In the first half of 2025, overseas IPOs of Chinese-funded enterprises were concentrated in the U.S. stock market. According to incomplete statistics, 49 enterprises successfully listed in the U.S., among which 6 went public through the De-SPAC method and 1 was listed by transferring from the OTC (over-the-counter market). In terms of listing locations, 46 successfully listed on NASDAQ, 2 on the American Stock Exchange, and 1 on the New York Stock Exchange. This continues the tradition of NASDAQ being the main listing venue for Chinese concept stocks.

In terms of the number of listings, a total of 49 enterprises successfully entered the capital market in the first half of 2025, with 25 in the first quarter and 24 in the second quarter. Among these enterprises, 21 are Hong Kong-based companies, while the rest are from different regions in mainland China. These include "Weiniu Securities" from Ningbo, Zhejiang (in the financial securities sector), "Skechers" from Nanjing (an automobile manufacturer), "Wintergreen Acquisition" from Beijing (in the TMT sector), and "Jiayou Holdings" from Chongqing (in the video game and multimedia sector), all of which went public through the SPAC model.

In terms of industry distribution, the IPO enthusiasm in the information and digital technology industry and manufacturing sector continues. Among the top enterprises with the largest financing scales, Bawang Chaji, a tea beverage brand from Chengdu, Sichuan, ranked first with a fundraising amount of 411 million US dollars, setting the largest financing scale for Chinese-funded enterprises' US IPOs so far this year. Smithfield Foods raised 260 million US dollars, and Ascentage Pharma raised 126 million US dollars; most of the other enterprises raised approximately 10 million US dollars.

In the first half of 2025, the number of Chinese concept stocks listed in the U.S. increased significantly, with 94% of the enterprises choosing to list on the NASDAQ Capital Market. Thanks to its strong liquidity and high valuation of technology stocks, NASDAQ has become the first choice for many enterprises. Enterprises have not only adopted the traditional IPO method but also utilized flexible approaches such as SPAC mergers and OTC uplisting, which have effectively lowered the listing threshold and shortened the time cost. However, due to the impact of regulatory differences between China and the United States, enterprises must strictly comply with the regulatory requirements of both countries during the listing process. In particular, in aspects such as data security, penetration of equity structure, and maintenance of investor relations, they must formulate clear and long-term strategic plans to ensure the compliance and smooth progress of the listing process.

In the process of serving enterprises in their listing endeavors, the Small and Medium Enterprise Overseas Listing Capital Group under the American Global Business Association (AGBA) helps enterprises improve their management mechanisms, optimize their business models, and propose incentive plans based on the concept that "no equity, no prosperity". It assists enterprises in establishing and implementing employee stock ownership plans or equity incentive plans, accelerates enterprises' access to investment and financing through the market, and enables them to achieve rapid growth.