Youlan International successfully landed on NASDAQ through the SPAC method.
On July 10th Eastern Time, Youlan International successfully listed on NASDAQ through the SPAC method, with the stock code "YOUL". In its initial public offering, it issued 2,704,949 Class A common shares, raising a total of 27 million US dollars.
Youlan International is a leading lifelong service platform for blue-collar workers in China. Relying on advanced digital technologies, its business covers skill improvement, lifelong career development, talent recruitment, employee management and market services. By building a blue-collar ecological platform, its services have extended to enterprises and job seekers in more than 9 countries, forming a cross-regional service network layout.
However, Youlan International's road to listing was not smooth. On December 14, 2022, the company submitted a listing application to the Hong Kong Stock Exchange, intending to list in Hong Kong, but ultimately failed. It is understood that Youlan International was in a state of loss for three consecutive years from 2019 to 2021, with an adjusted net loss of 174 million yuan in 2021 alone. The Hong Kong Stock Exchange requires enterprises to have a cumulative profit of no less than 50 million Hong Kong dollars in the latest three fiscal years (including a profit of no less than 20 million Hong Kong dollars in the latest year and a cumulative profit of no less than 30 million Hong Kong dollars in the previous two years). The mismatch in financial indicators became the main obstacle. Afterwards, the company turned to the US market and chose the SPAC model to seek listing opportunities.
In May 2024, Youlan International merged with Distoken, a US SPAC company. On February 6, 2025, the China Securities Regulatory Commission formally approved Youlan International's filing for listing in the US through the SPAC method. On July 10th, the relevant merger transaction was completed, and Youlan International was officially listed on NASDAQ under the stock code "YOUL". The opening price on that day was 3.09 US dollars, and the closing price was 5 US dollars.
The successful listing of Youlan International on the NASDAQ international capital market is not only a major milestone in its own development, but also has far-reaching significance for the blue-collar service industry and the capital market. It provides an example for China's blue-collar service model to connect with the international capital market, and also shows the world the development potential and innovative model of this industry.
As a world-renowned stock exchange, NASDAQ is famous for its high industry inclusiveness. Compared with Hong Kong stocks, which tend to favor mature enterprises with stable profits, although the US stock listing standards are also strict in terms of corporate governance structure and compliance supervision, they pay more attention to growth potential. Enterprises only need to meet one of the listing conditions, and the operation mechanism is more flexible. Therefore, even if an enterprise is in a state of loss, as long as it has a good business model and expected future growth, it can still be recognized by investors through the SPAC listing method. It is through this model that Youlan International efficiently achieved its listing goal and obtained the funds urgently needed for business development, injecting key impetus into its global layout and business expansion.
Since 2009, the SME Overseas Listing Capital Group has been committed to helping many small and medium-sized enterprises in Asia list overseas using the SPAC listing model, and looks forward to cooperating with you!
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