Overseas Listing Filing System's First Project for US Listing Revealed: Xin Jun Cashmere's Nasdaq IPO Marks a New Era for Chinese Concept Stocks
Never forget, there will always be echoes.
With the implementation of the overseas listing filing system, the timing of when companies seeking listing in the United States can obtain approval through filing has attracted widespread attention.
As of July 20th, the China Securities Regulatory Commission (CSRC) has issued filing notices to a total of 14 companies, but all of these companies are listed on the Hong Kong Stock Exchange.
Companies seeking listing in the United States have yet to receive any response.
Now, the CSRC has finally issued the first filing notice to a Chinese company seeking listing in the United States.
On July 26th, the CSRC website displayed that Majestic Ideal Holdings Limited (referred to as "New Junyang Rong") planning to list on NASDAQ has passed the filing process.
"Your company should report the issuance and listing situation through the China Securities Regulatory Commission's filing management information system within 15 working days after completing the overseas issuance and listing. Your company should strictly comply with relevant laws, regulations, and rules both domestically and overseas during the process of overseas issuance and listing," the CSRC pointed out.
New Junyang Rong has become the first Chinese company seeking listing in the United States to obtain CSRC approval through filing.
As a supply chain company in the clothing industry, New Junyang Rong mainly provides yarn and garment products to customers.
However, its overall performance scale is relatively limited. The revenue for 2021 and 2022 is 100 million yuan and 115 million yuan respectively, with net profits of 5 million yuan and 7 million yuan during the same period (all figures in RMB).
Nevertheless, the filing approval obtained by New Junyang Rong undoubtedly provides reassurance to other Chinese companies still waiting for CSRC filing results for their planned NASDAQ/New York Stock Exchange listings.
As of July 20th, there are still 22 companies seeking listing in the United States (excluding New Junyang Rong) awaiting filing notices from the CSRC.
Many industry insiders believe that there may be more companies seeking listing in the United States that will obtain approval through filing in the future.
