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]

此外，18家公司递交上市申请，其中2家来自中国，详情明日分享。 本周，暂有1家公司计划上市，为SPAC，来自中国。 回顾：上周10只新股上市，其中7只为SPAC，如下： Medline(MDLN)以每股29美元，发行了2.16亿股(原计划发行1.79亿股)，募集了62.65亿美元。 Andersen(ANDG)以每股16美元，发行了1100万股，募集了1.76亿美元。 Starfighters Space(FJET)以每股3.59美元，发行了1114万股，募集了4000万美元。 SPAC TGE Value Creative Solutions (BEBEU)、Vine Hill Capital Investment II (VHCPU)、Churchill Capital (CCXIU) 、Crane Harbor Acquisition II (CRANU) 、Iron Horse Acquisition (IRHOU) 、 American Drive Acquisition (ADACU) 、 Launchpad Cadenza Acquisition (LPCVU) ，分别募集了1.5亿美 元、2亿 ...

IPO前，Jingxia Hua持股100%。 | | | Before Offering | | | --- | --- | --- | --- | | | | Number of Shares Beneficially | Ap | | Name and Address of Beneficial Owner14/ | | Owned(2) | Outs | | Spectre RH Limited(3) | | 1,725,000 | | | Jingxia Hua(4) | | 1,725,000 | | | Lin Sun(4) | | | | | All officers and directors as a group | persons) | 1,725,000 | | 根据招股书，该公司计划以每股10美元，发行600个万单位，拟募集资金6000万美元。 Spectre Acquisition成立于2025年，是一家特殊目的收购公司，发起人来自中国。该公司拟针对拥有关键技术、竞争力强、收入增长快等特点的非中国企业， 但未限定行业。 当地时间12月17日，Spectre Acquisition ...

Group 1 - Lumexa Imaging submitted an IPO filing to the SEC on November 17, seeking to list on NASDAQ under the ticker symbol LMRI, with a secret application filed on June 12, 2025 [1] - Lumexa Imaging provides medical imaging services through outpatient centers, offering radiology exams and diagnostic imaging services, including MRI, CT, PET scans, X-rays, and ultrasound, with 184 outpatient centers across the U.S. [4] - For the nine months ending September 30, 2025, Lumexa Imaging reported revenues of $566 million, up from $534 million in the same period last year, with net losses of $18.41 million compared to $69.04 million [4] Group 2 - York Space Systems filed an IPO with the SEC on the same day, aiming to list on the NYSE under the ticker symbol YSS, with a secret application submitted on September 29, 2025 [1] - York Space Systems specializes in the design, manufacturing, and mission execution of small to medium-sized satellites for space and defense projects, producing satellite and critical mission systems [6] - The company reported revenues of $357 million for the twelve months ending September 30, 2025 [6] Group 3 - Four SPACs, Aperture AC, ITHAX Acquisition III, Praetorian Acquisition, and Breeze Acquisition II, also submitted IPO filings, all seeking to list on NASDAQ [1] - Aperture AC focuses on digital assets, targeting the mid-to-low end market, including tokenized asset infrastructure and decentralized finance [7] - ITHAX Acquisition III targets sectors such as asset management, hospitality, dining, tourism, and entertainment, while Praetorian Acquisition aims to acquire traditional industries undergoing transformation through automation and AI [7] - Breeze Acquisition II is focused on global healthcare, biotechnology, advanced manufacturing, robotics, and AI, with respective fundraising goals of $90 million, $200 million, $220 million, and $125 million [7]

Core Insights - The resurgence of SPACs is linked to Donald Trump's potential return to power, with over $24 billion raised since the November elections, surpassing the total raised in the past two years [1] - Many SPACs are associated with Trump's inner circle, including figures like Brandon Lutnick and Devin Nunes, indicating a strong connection between SPAC activities and Trump's political influence [1][3] - Investment focus for SPACs is aligned with Trump's "America First" agenda, particularly in sectors like nuclear energy, quantum computing, and cryptocurrency [2] SPAC Overview - SPACs serve as publicly traded shell companies designed to raise funds for acquiring private companies, offering a more lenient path to public listing compared to traditional IPOs [2] - The popularity of SPACs surged in 2020, attracting various high-profile individuals, but has faced scrutiny due to questionable mergers and inflated revenue projections [2][4] Market Dynamics - Under Trump's administration, the SEC relaxed restrictions, allowing figures from the MAGA movement to capitalize on SPAC opportunities, leading to significant investments in cryptocurrency-related companies [3] - Over a quarter of the 150+ SPACs that have filed for IPOs or completed fundraising this year are targeting industries aligned with Trump's policy agenda [4] Performance and Risks - The success rate of companies that went public via SPACs since 2019 is low, with only about 11% of these companies maintaining stock prices above their initial offering, raising concerns about the inherent risks of SPAC investments [4]

Core Viewpoint - Three Chinese companies submitted IPO applications to the U.S. SEC on the same day, including one SPAC, indicating a growing interest in U.S. capital markets by Chinese firms [1][9]. Company Summaries 1. Sharewow Limited (速哇3D摄影) - Sharewow Limited, based in Xiamen, is a 3D portrait printing service provider, planning to list on NASDAQ under the ticker symbol SUWA [1][3]. - The company aims to issue 3.75 million shares, with the price range yet to be disclosed [3]. - Revenue projections for 2023 and 2024 are RMB 12.7 million and RMB 14.1 million (approximately USD 1.97 million), respectively, with net losses of RMB 5.5 million and RMB 6.6 million (approximately USD 918,137) [4]. 2. Vnique Interactive Limited - Vnique Interactive Limited, headquartered in Hong Kong, is a digital marketing company that provides marketing solutions across various industries [9][11]. - The company has submitted an IPO application to the SEC but has not disclosed the number of shares or price range [9][11]. - For the six months ending January 31, 2025, Vnique reported revenues of USD 1.62 million, up from USD 720,000 in the previous year, with net profits of USD 190,000 compared to USD 230,000 [12]. 3. XFLH Capital Corporation - XFLH Capital Corporation plans to list on NASDAQ under the ticker symbol XFLHU, aiming to raise USD 60 million by issuing 6 million units at USD 10 per unit [16][18]. - The company is a special purpose acquisition company (SPAC) targeting growth-oriented businesses with stable revenues [18].

Core Insights - CSLM Digital Asset Acquisition Corp III has completed a $230 million initial public offering (IPO) and is listed on NASDAQ under the ticker KOYNU [1] - The company aims to pursue mergers and acquisitions with businesses related to blockchain, payments, DeFi, and digital asset infrastructure in emerging markets [1]

Group 1: Company Overview - MEDI Group Limited, operating under the brand "Doctor's Concept," has filed for an IPO with the SEC, seeking to list on NASDAQ under the ticker symbol MEDG [2][5] - The company plans to issue 3.33 million shares at a price range of $4 to $5 per share, aiming to raise between $13.33 million and $11.67 million [5] Group 2: Financial Performance - For the fiscal year 2023-2024, ending June 30, the company reported revenues of $8.02 million, $6.11 million, and $3.25 million, with corresponding net incomes of $1.90 million, $0.61 million, and $0.98 million for the respective periods [5] Group 3: Shareholding Structure - Prior to the IPO, Ng Hon Kin holds a 65% stake in the company, while several entities hold 5% each, and Ace Miracle Group Limited holds 10% [8] Group 4: AA Mission Acquisition II Overview - AA Mission Acquisition Corp. II has also filed for an IPO with the SEC, seeking to list on the NYSE under the ticker symbol YCY, targeting the food and beverage industry [9][11] - The company plans to issue 10 million units at $10 each, aiming to raise $100 million [11]

Core Viewpoint - TECHSTARACQ-Z (07855) reported a loss of HKD 59.535 million for the six months ending June 30, 2025, with no revenue generated during the period, indicating a year-on-year loss increase of 21.8% [1] Financial Performance - The company recorded a basic loss per share of HKD 2.381 [1] - Total loss and comprehensive loss for the period amounted to approximately HKD 59.5 million, primarily due to expenses related to equity-settled share payments associated with the completion of a merger involving special purpose acquisition company (SPAC) and the conversion of Class B shares and founder warrants [1]

Group 1 - New America Acquisition I Corp plans to issue 30 million units at $10 per share, aiming to raise $300 million, with each unit consisting of one common share and half a warrant exercisable at $11.50 [1][3] - The company is headquartered in New York and is initiated by Kevin McGurn, former president of VEVO, with management members including Donald Trump Jr. and Eric Trump, targeting technology, healthcare, and logistics sectors [1][3] Group 2 - Iris Acquisition Corp II intends to issue 15 million units at $10 per share, seeking to raise $150 million, with each unit also comprising one common share and half a warrant exercisable at $11.50 [2][5] - Headquartered in Dubai, the company is initiated by Rohit Nanani and Sumit Mehta, focusing on small and medium enterprises without specifying a particular sector [2][5] - The previous SPAC, Iris Acquisition, successfully merged with Liminatus Pharma (NASDAQ: LIMN), but the stock price has since declined by nearly 50% [5]