Leading provider of services for enterprises going public overseas
Throughout 2025, Frost & Sullivan assisted a total of 106 enterprises in going public overseas, including 82 enterprises listed in Hong Kong. In terms of the number of projects, Frost & Sullivan accounted for over 72% of the market share of Hong Kong IPOs in 2025 (excluding backdoor listings, reverse mergers, and listings through introductions); it also assisted 24 enterprises in going public in the US (covering the NASDAQ and New York Stock Exchanges, including SPACs). From 2014 to 2025, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') served more than 3,000 domestic and international companies planning to go public, maintaining its leading position as an industry research advisor in the overseas IPO market for many years.
As the review of new share issuance in the A-share market becomes stricter in 2024, more small and medium-sized enterprises are turning to the US for listing. At the same time, the Federal Reserve has started its interest rate cut cycle, leading to abundant liquidity in the US stock market, which attracts global companies to seize the critical window period. In 2025, the US IPO market has strongly recovered, welcoming the strongest recovery since 2021! As Hong Kong becomes an important springboard for mainland enterprises listing in the US, listing in the US has shifted from mere financing to brand endorsement and international resource integration. 'Hong Kong entity + US listing'Dual-platform modeIt not only meets the domestic filing requirements but also reduces the risk of direct listing.
The U.S. capital market has demonstrated a strong attraction to high-quality enterprises globally. As of December 25th, a total of 215 companies completed IPOs in the U.S. (excluding SPACs and private placements), among which there were 66 Chinese-funded companies; there were 151 companies (excluding SPACs and private placements) waiting to file for listing on the U.S. stock market for the whole year, of which 77 were Chinese-funded companies, accounting for 51%. The listed companies are mainly small and medium-sized enterprises, with an average fundraising amount of less than $20 million. Among them, the leading fundraising projects were Bawang Tea Girl with $411 million and Yasheng Medicine with $126 million. The NASDAQ stock exchange, with its inclusiveness towards innovative enterprises and global resource integration capabilities, firmly ranks as the preferred platform for listing high-quality innovative enterprises globally. The U.S. stock market has fully unleashed its vitality, not only delivering an impressive market performance but also achieving a breakthrough for Chinese-funded companies against the odds. The industry's focus effect has become increasingly prominent, and in the vigorous development wave, there lies a new industry ecosystem that contains both opportunities and challenges.
Looking at Chinese companies going public in the United States throughout 2025, the overall pattern is one of 'hardcore leadership, diverse blossoming.' In the technology services sector, many companies are leading strongly, with cutting-edge tracks such as AI chips and machine vision sparking a wave of listings. Companies like Unisoc have gained international capital favor by using their hardcore technical barriers; in the consumer services sector, brands represented by Ant Group are accelerating their globalization layout through US listings; Yasheng Medicine has gained recognition from international capital with its innovative drug research and development capabilities, forming a golden track matrix of 'hard technology + big consumer + new health.' Chinese companies going public in the US have evolved from simple financing to a strategic intent of 'brand globalization + resource integration.' The booming trend of going public in the US in 2025 also indicates that Chinese companies are embracing global capital with a more stable and mature posture, striving to write a magnificent chapter in the high-quality development of their enterprises even under the grand geopolitical influence.
In 2025, Frost & Sullivan will provide exclusive industry advisory services to companies within the following representative sectors:
01
High-end manufacturing
Enterprises in the high-end manufacturing sector are deeply involved in the core areas of industrial manufacturing, focusing on intelligent equipment research and development and manufacturing to inject solid strength into the real economy. Whether it's specialized robotic arms suitable for the plastics industry or intelligent integrated solutions covering multiple scenarios, they precisely address the pain points of traditional industries' automation upgrades, making production more efficient and processes smarter. They break down technical barriers with solid technical research and development, adapt customized products and services to meet the production needs of different industries, empower industries with intelligent upgrades to reduce costs and increase efficiency, and make 'Made in China' more technologically advanced.
Yilifu Co., Ltd. (NASDAQ: INLF)
On January 2, 2025, it successfully listed on NASDAQ in the United States. Yilifu Co., Ltd.'s main domestic operating entity, Iwate Robotics Equipment Manufacturing Co., Ltd., is primarily engaged in the research, development, manufacturing, and sales of specialized robotic arms for injection molding machines. It also provides robotic arm installation services and warranties, as well as robotic arm accessories and raw materials. The company mainly produces automated manipulators and injection molding machine supporting automation equipment, with its main products such as manipulators and industrial robots widely used in various plastic industries.
Julong Holding Limited (NASDAQ: JLHL)
The company successfully listed on NASDAQ in the United States on June 26, 2025. It is a leading intelligent integration solution provider in China, boasting a proven track record of excellence, a long-established professional reputation, and outstanding operational capabilities. It mainly provides one-stop comprehensive solutions with significant customer value and is the preferred platform for customers.
02
Biomedical Health
Biopharmaceutical and health sector companies take 'guarding life and health' as their core mission, covering the entire medical ecosystem from prevention, treatment to health management. They are deeply involved in the field of veterinary vaccines, building a solid defense line for animal husbandry safety and ensuring the peace of mind at the source of food; they tackle innovative drug research and development, challenging difficult diseases such as tumors and hepatitis B, bringing hope to patients; they innovate chronic disease management models, using online platforms to break down barriers between doctors, patients, and medications, making health management more convenient and considerate. The company takes R&D strength as its cornerstone and uses innovation to fill demand gaps, not only providing comprehensive health protection for different groups but also making health services accessible with humanized solutions.
Zhengye Biotech Holdings Co., Ltd. (NASDAQ:ZYBT)
The company successfully listed on NASDAQ in the United States on January 7, 2025. It is a global leading manufacturer of veterinary vaccines, focusing on the research, development, production, and sales of veterinary vaccines, especially for livestock. In terms of veterinary vaccine sales in 2022, the company was ranked tenth as China's largest provider of veterinary vaccines.
Yasheng Medicine Group (NASDAQ:AAPG)
On January 24, 2025, it successfully listed on NASDAQ in the United States. The company is a comprehensive global biopharmaceutical enterprise dedicated to developing innovative drugs to address unmet clinical needs of patients worldwide in areas such as oncology. At the same time, Yasheng Medicine Group also successfully listed on the Main Board of the Hong Kong capital market on October 28, 2019, with Frost & Sullivan undertaking its exclusive industry advisory services.
The company successfully listed on the NASDAQ stock market in the United States on October 9, 2025. It is a leading chronic disease online medical service platform in China, focusing on providing chronic disease management and pharmaceutical services for patients. By building a one-stop medical service platform, it organically connects patients, doctors, and medications.
03
Technology services
Technology service sector companies take technology as their core driving force, providing digital and intelligent service solutions for enterprises or individuals, covering sub-sectors such as digital platforms, smart communities, agricultural product e-commerce, and content creation. By penetrating all aspects of life and industry with digital services, they optimize experiences and create value with efficient and convenient solutions, becoming practitioners and promoters of digital life.
Xiamen Yipin Weike Network Technology Co., Ltd. EPWK HOLDINGS LTD. (NASDAQ: EPWK)
It successfully listed on NASDAQ in the United States on February 7, 2025. Xiamen Yipin Weike Network Technology Co., Ltd., as a digital and intelligent network service platform, connects enterprises with outstanding talents through an innovative and efficient comprehensive crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers.
Lianzhang Portal LZ Technology Holdings Ltd (NASDAQ:LZMH)
On February 27, 2025, the company successfully logged into NASDAQ in the United States. The company's headquarters are located in Xiamen, Fujian, and it is an information technology and advertising company with its business mainly divided into three business areas: smart communities, outdoor advertising, and local life. In the vertical field of smart communities, Lianzhang Portal monitors through access control monitors and suppliers providedSaaS platformProvides an intelligent community building access and security management system.
GIBO Holdings Limited (NASDAQ: GIBO)
On May 9, 2025, it successfully listed on NASDAQ in the United States through a De-SPAC transaction. GIBO is an integrated AIGC animation streaming platform targeting the young Asian demographic, providing users with one-stop services for animation content creation, publishing, distribution, and interaction through generative AI technology. Relying on GIBO AI's core technical capabilities, the platform offers creators full-process AI creation tools, supporting efficient generation of voiceover, visuals, and script content, and building a sustainable ecosystem that combines content production and consumption.
Beijing Yimuotian Xinong Network Technology Co., Ltd. (NASDAQ: YMT)
The company successfully listed on NASDAQ in the United States on August 19, 2025. It is a leading comprehensive digital agricultural products group in China, dedicated to B2B production and sales of agricultural products through internet platforms. Its main users include origin agricultural product brokers, destination wholesalers, supermarkets, e-commerce platforms, and other buyers of various bulk agricultural products.
04
Business logistics
The business logistics sector enterprises are the 'link' in global commodity circulation, empowering circulation efficiency with digital supply chain management models. From cross-border services to local distribution, from basic transportation to professional trade, enterprises solve circulation problems with refined services, ensure supply chain stability with efficient operations, make commodity flow smoother, and enrich consumer choices.
Hong Kong Pharmaceutical Digital Technology Holdings Limited (NASDAQ: HKPD)
The company successfully listed on NASDAQ in the United States on January 15, 2025. It is a leading third-party non-prescription drug cross-border e-commerce supply chain service provider in Mainland China. It has a professional team and relevant pharmaceutical storage facilities in Hong Kong, mainly providing one-stop cross-border e-commerce supply chain services for merchants engaged in pharmaceutical cross-border e-commerce.
Marwynn Holdings, Inc. (NASDAQ: MWYN)
It successfully listed on NASDAQ in the United States on March 13, 2025. The group is a company that specializes in providing supply chain solutions for food, non-alcoholic beverages, and interior home decoration products, connecting businesses between different regions, especially between Asia and the United States.
Intercont (Cayman) Limited Dewey Lines (NASDAQ:NCT)
It successfully listed on NASDAQ in the United States on March 28, 2025. The Group is a maritime company that operates its global maritime services through its shipping subsidiaries, with revenue sources including time chartering and ship management services.
Haohsin Holdings Limited (NASDAQ: HXHX)
Successfully listed on NASDAQ in the United States on April 15, 2025. Haoxin Holdings is aTemperature-controlled full-vehicle transportationWe are a service provider and urban distribution service provider, with over 20 years of experience in the transportation industry. Our scope of goods includes new energy materials, electronic products, pharmaceuticals, meat, fruits and vegetables, etc.
Ten-League International Holdings Limited (NASDAQ:TLIH)
The company successfully listed on NASDAQ in the United States on July 8, 2025. Originating from Singapore, as a turnkey engineering solutions provider, its business mainly includes: sales of heavy equipment and parts, heavy equipment leasing, and engineering consulting services for ports, construction, civil engineering, and underground foundation industries. The equipment provided by the company is divided into four categories based on function and application scenario: basic engineering equipment, lifting equipment, excavation equipment, and port machinery.
05
financial services
Financial service sector companies focus on professional services in the financial field, covering sub-sectors such as securities brokerage, insurance distribution, corporate financing, digital payments, and cryptocurrencies. With professionalism and technology as their dual wings, they aim to make financial services more user-friendly and efficient. Companies break away from the traditional financial framework, centering on customer needs, and use professional capabilities and technology to optimize service experiences, integrating financial services better into every aspect of life and corporate development.
Huatao Securities International Co., Ltd. (NASDAQ: WTF)
The company successfully listed on the US NASDAQ on April 1, 2025. It is a veteran comprehensive securities broker in Hong Kong's financial services industry, mainly engaged in providing securities brokerage services for listed securities on the Hong Kong Stock Exchange, including stocks under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange, and the NASDAQ stock market.
WeBank Securities Webull Corporation (Nasdaq:BULL)
The company completed the merger with SPAC (Special Purpose Acquisition Company) SK Growth Opportunities Corporation (SKGR) on April 11, 2025, and was officially listed on NASDAQ in the United States. The company is a global leading internet brokerage firm dedicated to zero-commission trading and providing professional investment tools, mainly targeting investors in US stocks, Hong Kong stocks, and cryptocurrencies.
Yuanda Insurance Brokerage (Beijing) Co., Ltd. (NASDAQ: YB)
The company successfully listed on the NASDAQ Stock Exchange on April 30, 2025. It is a leading technology-driven online insurance distributor in China and has built an efficient full lifecycle consumer service engine. Calculated based on premiums for the first year of 2023, the company is the largest independent insurance distributor in China's personal insurance market.
Rainbow Capital (NASDAQ: RNBW)
The company successfully listed on the NASDAQ Stock Exchange on June 18, 2025. Established in 2019, it mainly provides corporate financing services in Hong Kong and has extensive experience in mergers and acquisitions, share offerings, privatizations, corporate spin-offs, asset and equity sales, ongoing connected transactions, related-party transactions, compliance consulting, and IPO services.
TechCreate Group Ltd. (NYSE: TCGL)
Successfully logged into the New York Stock Exchange on October 15, 2025. TechCreate Group Ltd. is a comprehensive technology consulting and software solution provider focusing on digital payments and cybersecurity. The company leverages its own proprietaryAI Real-time Payment Engine(AI-RTE) along with advanced API management, cloud services, and cybersecurity capabilities, provides financial institutions, telecom operators, and enterprises with efficient and secure end-to-end technical services. Relying on its market presence in Singapore, Brunei, Cambodia, and strategic partnerships in India, Vietnam, Indonesia, Laos, and Hong Kong, TechCreate Group Ltd. is committed to helping customers achieve digital transformation and operational upgrading through scalable integrated solutions.
06
Consumer Retail and Entertainment
Companies in the consumer retail sector target end consumers, covering sub-sectors such as catering services, high-end personal care retail, and gaming entertainment. By continuously delving into consumer scenarios, brand operations, and offline channel layout, they create wonderful experiences for consumers with quality and uniqueness.
Home Game Holdings Inc. (NASDAQ: GMHS)
On January 27, 2025, it successfully listed on NASDAQ in the United States. Jiaoyou is a technology-oriented enterprise focusing on mobile game distribution, dedicated to building partnerships with small and medium-sized game developers. By providing data-driven commercial support and optimized game distribution strategies, Jiaoyou empowers small and medium-sized game developers to maintain strong competitiveness and continuous development momentum in the global gaming market.
It successfully listed on NASDAQ in the United States on April 10, 2025. Since its establishment in 2019, the group has focused on Taiwanese specialty cuisine. Currently, it has 12 stores in Hong Kong, including 9 Niu Daren Taiwanese hot pot restaurants and 3 Anping barbecue restaurants.
Pitanium Limited (NASDAQ:PTNM)
Pitanium Limited successfully listed on NASDAQ in the United States on May 30, 2025. The company is a high-end personal care product retail company from Hong Kong. Since its establishment in 2019, it initially provided high-end skincare and haircare products for spas in Hong Kong, then shifted to selling to retail customers. In 2023, it launched the "BIG_PI" series, offering users a complete product line.
07
Energy Technology
Skyege International Limited (NASDAQ: SCAG)
On June 27, 2025, local time in the United States, the company announced the official completion of its merger with Finnovate Acquisition Corp., and on June 30, local time in the United States, it was successfully listed on NASDAQ through a SPAC transaction. The company is a leading pioneer and leader in zero-emission solutions in China, focusing on the research, development, and commercialization of new energy heavy trucks and electronic fuel solutions.
Delixy Holdings Limited (NASDAQ: DLXY)
It successfully listed on NASDAQ in the United States on July 9, 2025. The group is a holding company headquartered in Singapore, established in 2007, focusing on the trading business of crude oil and petroleum-related products.
A List of Companies Set to Go Public in the US in 2025 with the Support of Frost & Sullivan
Professional and authoritative IPO industry advisor
Overseas listing is an important way for Chinese enterprises to integrate into the international market. For enterprises planning to go public overseas, Frost & Sullivan, as an exclusive industry advisor, mainly undertakes the following tasks: helping issuers accurately and objectively understand their positioning in target markets, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting in the preparation of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections) with the issuer, investment banks, and other intermediaries, helping issuers communicate with overseas exchanges and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting issuers in responding to various industry-related feedback from overseas exchanges.
Looking ahead to 2026, Frost & Sullivan will continue to leverage its industry-wide research coverage and forward-looking perspective on basic industries. With its rich global expert network, information resources and methodological tools, the firm will continue to build on years of successful project experience and its global resource allocation and collaboration capabilities for project execution. It will use its professional services to help more enterprises successfully go public at a higher valuation, fully empower enterprises to operate efficiently in the capital market, and promote continuous growth and brand value enhancement!
