Core Insights - The article emphasizes that for Chinese companies aiming for global expansion, going public in the U.S. is a significant milestone that presents both opportunities and challenges [1][2]. Group 1: Key Steps for U.S. IPO - The process of going public in the U.S. is distilled into ten critical steps, providing a practical roadmap from the initial idea to the successful listing [2]. Group 2: Step-by-Step Breakdown - **Step 1: Internal Assessment and Feasibility Study (1-3 months)** Companies must objectively evaluate their readiness for an IPO, addressing key questions such as the purpose of going public, financing needs, and compliance with listing standards [3][4]. - **Step 2: Assemble a Top-Tier Advisory Team (1-2 months)** A strong advisory team is crucial, including underwriters, legal counsel, and accounting firms that meet U.S. regulatory requirements [5][6][7][8]. - **Step 3: Company Restructuring and Framework Setup (2-4 months)** This involves reorganizing the company’s ownership structure and ensuring compliance with governance standards necessary for public companies [9][10]. - **Step 4: Comprehensive Due Diligence and Document Preparation (3-6 months)** A thorough examination of the company’s operations and the drafting of the prospectus (F-1 form) are essential to identify and address potential issues [12]. - **Step 5: Confidential Submission** Emerging growth companies can submit their F-1 documents confidentially to the SEC, allowing for greater flexibility and protection of sensitive information [13][14]. - **Step 6: Responding to SEC Inquiries (2-4 rounds, 3-6 months)** The SEC conducts detailed reviews of the F-1 documents, requiring high-quality responses from the company and its advisors [15]. - **Step 7: Public Filing and Roadshow Preparation** After addressing SEC inquiries, the company publicly files the prospectus and prepares for investor presentations [17]. - **Step 8: Global Roadshow (approximately 1-2 weeks)** The management team presents the company to institutional investors in major financial centers, aiming to generate interest and gauge pricing feedback [18][19]. - **Step 9: Pricing and Book Building** The underwriters collect orders and determine the final offering price based on market demand and company valuation expectations [20]. - **Step 10: Official Listing and Bell-Ringing** The final step involves the exchange of funds and shares, culminating in the public trading of the company’s stock [22].