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October 1, 2026 — 美股IPO

Form S-1 vs Form F-1: Which Registration Statement Applies to Your Issuer

Whether an issuer files on Form S-1 or Form F-1 turns on the foreign private issuer definition in Rule 405 of Regulation C, not on nationality or place of incorporation. This note works through the two-part test, the jurisdictions examined for record ownership, the majority-owned subsidiary provision, and what the choice of form actually changes.

October 1, 2026 — 美股IPO

Chinese Biotech Listing on HKEX Chapter 18A: Eligibility and How the Regime Works

Chapter 18A is a chapter inside the Main Board Listing Rules, not a separate tier of the market. This note sets out who may apply, what a Core Product has to be, how the Sophisticated Investor requirement is assessed, and why the HK$1.5 billion, HK$3 billion and HK$8 billion figures are third-party investment benchmarks rather than listing thresholds.

October 1, 2026 — 美股IPO

Nasdaq and NYSE Listing Requirements: Financial Thresholds Compared for HK and China Issuers

Nasdaq and NYSE each publish quantitative initial-listing standards, and both keep discretion over approval on top of them. This note sets out the Nasdaq Global Select Market financial standards, the NYSE January 2026 initial listing tests, the distribution and liquidity standards at each exchange, and the Restrictive Market determination that matters most to Hong Kong and mainland China issuers.

October 1, 2026 — 美股IPO

Secondary Listing in Hong Kong: When a US-Listed Issuer Adds an HK Counter

A US-listed issuer that wants a Hong Kong counter does not automatically get a lighter approval route. This note sets out who falls under Chapter 19A and who under Chapter 19C, the basic conditions in Rule 19C.02A, the Exchange's discretion to refuse, and the two rules that quietly convert a secondary listing into a primary one.