How Can High-Asset Companies Successfully Enter the U.S. Capital Market?

The Path to Success High-Asset Enterprises Navigating the U.S. Registration-Based IPO System

In today's fiercely competitive global capital markets, the U.S. securities market remains one of the most attractive and liquid markets in the world. For high-asset enterprises, listing in the U.S. is not only a key avenue for fundraising, but also a crucial step toward enhancing international brand recognition, optimizing corporate governance, and expanding global operations. The U.S. registration-based IPO system provides a relatively flexible and transparent pathway for companies seeking to go public. However, despite the seemingly low entry barriers, only those companies that are thoroughly prepared across multiple dimensions can truly succeed in reaching the pinnacle of capital markets.

I. Understanding the Nature and Characteristics of the U.S. Registration System

The U.S. securities market operates under a registration-based system, the core principle of which is information disclosure. Unlike an approval-based system, where regulators make substantive judgments on a company's qualifications, the registration system emphasizes whether the company has fully, accurately, and timely disclosed all information that could influence investor decisions.

This means that as long as a company submits registration documents-such as an IPO prospectus-in accordance with the requirements of the U.S. Securities and Exchange Commission SEC and completes the review process, it can obtain listing eligibility. This institutional design offers companies significant autonomy, but also imposes higher demands on corporate compliance capabilities, the quality of information disclosure, and the professionalism of intermediary institutions.

For high-asset enterprises from overseas, aligning with U.S. standards in terms of culture, legal frameworks, and financial practices is essential to successfully listing on NASDAQ or the New York Stock Exchange NYSE.

II. Recent Trends in U.S. IPOs by High-Asset Enterprises

According to Bloomberg data from 2025, despite ongoing global economic uncertainties, the U.S. IPO market remains vibrant, particularly in sectors such as technology, biopharma, and new energy. Many high-asset enterprises have chosen to go public via traditional IPOs or through SPACs special purpose acquisition companies.

For example, in Q2 of 2025, an Asian new energy vehicle company successfully listed on NASDAQ via a traditional IPO, raising over $1.5 billion, and becoming a landmark case of Asian enterprises entering the U.S. market that year. This trend reflects several key characteristics

1. U.S. investors show strong interest in technology-driven and innovation-focused enterprises.

2. Large asset size and stable profitability are key factors in attracting capital.

3. Corporate governance, financial transparency, and compliance systems are focal points of SEC scrutiny.

III. Strategies for High-Asset Enterprises to Navigate the Registration System

1. Establishing a High-Standard Information Disclosure Framework

Given that information disclosure is central to the U.S. registration system, high-asset enterprises must build a financial reporting system compliant with U.S. Generally Accepted Accounting Principles GAAP and SEC requirements. They must also fully disclose aspects such as business risks, governance structure, related-party transactions, and intellectual property. This is not only a compliance exercise but also a comprehensive test of internal governance capabilities.

2. Building a Professional Intermediary Team

A successful U.S. IPO requires a team of experienced intermediaries, including international investment banks, law firms, accounting firms, and investor relations advisors. These institutions help ensure legal, financial, and tax compliance, while also assisting in developing valuation models, roadshow strategies, and investor communication plans.

3. Strengthening Corporate Governance

U.S. investors place a high value on corporate governance, particularly board independence, executive compensation transparency, and internal control systems. To gain international recognition, high-asset enterprises must align their governance practices with global standards. Measures such as establishing an independent director system, introducing external audit committees, and enhancing internal compliance mechanisms are critical steps toward improving governance.

4. Formulating a Clear Capital Strategy and Long-Term Development Roadmap

The U.S. capital market prioritizes long-term value creation. High-asset enterprises must not only demonstrate current profitability but also articulate a clear strategic vision, market expansion plan, and innovation roadmap. Only companies with sustainable growth potential can earn long-term investor confidence.

IV. Case Study The Ascent of a Leading Asian Tech Enterprise

In 2025, an Asian technology company with over $5 billion in total assets successfully listed in the U.S. The company had global RD centers and sales networks. Three years prior to the IPO, it initiated international compliance reforms, engaged one of the Big Four accounting firms for financial audits, and retained a top-tier U.S. investment bank as the lead underwriter.

Additionally, the company consistently communicated its technological advancements and market expansion progress to build investor confidence. Ultimately, its IPO price was 20% higher than expected, and its stock rose nearly 30% on the first trading day, making it one of the most-watched tech IPOs of the year.

This case illustrates that beyond strong fundamentals, high-asset enterprises must also strengthen intangible capabilities-such as brand building, investor communication, and market expectation management-to succeed under the U.S. registration system.

V. Conclusion

The U.S. registration system offers high-asset enterprises a convenient gateway to global capital markets, but it is not without challenges. It demands robust information disclosure capabilities, strong compliance awareness, and a global perspective. During the listing process, companies must not only refine their core competencies but also learn how to engage effectively with international investors.

Only by truly understanding and adapting to the rules and logic of the U.S. capital market can enterprises stand out in the fierce global competition and maximize their capital value.