3.8–3.14 | Recent IPO Activities of Chinese Enterprises in the U.S.

On March 11, local time, FG Holdings Limited (hereinafter referred to as “FG Holdings”), a holding company of Richest View (HK) Limited, filed an updated prospectus with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq listing under the ticker symbol “FGO.” The company first submitted a confidential filing with the SEC on December 28, 2023. It plans to offer 2 million shares at $4–$5 per share, targeting gross proceeds of $8–10 million. Headquartered in Hong Kong, FG Holdings is a financial services provider engaged in private credit mortgage brokerage services. It delivers private credit mortgage brokerage services and bank mortgage brokerage services via its fintech platform. 7. Qinhui Technology On February 11, 2025, local time, Qinhui Technology International Co., Ltd. (hereinafter referred to as “Qinhui Technology”), an automotive parts and components manufacturer and distributor based in Wuhu, China, filed an updated prospectus with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq IPO under the proposed ticker symbol “QHT.” The company plans to issue 1.25 million shares at $5–$6 per share, targeting gross proceeds of $6.25–7.5 million. Qinhui Technology manufactures and sells automotive parts and components for passenger vehicles, trucks, and railway carriages in China through its operating subsidiaries. The company has grown rapidly: as of the prospectus filing date, it holds 37 valid registered patents and 3 registered trademarks in China. Its notable products include LNG tank frames for trucks—producing over 28,000 units in 2019—and it became the largest supplier in this market in China in 2023. The company also co-developed a sliding-welding cargo box with China Railway No. 1 Bureau’s Material & Trade Machinery Company. Since 2002, Qinhui Technology has expanded its production facilities multiple times; it now employs over 200 people and reported approximately $30 million in revenue in 2023. It has repeatedly been named an “Outstanding Supplier” by Chery Automobile. 8. J-Star On March 12, 2025, local time, J-Star Holding Co., Ltd. (hereinafter referred to as “J-Star”), a carbon fiber component manufacturer based in Taiwan, China, filed an updated prospectus with the U.S. Securities and Exchange Commission (SEC), seeking a Nasdaq IPO under the proposed ticker symbol “YMAT.” According to disclosures, the company first submitted a confidential filing with the SEC on September 30, 2021, and formally filed its IPO application publicly on February 16, 2022—though it did not disclose offering size or other details at that time. J-Star plans to issue 1.25 million ordinary shares at $4–$5 per share, targeting gross proceeds of $6.25 million. The predecessor group of J-Star was founded in 1970, and J-Star has accumulated over 50 years of technical expertise in the composite materials industry. J-Star has developed and commercialized technologies for carbon-reinforced and resin systems.

Taiwanese carbon fiber manufacturer 【J-Star】 files for Nasdaq IPO

According to information obtained by Beast Financial, Taiwanese carbon fiber manufacturer 【J-Star Holding】 has recently filed a prospectus with the U.S. Securities and Exchange Commission (SEC), seeking an IPO on the Nasdaq under the ticker symbol YMAT. Business Overview J-Star Holding is a Taiwan-based company specializing in the design, research and development, and manufacturing of various lightweight, high-performance carbon composite material products. Its headquarters and R&D center—including its materials laboratory—are located in Taichung, Taiwan, while its production facility and second R&D center are situated in Dongguan, China. J-Star Holding’s management team is led by Chairman and CEO Jingbin Jiang, who has served as CEO since May 2016. Prior to joining J-Star Holding, he served as CFO of LCY Elastomer, a thermoplastic rubber manufacturer with a factory in Houston, Texas. J-Star Holding generates revenue primarily through three business lines: (i) sales of bicycle components for road bikes and e-bikes; (ii) sales of rackets for tennis, badminton, squash, and beach tennis; and (iii) sales of other products, including automotive structural components, additional sports equipment, and health-related products. J-Star Holding’s bicycle components and rackets are supplied directly or indirectly to brand customers headquartered in Switzerland, France, Italy, the Netherlands, Germany, and Japan. Customers relying on J-Star Holding’s newer products—such as automotive components and health-related products—are primarily located in Australia, Canada, and Japan. Compared with traditional materials, advanced carbon composites offer numerous advantages, including low weight, high strength-to-weight ratio, high stiffness, and improved heat resistance, corrosion resistance, and fatigue resistance. Unlike many competitors in the industry—who rely on less-flexible, off-the-shelf resins—J-Star Holding operates its own R&D center and develops proprietary resin systems and technologies tailored to specific product requirements. As a result, J-Star Holding can integrate customized resin systems optimized for parameters such as durability, thermal performance, curing time, and viscosity. This enables the company not only to manufacture high-precision products meeting customer specifications but also to maintain flexibility in developing a broader range of new products in the future. According to a Frost & Sullivan research report, J-Star Holding is already one of the world’s leading enterprises in both the carbon fiber bicycle components sector and the carbon fiber racket components sector. Industry Overview According to Grand View Research’s 2021 market report, the global composites market was estimated at USD 86.4 billion in 2020 and is projected to reach USD 144 billion by 2028. This represents a forecasted compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

J-Star (YMAT) CEO to Relocate to U.S. Following China Exit

Sep 30, 2026

J-Star Holding (YMAT) announced CEO Jonathan Chiang will relocate to the U.S. following its January 2026 exit from China operations. The company is shifting focus to high-value carbon fiber and composite applications while evaluating U.S. manufacturing expansion.

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Jonathan Chiang Returns as J-Star CEO Effective March 31

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

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

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