July 26–Aug 1 | This Week’s Chinese IPO Activity in the U.S.

I. Already Listed 1. J-Star On July 30, 2025, local time, J-Star Holding Co., Ltd. (“J-Star”), a carbon-component manufacturer headquartered in Taiwan, China, officially listed on the Nasdaq Stock Market under the ticker symbol “YMAT.” The company priced its initial public offering (IPO) at $4 per share, issuing 1.25 million shares and raising $5 million. Proceeds will primarily fund acquisitions and investments in production facilities in the U.S., expansion of its Yangzhou manufacturing base, and establishment of a new factory in Abu Dhabi. Additionally, J-Star plans to build a research and development center in Houston, Texas, further strengthening its innovation capabilities in automation and advanced composite materials. J-Star specializes in designing, developing, and manufacturing lightweight, high-performance carbon composite products. Its offerings serve diverse applications—including components for road bicycles and e-bikes, tennis rackets—as well as automotive parts and other high-end industrial uses. II. Filed or Updated Registration Statements 1. Hengfeng International On July 25, 2025, Hang Feng Technology Innovation Co., Ltd. (“Hengfeng International”), a Hong Kong-based digital asset company, filed an updated registration statement with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq IPO under the proposed ticker “FOFO.” The company initially submitted a confidential IPO application to the SEC in March 2025. Hengfeng International plans to offer 1.375 million shares at $4 per share, targeting gross proceeds of $5.5 million. Hengfeng International operates across two core business lines: (1) Enterprise Management Consulting Services: Since 2023, the company has delivered enterprise management consulting services to numerous clients via its subsidiary Starchain, helping them address operational and strategic challenges—and forging close client relationships in the process. (2) Asset Management Services: Responding to market demand for professional asset management solutions and clients’ difficulty identifying reliable partners, the company’s management team pivoted its strategy in 2024 to provide asset management services through HF CM, HF IAM, and HF Fund SPC—catering to both corporate and individual investors. 2. Zi Yun Dong Fang

Carbon Fiber Manufacturer J-Star Targets U.S. Listing: Up to $20 Million in Potential Proceeds

Leidi Network, Letian, September 17 J-Star Holding (ticker: YMAT), a carbon fiber manufacturer based in Taiwan, China, recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC). The company’s proposed offering price range is $4 to $5 per share, with 4 million shares offered, implying maximum gross proceeds of $20 million. J-Star Holding, headquartered in Taiwan, China, focuses on designing, developing, and manufacturing lightweight, high-performance carbon composite products. Its R&D center and materials laboratory are located in Taichung, Taiwan, while its production facility and a second R&D center are situated in Dongguan, mainland China. J-Star Holding generates revenue through three primary business segments: (1) sales of bicycle components for road bikes and e-bikes; (2) sales of rackets for tennis, badminton, squash, and beach tennis; and (3) sales of other products—including automotive structural components, additional sports equipment, and health supplements. According to the prospectus, J-Star Holding reported revenues of $31.33 million and $39.38 million in 2021 and 2022, respectively, with operating income of -$120,000 and $89,000 in those years.

J-Star secures Taiwan bank approval for $60M Texas facility

Jun 2, 2026

J-Star Holding secured Central Bank of Taiwan financing for a $60M solid-state battery plant in Texas, advancing its $122.5M project for UAV and defense markets.

Investing.com

2026-02-24

J-Star secures exclusive battery distribution deal with PSSB

2026-04-02

Jonathan Chiang Returns as J-Star CEO Effective March 31

2026-04-02

Carbon Fiber Bike Frame Maker J-Star’s Founder Returns as CEO

2026-04-10

J-Star Holding Reinstates Jonathan Chiang as CEO Following Sam Van's Resignation

2026-05-01

J-Star partners with PSSB for Texas battery facility