2025年，即便外部环境复杂多变，但依旧有93家中企通过IPO、SPAC合并和OTC转板等路径成功登陆美股主板，较上年的64家同比增长7.8%。且在截至 2025年年末，还有149家企业已公开递交赴美上市申请，显示出了中资企业赴美上市的热情。 在上市路径方面，去年93家在美股成功挂牌的中概股企业中，传统IPO仍占据绝对主导地位，84家通过IPO形式完成上市，占比高达90.3%;仅1家企业由OTC 市场转至主板，占比仅1.1%. 另外，借助De-SPAC(特殊目的收购公司合并)模式登陆美股的中概股企业则有8家，占比为8.6%。而威美控股(MJID.US)便是其中之一。 据智通财经APP了解，威美控股是自备案新规以来，首家获得中国证监会公布的备案通知书的企业，但其此前的IPO之旅并不顺畅。该公司在2023年4月首次 递交F-1文件后，曾多次更新招股书，直到2025年7月才拿到通往纳斯达克的入场券。 然而，美股上市不到2个月，威美控股便发布一则公告，宣布将公司改名"平安生物医药"，代码由"MJID.US"更改为"PASW.US"。与此同时，公司的主营业 务也由服装供应链管理服务，转为"聚焦生物医药研发、康养核心领域 ...

Group 1 - The core viewpoint is that geopolitical tensions have not hindered Chinese companies from listing in the U.S., with a record number of listings expected in 2024 and 2025 [2] - In 2024, 64 Chinese companies have already listed in the U.S., and 36 more are expected in the first half of 2025, primarily small and medium-sized enterprises, many utilizing SPACs to expedite the process [2] - Over 40 Chinese companies are currently waiting to list on NASDAQ, driven by stricter domestic listing regulations and the attractive valuations in the U.S. market [2] Group 2 - In July 2025, 13 Chinese companies successfully listed in the U.S., all on NASDAQ [3] - The financing landscape for Chinese companies listing in July showed significant stratification, reflecting the flexibility of U.S. capital tools and differing financing strategies among companies [5][11] Group 3 - The SPAC model has emerged as a leading capital tool in the U.S., with A Paradise Acquisition raising $200 million, accounting for over 69% of the total IPO scale for Chinese companies during the same period [6][11] - Companies like Youlan International and Meihua Chuangfu are focusing on core sectors, raising $27 million and $15 million respectively, indicating a trend towards securing funds for technology development and market expansion [8] Group 4 - Smaller companies are adopting a "lightweight listing" strategy, with firms like Weimei Holdings and Anba Finance raising $2.5 million and $5 million respectively, prioritizing brand exposure and flexible post-listing financing [9] - The differentiation in fundraising among Chinese companies is influenced by industry attributes and listing models, with emerging industries attracting more capital due to clear growth potential [11] Group 5 - Foreign institutions are becoming more optimistic about Chinese stocks, as evidenced by the 16.76% increase in the NASDAQ Golden Dragon China Index since the beginning of the year, outperforming major U.S. indices [12] - Approximately 72% of Chinese companies choose to list on NASDAQ, favoring technology and growth-oriented firms, while 25% opt for the NYSE, primarily for established industry leaders [12][13]