdaq's proposed rule changes are expected to significantly impact Chinese companies seeking to list in the U.S. by raising listing requirements and enhancing regulatory scrutiny [1][3][4] Group 1: Rule Changes - The public float market capitalization threshold for new companies listing based on net income will increase from $5 million to $15 million [1] - Companies with a market capitalization below $5 million and compliance issues will face accelerated suspension and delisting procedures [1] - A minimum fundraising requirement of $25 million will be set for companies primarily operating in China [1] Group 2: Investor Protection and Market Integrity - Nasdaq's Chief Legal Officer emphasized that the rule adjustments aim to strengthen investor protection mechanisms and maintain market fairness [3] - The changes are a response to recent abnormal price fluctuations in cross-market trading, particularly concerning alleged stock price manipulation by emerging market entities [3] Group 3: Impact on Chinese Companies - The new rules will directly affect three types of companies: those needing to attract more institutional investors due to the increased public float requirement, those facing heightened delisting risks due to lower market caps, and those potentially excluded from the U.S. market due to the new fundraising threshold [6] - Since the Luckin Coffee scandal in 2020, 128 Chinese companies have been placed on a "pre-delisting" list, with many facing delisting pressure if their market cap remains below $100 million [6] Group 4: Strategic Responses - Chinese companies are adopting diverse strategies in response to the changing regulatory environment, including multi-market listings to mitigate regulatory risks and maintain international presence [6] - Some companies are considering SPAC mergers for quicker listings, although this may lead to significant post-merger stock price volatility [6] - Extending the Pre-IPO financing cycle and building a multi-tiered capital structure are also being explored, despite potential issues like equity dilution [6]