This article is released by MBMC Meishun (originally from Hong Kong, a leading institution with the highest success rate in overseas listing counseling for Chinese enterprises in 2020, and the first-choice institution for Chinese enterprises to go public overseas). It focuses on the policy changes and market trends of Chinese enterprises' US IPOs in 2026, analyzes the core contents of policy relaxation by China and the US, forecasts four key trends, and provides strategic references for enterprises to go public overseas. Regulators of China and the United States have successively introduced favorable policies, breaking the deadlock of wait-and-see attitude towards US IPOs of Chinese concept stocks and paving the way for cross-border capital flows. SEC reform (launched in January 2026): Launched targeted "combination punches to reduce burdens", the core includes cutting unnecessary mandatory disclosure requirements, implementing differentiated supervision based on company size, extending the post-listing compliance transition period from 1 year to 2 years (reducing the initial operating costs of small and medium-sized enterprises), providing exclusive exemptions for digital asset companies (balancing financing and investor protection), aiming to solve the dilemma of "the number of listed companies halved in 30 years". Updates on NASDAQ's new rules: The new listing rules for Chinese enterprises submitted in September (SR-NASDAQ-2025-069) intend to raise the fundraising threshold to 25 million US dollars and accelerate the delisting of low-market-value enterprises. However, the review period of the proposal has been extended to December 18 and it has not yet been implemented. The industry expects that a unified global threshold of 15 million US dollars will finally be set, and the delisting rules will remain unchanged to avoid cross-border regulatory frictions. Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), clearly stated that "we will optimize the interconnection mechanism and improve the efficiency of overseas listing filing for enterprises". In 2025, the review time for overseas listing filings has been reduced from more than 100 days to less than 60 days, making the listing timetable for enterprises clearer. The policy attitude is clear: do not restrict overseas listing of high-quality enterprises, but require orderly advancement within the compliance framework. We will neither block the channels with a "one-size-fits-all" approach nor relax compliance review, so that enterprises can clearly understand "what can be done and what cannot be done". Market reaction is positive: The number of Chinese concept stocks listed in the US in 2025 surged by 56.4% year-on-year. Enterprises such as CHAGEE and Asymchem have successfully listed one after another. These trends are the inevitable result of policy logic and market laws, and enterprises need to make advance plans to respond: The SEC reform directly addresses the pain point of "excessive compliance costs". The prospectus is expected to be reduced by 30%, and small and medium-sized enterprises can save 800,000 US dollars in compliance costs every year. The scope of "small company" recognition will also be expanded. Chinese small and medium-sized enterprises that were previously unable to access the US stock market due to compliance pressure now have financing opportunities, especially in high-valuation US stock tracks such as AI, biomedicine, and new energy, where policy dividends are more obvious. The core basis is "China-US regulatory coordination": China and the United States have established normalized cooperation in the audit supervision of Chinese concept stocks. 38 Chinese concept stocks have passed the PCAOB review, and the foundation of mutual recognition of rules is solid. The NASDAQ proposal to set a 25-million-US-dollar threshold is essentially a differentiated restriction, which violates the principle of "equality and mutual benefit" and will be opposed by the CSRC. Driven by US market demand: Hard-tech enterprises among Chinese concept stocks are an important supplement to the US stock market. In 2025, the IPO fundraising amount of the US biotech track increased by 78% year-on-year. Chinese enterprises such as Asymchem received oversubscription with their core technologies, and the SEC is unwilling to give up high-quality assets by setting thresholds. Therefore, the unified global threshold of 15 million US dollars is the best solution weighed by all parties. Time window alignment: The SEC reform will be launched in January 2026. If the CSRC approves filings intensively in the next two months, enterprises can catch up with the policy dividend period and realize "connecting with US stock reform immediately after filing is approved". Market demand matching: The A-share main board requires a net profit of more than 80 million RMB for three consecutive years. The Hong Kong stock market has tightened the listing standards for biotech enterprises. Many unprofitable technology enterprises and small and medium-sized enterprises can only turn to the US stock market. Approving filings not only meets the financing needs of enterprises, but also reflects the two-way opening of the capital market. Domestic market: As the core, it undertakes the listing of most mature enterprises and large enterprises; Hong Kong stock market: Relying on the advantage of "connecting the mainland with the international market", it has become a buffer zone for the return of Chinese concept stocks and cross-border listing. In 2025, 222 enterprises have passed the filing for listing in Hong Kong. After the Hong Kong Stock Exchange optimized the dual listing rules, it has become a "safety cushion" for leading Chinese enterprises; US stock market: Positioned as a "differentiated supplement", it mainly undertakes high-growth, high-valuation hard-tech enterprises, and uses its high liquidity and valuation premium to connect with global capital. In 2026, the diversified layout of "domestic + overseas" or "Hong Kong stocks + US stocks" will become the mainstream, allowing enterprises to diversify risks and connect with more resources. In 2026, the US listing of Chinese enterprises is an opportunity period where policy dividends and compliance requirements coexist: The SEC's relaxation reform has opened the "window period", and the CSRC's accelerated filing has reduced the "process threshold". However, the class action lawsuit risks in the US stock market, cross-border data security requirements, and subtle differences between China and US regulatory rules are still obstacles that enterprises must overcome. Successful cross-border listing is no longer "blindly following the trend", but "precise adaptation": Hard-tech and high-growth enterprises can leverage the valuation advantages of the US stock market; Mature enterprises are suitable for choosing "domestic + Hong Kong stocks" dual listing; Small and medium-sized enterprises need to weigh compliance costs and financing benefits. No matter which path they choose, "compliance first" is an unbreakable bottom line. Only enterprises that meet domestic and foreign regulatory requirements and have real business support can achieve long-term and stable development in the global capital market. The two-way policy relaxation between China and the US is essentially the resonance between global capital's thirst for high-quality assets and China's capital market opening. In 2026, cross-border listing will enter a new "ecological" stage. Grasping the policy rhythm and choosing the right listing path is the key for enterprises to navigate the capital cycle. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd., Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Company under the same actual controller. Both companies are under the same Chinese management system, and comply with the laws of Hong Kong and mainland China.