Insights洞察
Recent thinking近期观点
Notes on the rules that actually govern foreign private issuers — written for founders, CFOs, and boards.关于真正规范外国私人发行人的那些规则——写给创始人、CFO 与董事会。
The CSRC Overseas Listing Filing Regime: A Practical Roadmap for U.S. IPO Candidates证监会境外上市备案制度：
赴美 IPO 企业实操路线图
Since the Trial Administrative Measures took effect, a completed CSRC filing has become a gating item for most China-based issuers seeking a U.S. listing. We outline the timeline, the documents, and the questions the CSRC most often asks.《境外上市备案管理试行办法》生效以来，完成证监会备案已成为多数中概股赴美上市的前置条件。本文梳理备案时间线、所需文件，以及证监会最常提出的问题。
Form 20-F Season: Disclosure Upgrades FPIs Should Consider This Year20-F 年报季：
FPI 今年应当考虑的披露升级
Annual report season is the best opportunity to refresh risk factors, tighten cybersecurity and climate disclosure, and align governance disclosure with evolving SEC and exchange expectations.年报季是刷新风险因素、收紧网络安全披露、并让治理披露跟上 SEC 与交易所最新要求的最佳契机。
HFCAA After PCAOB Inspection Access: Where the Risk Actually StandsPCAOB 获得检查权限之后：
HFCAA 风险的真实水位
Full PCAOB inspection access removed the immediate delisting threat for most China concept stocks — but HFCAA disclosure obligations and residual risks have not disappeared.PCAOB 获得完整检查权限，解除了多数中概股的退市燃眉之急——但 HFCAA 的披露义务与残余风险并未消失。