The trend of Chinese companies going public in the US seems unstoppable in June, despite the fact that there were policies-related noises coming out last month. Since June 5th, four Chinese companies, Dada Nexus ( Nasdaq: DADA), Legend Biotech Corp (Nasdaq: LEGN) , Ucloudlink Group Inc (Nasdaq: UCL) and Burning Rock Biotech Limited (BNR) have followed their steps to debut on Nasdaq.The past two weeks were likely the busiest period for Chinese companies who have already registered in SEC; dozens of Chinese companies rushed to file or update to SEC, paving the way for their upcoming IPOs.
Meanwhile, ATIF Holdings Limited (Nasdaq: ATIF), a company providing business consulting services and multimedia services in Asia, last week announced that the Company entered into two consulting service agreement, bringing $1.8 million in revenue, to act as a business or financial advisor for Shenzhen Agrecoe Biotechnology Co., Ltd. (“Agrecoe”) and Yinfu Gold Corporation (OTC: ELRE), in anticipation of these two clients’ debut on Nasdaq or New York Stock Exchange.
ATIF is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. In April, ATIF completed equity merger and acquisition with Leaping Group Co., Ltd. (LGC), holding 51.2% stock rights of LGC. The move was believed to expand ATIF’s business, upgrade its service, and increase the company’s revenue.
Headquartered in Shenzhen, China, Agrecoe is an emerging growth biotechnology company specializing in the research, development, production and sales of microbial inoculants in the three major fields of agriculture, environmental protection and food. While the other client, ELRE, an emerging growth company specializing in new-emerging application industries of internet technology, artificial intelligence (AI) and the internet of things (IOT), has already been listed in OTC. After signing, Agrecoe and ELRE officially started to prepare for getting listed or uplisting to Nasdaq or NYSE.
ATIF CEO Liu Jun said, “We are proud to have respectively signed service agreement with Agrecoe and ELRE within a week. I still believe the US market will be Chinese companies’ preference. ATIF’s services have become more diversified following the recent new wave of Chinese companies going public in the U.S. We look forward to seeing our clients achieving great progress and strong growth in 2020 and beyond, as increased access to U.S. capital market drives the momentum.”
As China recovers from its coronavirus crisis, leading Chinese stocks listed in the U.S., such as Alibaba (BABA), and ZTO Express (ZTO), JD.com (JD) and NetEase (NTES) have come to the fore. At the same time, as more and more Chinese companies go public on Nasdaq or NYSE, U.S.-listed Chinese stocks may rebuild reputation and trust, in spite of the Luckin (LK) scandal and any new policies raised by the stock exchange or US government.
