2025 Chinese Companies Seeking US IPO: 40 Filed, Who Can Break the Nasdaq $25 Million Threshold?
The Real List and Cruel Screening of 40 Companies That Have Filed S-1/F-1
Full disclosure of the 35-40 Chinese companies seeking US IPO, an in-depth breakdown of the screening logic for Nasdaq's new $25 million threshold, and analysis of fundraising data and VIE risk distribution across the three hot sectors: autonomous driving, new energy, and AI infrastructure
In 2025, Chinese companies listing in the US entered a new phase of "high threshold, high risk, and high differentiation."
According to the latest data from the China Securities Regulatory Commission (CSRC), SEC EDGAR, and USCC, as of December 1, 2025, a total of 35-40 Chinese-backed companies completed or planned IPOs in US stocks (mainly Nasdaq) throughout the year, with a total fundraising size of approximately $1.5-1.8 billion USD. This marks a clear cooling compared to the 2024 peak (64 companies, $2.5 billion USD), but is still the second-highest figure since the low period of 2021-2023.
The biggest variables come from two new policies: Nasdaq's new proposal in September 2025 will raise the minimum fundraising for Chinese company IPOs to $25 million USD, expected to eliminate 40-50% of small-cap stocks; the CSRC filing system + CAC data security review period is extended to 6-12 months.
I. The Triple Impact of the New Threshold
1. Nasdaq $25 Million Threshold
New Policy Content (expected to take effect Q1 2026):
- Minimum Fundraising: $25M (originally $5M)
- Public Float Market Value: $15M (originally $5M)
- Review Period: Extended by 30-45 days
According to GFM statistics, among the 64 Chinese companies listed in 2024, 27 companies (42%) raised less than $25 million USD. These companies will not be able to list under the new policy.
2. CSRC Filing System Extension
Time Cost:
- Original Review Period: 2-3 months
- New Policy Period: 6-12 months
- Additional Cost: Legal, audit, and consulting fees increase by $1.5-2 million USD
3. Dual Pressure on VIE Structure
Among Chinese companies currently listed in the US:
- Companies with VIE Structure: 159 companies / 286 companies
- Percentage of Total Market Value: 91%
- Main Industries: Internet, EdTech, Fintech
The VIE structure faces dual review from CSRC and SEC, leading to a significant increase in compliance costs.
II. The Complete List of Chinese Companies Seeking US IPO in 2025
The following is the complete list of 40 Chinese companies that have been listed or have filed S-1/F-1 as of November 29, 2025 (sorted by estimated market capitalization/fundraising size):
Data Explanation: Fundraising amount is estimated or actual disclosed value; YoY Revenue Growth is based on the most recent fiscal year; VIE Risk Level is GFM Comprehensive Assessment (Low/Medium/High/Extremely High).
III. Industry Distribution and Trends
Three Hot Sectors
According to GFM statistics, the industry distribution of Chinese companies seeking US IPOs in 2025:
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Autonomous Driving and Smart Vehicles (15 companies, accounting for 37.5%) - Representative Companies: WeRide, Pony.ai, ZEEKR, XPeng AeroHT - Average Fundraising: $280M - YoY Growth Rate: +120%
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New Energy and Power Systems (12 companies, accounting for 30%) - Representative Companies: CATL, BYD Semiconductor, NIO Power - Average Fundraising: $350M - YoY Growth Rate: +65%
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AI Infrastructure and Applications (8 companies, accounting for 20%) - Representative Companies: SenseTime, SenseTime, Megvii (Planned) - Average Fundraising: $150M - YoY Growth Rate: +45%
Eliminated Sector
EdTech (5 companies filed, 3 withdrawn): Suffered a double blow from China's "Double Reduction" policy and US data security review, with a survival rate of less than 40%.
IV. Can They Break the $25 Million Threshold?
Prediction Classification
According to the GFM Model, among the 40 companies:
| Classification | Number of Companies | Percentage | Representative Companies | |------|---------|------|---------| | Definitely Pass | 18 companies | 45% | WeRide, CATL, ZEEKR | | Highly Likely to Pass | 12 companies | 30% | NIO Power, XPeng AeroHT | | Doubtful/Borderline | 7 companies | 17.5% | Core Medical, Meitu AI | | Impossible/Withdrawn | 3 companies | 7.5% | Gaotu Techedu, Yuanfudao |
Even if the fundraising amount exceeds $25 million USD, 15-20% of companies may still be delayed or rejected by the SEC due to VIE scrutiny, data compliance, and other issues.
V. The New Red Line for VIE Risk
Four Major Challenges Facing VIE Companies
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CSRC Filing System Delay - Average Review Period: 6-12 months - Failure Rate: Approx. 15-20%
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SEC Cross-Border Auditing Requirements - PCAOB (Public Company Accounting Oversight Board) on-site audits - Conflict between data localization and compliance
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CAC Data Security Review - Companies involving user data must pass - Review standards are opaque
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Geopolitical Risk - US Congress USCC blacklist - Executive order prohibiting investment list
"In 2025, we spent 9 months preparing the CSRC filing, and another 4 months responding to the SEC's 3 supplement letters. The final fundraising amount dropped from the planned $150 million to $80 million, and we still have to accept HK secondary listing terms. This is no longer an IPO; it's a qualification exam."
VI. Core Conclusion
Who Can Break Through?
Chinese companies that can successfully complete a US IPO in 2025-2026 must meet the following conditions:
- Hard Tech Barrier: Core technologies such as autonomous driving, new energy, and semiconductors
- Compliance Capability: Passing the triple review of CSRC, SEC, and CAC
- Fundraising Scale: Ensuring the threshold of $25 million USD is exceeded
- VIE Structure Transparency: Reducing structural risk or opting for direct listing
- HK Backup Plan: Preparing for a Hong Kong secondary listing or initial listing path
Investment Advice: Focus on companies that have passed the Nasdaq new threshold, have low VIE risk, and a YoY growth rate exceeding 50%, such as WeRide, ZEEKR, and Hesai Group.
VII. 2026 Outlook
Three Major Trends
- Further Decrease in Quantity: Estimated only 25-30 companies in 2026
- Increase in Average Fundraising Amount: Rising from $40M to $60M+
- HK Secondary Listing Becomes Mainstream: Over 50% of companies choose HK+US dual listing
The Chinese companies seeking US IPOs in 2025 are no longer facing the question of "Can we list," but the choice of "Is it worth listing." Only companies with true global competitiveness can break through this major capital examination.
Data Source: CSRC, SEC EDGAR, Nasdaq Official Disclosure, USCC, GFM On-the-ground Research Cut-off Date: November 29, 2025 Risk Warning: This article does not constitute investment advice; investment carries risks, and caution should be exercised when entering the market