In 2023, only 25 companies successfully obtained registration approval from the China Securities Regulatory Commission (“CSRC”), thereby paving the way for their listing on the domestic capital market. However, as of March 7, 2024, 22 companies have already completed the registration process with the CSRC .
Among these 22 companies, 11 were registered in both January and February. Notably, three companies underwent Special Purpose Acquisition Company (“SPAC“) processes, namely Baird Medical Investment Holdings Limited., Big Tree Cloud International Group Limited, and Lotus Technology Inc.
▲Number of companies
▲ Companies’ Names
Companies that adopted SPAC structure
▲ Baird Medical
▲ ExcelFin Acquisition Corp.
1. Baird Medical Investment Holdings Limited（拜尔德医疗投资有限公司）
On June 26, 2023, Baird (Suzhou) Medical Co., Ltd. reached a final merger agreement with SPAC company ExcelFin Acquisition Corp., intending to operate as Baird Medical Investment Holdings Limited after completing the transaction. According to the merger agreement, the pre-merger equity value was $300 million, and the estimated enterprise value of the merged company was approximately $370 million.
▲ Big Tree Cloud
▲ Plutonian Acquisition Corp.
2. Big Tree Cloud International Group Limited（大树云国际集团有限公司）
On October 9, 2023, the personal care products company Big Tree Cloud Group announced its final merger agreement with the SPAC company Plutonian Acquisition Corp. According to the agreement, Big Tree Cloud Group will operate as the controlling entity of Big Tree Cloud International Group Limited, with an estimated valuation of $500 million.
▲ Lotus Technology
▲ L Catterton Asia Acquisition Corp.
3. Lotus Technology Inc.（路特斯科技公司）
On February 22, 2024, electric vehicle manufacturer Lotus Technology Inc. completed a merger transaction with SPAC company L Catterton Asia Acquisition Corp. Following closely, on February 23, 2024, Lotus Technology (NASDAQ: LOT) was officially listed on the Nasdaq stock exchange with an estimated valuation of approximately $6.8 billion.
With a growing number of China concept stocks successfully completing registration with the CSRC in January and February this year, it show a smoother process for these stocks to list overseas in 2024. This trend underscores companies’ positive attitude toward the capital market and their confidence. As time passes, we can be assured that the number of companies completing registration with the CSRC will increase, and we eagerly anticipate witnessing more meaningful developments and trends.
