Chinese Firms Accelerate U.S. Listings Despite Tariffs and Tensions

Chinese companies are accelerating their efforts to list in U.S. markets despite ongoing geopolitical tensions and regulatory scrutiny, reflecting a persistent confidence in the appeal of American capital markets. In the first half of 2025, 36 Chinese firms—primarily small and mid-sized—have successfully completed U.S. listings, according to K&L Gates, a figure that, if sustained, could surpass the record 64 listings in 2024 [1]. Many of these new listings have been facilitated through SPACs, a process that allows companies to bypass the traditional IPO route and enter the public market more quickly [1].

The trend suggests that Chinese firms view the U.S. as a strategic venue for raising capital and enhancing global visibility, despite the growing regulatory oversight and political friction. SPAC listings have surged, from 57 in 2024 to 76 in 2025, according to SPACInsider, indicating a continued preference for this alternative route to going public [1]. Additionally, over 40 Chinese companies have already filed for listings on Nasdaq, with more confidential applications possibly in the pipeline. If all these proceed, 2025 could set a new record for Chinese listings on U.S. exchanges [1].

This momentum builds on an existing presence of more than 100 Chinese firms already listed in the U.S., including major names like Alibaba, JD.com, and Baidu, which together account for nearly $1 trillion in market value as of March 2025 [1]. Analysts attribute the continued push for U.S. listings to stricter domestic regulations in China and the generally higher valuations available abroad. Despite rising tariffs and trade tensions, including U.S. tariffs on Chinese goods reaching as high as 145%, Chinese firms remain optimistic about the long-term benefits of U.S. market access [2].

Recent statements from U.S. Trade Representative Jamieson Greer, confirming that new “reciprocal tariffs” under President Donald Trump are “pretty much set,” have not curbed this trend. Instead, some companies appear to be expediting their plans, possibly to secure listings before regulatory or market changes complicate access to U.S. capital [3]. This strategy reflects a broader recalibration of global supply chains, as firms in China and the broader Asia-Pacific region adjust to the shifting trade dynamics [4].

Despite the political and economic headwinds, the U.S. remains a key destination for Chinese firms seeking growth and global recognition. The trend highlights the enduring appeal of American capital markets—characterized by liquidity, transparency, and strong investor trust—despite the ongoing tensions between the two nations [5].

Sources:

[1] Chinese companies rush to list in the U.S. despite tensions https://coinmarketcap.com/community/articles/6891c4806bff8548314330fd/

[2] Tariffs in the second Trump administration https://en.wikipedia.org/wiki/Tariffs_in_the_second_Trump_administration

[3] Trump tariffs live updates: Greer says tariffs 'pretty much set' https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-says-he-is-doubling-tariffs-on-steel-imports-to-50-191201004.html

[4] Trump tariffs drive shift in Taiwan's PCB strategy as exports ... https://www.digitimes.com/news/a20250801PD208/exports-taiwan-donald-trump-supply-chain-manufacturing.html

[5] EUR/USD: Likely to trade in range between 1.1435 and ... https://www.mitrade.com/au/insights/news/live-news/article-5-1012644-20250805