Overview

• More than 40 Chinese companies have confidentially filed to list on Nasdaq, positioning 2025 for a new annual record if all proceed.
• In the first half of 2025, 36 mostly small and mid-sized Chinese firms completed US listings following a record 64 listings in 2024.
• Many startups merged with SPACs to sidestep lengthier Chinese IPO approvals, cutting average listing times to four to six months compared with domestic processes that can take up to a year.
• US lawmakers in May renewed calls to delist Chinese issuers over national security concerns, and the SEC in June proposed tougher disclosure standards for foreign listings.
• Over 100 Chinese companies now trade in US markets, combining for nearly $1 trillion in market value.