The first half of this year has been summed up with the end of June. After reviewing the listing of Chinese companies in the United States, a total of 29 companies landed in the US capital market through various forms.

Looking at the market from January to June, the listing situation of Chinese concept stocks in the two major exchanges in the United States demonstrate an active trend, involving several industries and regions, with significant differences the scale of fundraising, and the active participation of listing counseling institutions.

The listings of the 29 companies are shown in the figure below:

 Number of Listed Companies and Monthly Distribution

• A total of 29 Chinese companies were listed in the first half of the year, much more than the 19 in the same period of 2023.
• From January to June, the monthly average of the enterprises listed indicate large number of opportunities and an open market window throughout the period.

 Exchange Choice

• Nasdaq Is still the first choice of Chinese concept stocks, with only two companies listed in the NYSE, as the Nasdaq listing threshold is relatively low, especially in the Nasdaq-CM sector. Therefore, most enterprises (such as the first Roman green finance listed in the United States in 2024) choose to list here.
• The companies attracted by NYSE are typically giants that require a large amount of capital, this year's AmerSports and Zeeker show their attractiveness as a top international exchange.

 Industry Distribution

• Listed Chinese concept stocks involve several industries, such as consulting services, electronic components, SPAC, security services, clothing industry, IT hardware and software, etc., these industries are very diverse.
• The electric vehicle manufacturing industry is more prominent among the above many industries, and many enterprises, such as Lotus, LOBO, and Zeeker, are listed, which reflects high capital activity and market potential of the industry.

 Raise the Scale

• The amount of fundraising varies significantly, from a few millions to billions of dollars.
• Large IPOs such as Amer Sports and Zeeker raised high amounts of about $1.37 billion and $440 million, respectively, demonstrating the strong attractiveness of large companies in the capital markets.
• There are 9 Chinese equity enterprises raising more than 10 million US dollars. As shown in the figure below, it can be seen that the number of medium-sized enterprises ($10 million to $50 million US dollars) is still relatively rare.

 Listing Method and Region

• Most enterprises choose IPO to go public, and some enterprises such as Lotus and DSYare listed through SPAC.
• In the first half of the year, there were significantly more Hong Kong companies, but there were also some companies from different regions of Chinese mainland (such as Shenzhen, Beijing, Jiangsu, etc.).

 Intermediaries Participation

• Intermediaries such as underwriters, auditors, domestic law firms and American law firms have played an important role in the listing process.
• Many well-known intermediaries such as Goldman Sachs, Morgan Stanley, MarcumAsia, Dacheng have participated in a number of IPO projects.

As the boom of Chinese companies listed in the United States has increased significantly compared with last year, many companies have successfully raised funds in the US stock market, contributing to their long-term development. Among them, the top five IPO projects are: Amer Sports, Zeeker, Tehai International, JVSPAC Acquisition Corp. And the SolarMax. The five companies have raised nearly $2 billion in total. However, from the overall scale, the Chinese and US stock listed category of medium and large IPO projects are still rare, small IPO is still becoming the mainstream.

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