Core Viewpoint - The recent delisting of SPACs associated with Chinese companies has halted their plans for U.S. listings, highlighting the risks of the SPAC model and the unique value of the OTC market [1] Group 1: SPAC Delisting and Its Implications - Nasdaq delisted 13 securities on January 13, including three SPACs (Four Leaf, DT Cloud, AlphaTime) linked to Chinese companies, transferring them to the OTC market [1] - The delisting exposes the vulnerabilities of the SPAC model, particularly the reliance on the SPAC's continued listing status [4] - The case of Xiaoyu Tidata illustrates that even with stable business operations, a SPAC's delisting can abruptly halt the entire listing process [4] Group 2: Regulatory Changes and Challenges - New Nasdaq regulations effective January 17, 2026, will raise the minimum public float market value requirement from $5 million to $15 million and mandate that SPAC mergers must raise at least $25 million in public funds [4] - These regulatory changes create significant barriers for many small and medium-sized enterprises [4] Group 3: Advantages of the OTC Market - The OTC market offers a crucial buffer, allowing SPACs to continue merger transactions even after delisting from the main board [5] - OTC has lower financial requirements, with no strict profitability criteria and minimal annual fees ranging from a few thousand to $20,000 [6] - The listing process on the OTC market can be completed in 3-6 months, significantly faster than the 12-24 months required for a Nasdaq IPO [7] Group 4: Structured Compliance and Growth Opportunities - The OTC market features a four-tier compliance structure, catering to different stages of company development [8] - Companies already listed on domestic boards can issue ADRs on OTCQX without meeting stringent SEC registration requirements, facilitating exposure to U.S. investors [9] - The OTC market serves as a "golden stepping stone" for companies aiming to transition to Nasdaq or NYSE, with approximately 15% of Nasdaq-listed companies having previously grown on the OTC market [10] Group 5: Diverse Financing Options - The OTC market supports various financing methods, including private placements and convertible bonds, which are particularly suitable for light-asset companies in technology and biomedicine [11] - Companies can leverage the OTC market to access global financing while providing liquidity options for early investors [11] - The current delisting trend reinforces the need for Chinese companies to consider paths beyond the main board for U.S. listings [11]

车身裹满绵密泡沫,高压水枪喷射出强劲水流,车主们手持工具专注擦拭……这样的场景,每晚都在鹏智行 无人自助洗车店内上演。作为二三线城市汽车后市场的新兴业态,鹏智行以"24小时不打烊""全国会员通 用"的便捷服务,将传统洗车场景转化为年轻人的夜间社交场。 一、深夜洗车热:年轻人的解压新方式 晚上10点,某综合体地下停车场内,鹏智行自助洗车店的5个工位全部满员,等候区还停着3辆汽车。从事IT 行业的王先生刚结束加班,熟练地拿起高压水枪:"传统洗车店晚上8点就关门,这里24小时营业。用高压水 枪冲刷时,感觉一天的疲惫都被冲走了。" 店内配备了可调压自助高压水枪、定量泡沫分配器等设备,车主扫码后即可根据提示操作。95后车主小 林边用泡沫枪给爱车打泡边说:"周末带孩子来洗车,既能培养他的动手能力,又能省下几十元洗车费。"据 店长张女士介绍,该店日均接待量超100辆车,80%用户为22—45岁的年轻车主,周末高峰期洗车位从早到 晚几乎无空窗期。 二、技术重构体验:从"将就"到"讲究" 鹏智行通过三大技术突破重构自助洗车体验: (一)智能引导系统:新手车主可通过小程序/app观看教学视频,现场也有图片流程提示。首次使用的李女 ...