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since the beginning of this year, the number of domestic projects and professional institutions seeking support and cooperation from my team for overseas listing services has increased significantly. at the spac conference 2024, the annual spac event held in new york in june this year, cross-border mergers and listings also became one of the hot topics. mr. ma jiawei, a representative of my team, participated in a roundtable discussion titled "taking it to the street: reverse mergers and cross-border spac transactions" as a guest. here, the author intends to share the opportunities and preparations for domestic companies to go public in the united states in combination with domestic and foreign regulatory changes, market status and the content of this roundtable discussion.

domestic ipo regulatory policies are emerging one after another, and the new stock market has cooled sharply

since the china securities regulatory commission's "827 new policy" proposed a phased tightening of ipos last year, major regulatory policies surrounding ipos have emerged one after another in the country, including requirements for strict access to issuance and listing to improve the quality of listed companies from the source; on-site inspection coverage of no less than one-third of the companies to be listed; improving indicators such as net profit, operating income, net cash flow and estimated market value in the relevant listing standards of the main board and chinext, thereby significantly raising the listing thresholds for the main board and chinext; optimizing the evaluation guidelines for scientific and technological innovation attributes from the perspective of indicators such as r&d investment, number of invention patents and compound growth rate of operating income, and strengthening the hard technology positioning of the science and technology innovation board.

as various regulatory policies continue to increase, the domestic ipo market has shown a significant downward trend. from january to july 2024, there was a "wave of ipo withdrawals" in china, with 343 ipos terminated and withdrawn. correspondingly, the number of newly accepted domestic ipos during the same period was only 32, and the market once showed a "zero acceptance" and "zero meeting" trend; the number of new ipos dropped sharply to 50, a year-on-year decrease of 76%, and the corresponding new ipo fundraising amount was 36.936 billion yuan, a year-on-year decrease of 85%.