3.8–3.14 | This Week’s IPO Activities of Chinese Enterprises in the U.S.

On March 11, local time, FG Holdings Limited (hereinafter referred to as “FG Holdings”), a Hong Kong-based holding company of Richest View (HK) Limited, filed an updated registration statement with the U.S. Securities and Exchange Commission (SEC), seeking a listing on the Nasdaq under the proposed 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 both 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, filed an updated registration statement with the 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 date of its prospectus filing, it holds 37 valid registered patents and three registered trademarks in China. Its notable product—the LNG tank frame for trucks—saw production exceed 28,000 units in 2019; by 2023, Qinhui Technology had become China’s largest supplier in this market. The company also co-developed a sliding-welding cargo box with China Railway No. 1 Bureau Material & Trading Machinery Co., Ltd. Since 2002, it has repeatedly expanded its production facilities and now employs over 200 people. In 2023, its revenue totaled approximately $30 million, and it has been repeatedly recognized as 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-component manufacturer headquartered in Taiwan, China, filed an updated registration statement with the SEC, seeking a Nasdaq IPO under the proposed ticker symbol “YMAT”. According to disclosures, J-Star 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 details such as offering size at that time. J-Star now plans to issue 1.25 million ordinary shares at $4–$5 per share, targeting gross proceeds of $6.25 million. J-Star’s predecessor group was founded in 1970, and J-Star has accumulated over 50 years of technical expertise in the advanced composite materials industry. J-Star has developed and commercialized technologies for carbon-reinforced resin systems.

Review of Chinese Enterprises’ U.S. Listings in July: 13 Companies Completed Listings; 8 Filed IPO Applications

As of July 31, Eastern Time, 13 Chinese enterprises successfully listed on U.S. major exchanges in July, while another eight formally filed IPO applications with the U.S. Securities and Exchange Commission (SEC). I. Listing Methods and Fundraising Overview • Twelve companies completed listings via traditional IPOs, collectively raising approximately $288 million. • One company—Youlan International (YOUL)—listed via the De-SPAC route. • Fundraising amounts varied significantly: AParadise Acquisition (APADU), a SPAC, raised $200 million—the highest amount this month. Xinjun Cashmere (MJID) and Meihua Capital (MGRT) each raised $15 million, while the remaining nine IPO companies raised less than $10 million apiece. II. Geographic Distribution: Hong Kong Dominates • KMRK (Jin Dian Technology), a Hong Kong-based enterprise, completed its listing in just 195 days—the fastest this month. • J-Star (YMAT), a Taiwan-based enterprise, took 1,414 days (nearly four years) to list—the longest this month—highlighting the need for companies to carefully plan their listing timelines in light of their own circumstances and prevailing market conditions. III. First-Day Performance: Mixed Results • KMRK (Jin Dian Technology) delivered the strongest first-day performance, closing up 23.75%. • Creative Greater China (CRE) followed closely, closing up 10%. • All other companies posted first-day gains of less than 5%; some even experienced first-day declines (“breaking below issue price”), reflecting markedly divergent market reactions to varying corporate fundamentals. IV. IPO Application Dynamics: Regulatory Compliance Under Scrutiny • Of the eight Chinese enterprises filing IPO applications this month, four submitted preliminary registration statements (F-1 filings, colloquially known as “blank prospectuses”). • SEC review has tightened: Except for the most recently filed application, the SEC has rejected the review requests of the other three blank-prospectus filers—underscoring the critical importance of strict compliance with disclosure requirements. • The remaining four companies that filed formal registration statements are: Kangbet (KBAT), Maolu Kuai Pao (KOKO), Zhuoyuan (ACCL), and Agencia Comercial (AGCC). Spanning consumer goods, logistics, and other sectors, their subsequent progress warrants close attention.

YMAT Soars as J-Star Wins Key Taiwan Loan Approval

May 31, 2026

J-Star Holding's subsidiary YMA secured a $60M loan from Taiwan's central bank to fund a 100MWh solid-state battery line in Texas. This financing aims to transform the company into a strategic player in battery electrification despite its current financial distress.

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YMAT Soars as J-Star Wins Key Taiwan Loan Approval

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