Chinese Firms Increase U.S. Listings Amid Regulatory Shifts

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SHANGHAI / HONG KONG, Chinese companies are accelerating their push into U.S. financial markets, with a record number choosing to go public in 2025. The surge comes as tighter regulations at home and favorable valuations abroad drive firms toward Wall Street, despite ongoing political tensions between Beijing and Washington.

In the first half of 2025, 36 Chinese companies, mostly small and mid-size, completed public listings in the United States, according to international law firm K&L Gates. That figure follows a record-setting 2024, which saw 64 such listings. More than 40 additional Chinese firms are currently preparing to list, most eyeing the Nasdaq exchange.

A growing share of these listings are occurring through special purpose acquisition companies (SPACs). These vehicles provide a streamlined route to going public, bypassing the lengthy traditional IPO process. SPACs have become a preferred choice for Chinese startups looking to access capital markets quickly, especially as China’s domestic listing environment becomes increasingly restrictive.

“It’s a healthy year for Chinese IPOs. It will probably be a record year or near that,” said David Bartz, partner at K&L Gates. He noted a strong pipeline of companies seeking to list in the U.S.

Following regulatory reforms introduced by Beijing in 2023, many firms have struggled to qualify for a domestic IPO. China’s stock exchanges impose strict size, profitability, and policy-alignment requirements, especially on boards aimed at supporting high-tech sectors aligned with national goals. These conditions have made access to capital at home difficult for younger, high-growth companies.

“In the U.S., as long as you can meet objective rules set by regulators, you can go public,” said Steve Markscheid, managing partner at Aerion Capital and an independent director at several U.S.-listed Chinese firms. “Things are more subjective in China.”

A study by Merits & Tree Law Offices showed that IPO approval takes 9–12 months on average in mainland China, compared to 6–9 months in Hong Kong and just 4–6 months in the U.S. This time lag has made the American route increasingly attractive.

“For a startup, listing in China becomes mission impossible,” said Ronald Shuang of Balloch Holding, a Shanghai-based investment firm advising companies such as Xinghui Car Technology on their U.S. listings.

Xinghui Car Technology, a Chinese racing car maker, recently signed a preliminary agreement with Nasdaq-listed SPAC UY Scuti. At a Shanghai signing event in June, Chairman Song Wenfang said, “The U.S. capital market is one of the world’s biggest. It’s liquid and allows easy access to funding.”

Other companies have followed suit. In April, Chinese tearoom chain Chagee debuted on Nasdaq, raising $411 million, the largest U.S. IPO by a Chinese company this year.

The broader trend reflects increasing interest in U.S. listings through SPACs. According to SPACInsider, 57 firms took the SPAC route in 2024, with that number already reaching 76 in 2025. Many of these are pre-profit or early-stage tech firms prioritizing quick access to funding.

While the influx of Chinese listings continues, U.S. regulators and lawmakers are responding with caution. In May, some members of Congress renewed calls for the delisting of Chinese firms over national security concerns. The Securities and Exchange Commission (SEC) has also moved to increase disclosure requirements, specifically naming China in proposed rule changes issued in June.

Still, the SEC declined to comment on the current wave of Chinese IPOs. Nasdaq and the New York Stock Exchange also refrained from public statements.