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1. Policy Background and Impact

The State Council issued a document to regulate the fees charged by public stock offering intermediaries, and the Ministry of Justice forwarded it for comments. This move triggered a series of chain reactions in the capital market. The document clearly requires that fees should not be charged based on results. This regulation fundamentally reshapes the profit distribution mechanism of A-share listings. Originally, the core of the income of lawyers, auditors and securities firms focused on the rewards after the successful listing. After the implementation of the new regulations, the pre-positioning of fees has caused a major change in the cost structure of companies listed on the A-share market. This not only increases the direct financial costs of companies, but also pre-positions the risks and uncertainties in the listing process, thereby disintegrating the original common interests of listings.

2. Impact on the choice of listing path for enterprises

1. Consideration of enterprise listing costs and risks: In the face of high A-share listing costs, increased risks and uncertainties, enterprises are more inclined to choose to go public and raise funds in the US stock market, Hong Kong stock market and other markets out of consideration for their own interests. These overseas markets are relatively mature, and under the current policy background, their listing certainty is stronger, which is more attractive to enterprises.

2. Characteristics and trend changes of listed companies: Currently, the profits of Chinese concept stocks listed in the US are mostly concentrated in the range of RMB 7 million to RMB 20 million, and the financing scale is between US$5 million and US$15 million, which is mainly limited by their weak risk resistance and limited enterprise scale. However, looking forward to the next 2-3 years, with the development of the market and the growth of enterprises, the profits of companies listed in the US are expected to increase to RMB 20 million to RMB 80 million, which will significantly enhance the confidence and value recognition of US investors in Chinese concept stocks and promote the further development of the public offering market. The initial public offering amount is expected to increase to US$20 million to US$50 million. China's huge market size and its second place in the world make it a value depression with huge potential, providing a solid foundation for the development of Chinese concept stocks listed in the US.