Shanghai, China, September 4, 2026: ARC Group, a global investment bank and management consultancy, successfully concluded its Capital Markets and M&A Forum 2026: China Edition on September 3 at the Waldorf Astoria Shanghai on the Bund.

The forum brought together business leaders, investors, and professional advisors from investment banking, law, audit, investor relations, and other fields to examine evolving opportunities and challenges in cross-border transactions. Discussions focused on new pathways for overseas listings and financing, the practical challenges of cross-border M&A, and the next phase of globalization for Chinese enterprises.

Navigating the Next Phase of Globalization

Opening the forum, Crystal Zhang, Managing Partner at ARC Group, addressed the shifting global macroeconomic and policy environment and its implications for Chinese enterprises pursuing international growth.

Against a backdrop of evolving global markets, regulatory frameworks, and geopolitical conditions, Crystal framed globalization strategy as an increasingly central consideration for companies, investors, and capital markets alike, setting the tone for a day focused on practical, forward-looking perspectives for companies navigating increasingly complex cross-border terrain.

Exploring New Pathways to Overseas Capital Markets

In a keynote titled “Bye Bye IPO, Hello SPAC,” Paul Chong, Partner at ARC Group, examined how recent regulatory and market developments are reshaping the path for Chinese companies seeking access to U.S. capital markets.

Paul walked through 18 months of regulatory change, including revisions to public-float market capitalization calculations in April 2025, higher listing thresholds and expanded exchange discretion in December 2025, and an increase in the minimum public-float market capitalization requirement for China-related issuers to US$25 million effective June 2026.

That shifting environment is already visible in deal activity: U.S. IPO volume in the first quarter of 2026 fell to five transactions raising roughly US$93.7 million, compared with 42 IPOs raising approximately US$570 million in the same period a year earlier, a sign the market is prioritizing quality, scale, and investor demand over volume.

Paul also pointed to the growing role of SPACs as an alternative route into U.S. capital markets. More than 110 SPAC IPOs raised approximately US$22 billion in 2025, and leading de-SPAC transactions delivered average returns of 5.4x. With stronger disclosure requirements, greater institutional participation, more selective target screening, longer sponsor lock-ups, and non-redemption agreements now taking hold, SPACs are becoming a more credible option for Asian companies seeking international capital.

The keynote closed with a side-by-side look at traditional IPOs versus de-SPAC transactions across execution timelines, pricing, and financing certainty, giving attendees a practical framework for weighing the two paths.

Addressing the Practical Challenges of Cross-Border M&A

Henry Wang, Associate at ARC Group, delivered a keynote titled “Chinese Outbound M&A’s New Route: Policy Opening, European Structural Supply, and the Southeast Asian Springboard.”

Henry framed the outbound M&A outlook around the interaction of policy, market conditions, and execution capability. Continued institutional opening and clearer regulatory frameworks are giving Chinese companies more confidence to pursue overseas transactions, while structural opportunities in Europe and Southeast Asia are opening new avenues for outbound growth.

Drawing on live transaction cases from ARC Group’s own pipeline, Henry walked through practical considerations in valuation, deal structuring, and execution bottlenecks, offering attendees a transaction-oriented framework for approaching cross-border M&A and underscoring the operational depth required to execute in this environment.

The Full-Chain Think Tank in Action: Perspectives on Cross-Border Capital and M&A

Two high-level panel discussions brought together expertise across law, audit, investor relations, investment banking, and asset management, reflecting ARC Group’s full-chain approach to supporting Chinese enterprises in cross-border capital markets and M&A.

The first panel, “Navigating Regulatory Cycles: Structuring and Investment Logic Behind Chinese Concept Stock Listings,” was moderated by Yi Sean Lio at ARC Group, and brought together senior professionals from legal, audit, underwriting, and investment backgrounds, including Ian Hanna, Chief Executive Officer of ARC Group Securities LLC; Megan J. Penick, Partner at Dorsey & Whitney LLP; Jacken He, Partner at Marcum Asia; and Ryan Li, Chairman of the Board of Feishang Anthracite Resources Limited, alongside other industry experts.

The panel examined the evolving regulatory and investment environment for U.S.-listed Chinese companies, including developments under the Holding Foreign Companies Accountable Act (HFCAA), the restoration of PCAOB audit inspections, VIE and red-chip structures, auditor selection, Nasdaq versus NYSE listing considerations, and the complexity that CFIUS and reverse-CFIUS review bring to cross-border transactions involving artificial intelligence.

The second panel, “Trends on China cross border M&A,” was moderated by Crystal Zhang, Managing Partner at ARC Group, and featured Guillaume De La Hosseraye, Partner at ARC Group; Sally Yin, Partner at Hunter Taubman Fischer & Li LLC; Bingguang Yu, Senior Partner at AllBright Law Offices; and James Jin, Managing Partner at Ventech China.

The discussion covered inbound, outbound, and domestic M&A trends; sector-by-sector divergence between “hot” and cooling industries; compliance challenges facing technology-sector cross-border M&A amid tightening Outbound Direct Investment (ODI) approvals; and the growing role of hybrid deal structures (minority stakes paired with strategic partnerships or IP licensing) in easing cross-border approval pressure.

Panelists also touched on private equity deployment strategy, AI-related M&A valuation and data security considerations, regulatory differences across Mainland China, Hong Kong, and U.S. listing venues, and their outlook for small- and mid-cap M&A activity in the third and fourth quarters of 2026.

Acknowledging Our Sponsors and Industry Partners

ARC Group extends its appreciation to the sponsors and industry partners whose expertise and support contributed to the forum and enriched the discussion around cross-border capital markets and M&A.

• ARC Group Securities LLC is a FINRA-registered broker-dealer and a subsidiary of ARC Group, specializing in capital markets and investment banking services for emerging growth and mid-market companies and serving as a key link between Asian and Western capital markets.
• Sichenzia Ross Ference Carmel LLP (SRFC) is a well-regarded U.S. law firm of about 70 attorneys, with practices spanning corporate, securities, litigation, trusts and estates, and tax, helping clients worldwide resolve complex legal challenges and achieve their business goals efficiently and practically.
• Marcum Asia is an independent international accounting firm and one of the leading providers of audit and assurance services to Asian companies listed in the U.S. capital markets, with offices across Hong Kong, Singapore, Beijing, Shanghai and other Asian cities, and a strong reputation in cross-border IPO and international listing audit work.
• Ellenoff Grossman & Schole LLP was founded in 1992 and is a New York-based, mid-sized law firm with a long-standing focus on the capital markets, offering clients a full range of legal services across business transactions and litigation.
• Ascent Investor Relations is a leading investor relations and corporate communications firm headquartered in New York, with offices in Beijing, Shanghai, Shenzhen, Singapore and Kuala Lumpur, providing full-service investor relations support to companies pursuing U.S. listings.
• BDO Lixin was founded in Shanghai in 1927 by Pan Xulun, a pioneering figure in Chinese accounting, making it one of the country’s earliest and most influential accounting firms. It became China’s first special general partnership accounting firm in 2010, and over more than nine decades has built a leading position nationally in both scale and audit quality.
• Donnelley Financial Solutions (DFIN) is a financial compliance solutions ingest data, perform calculations and produce compliant reports for requirements in Europe including PRIIPs, MiFID II and PRIIPs KID.
• Dorsey & Whitney LLP is a full-service international law firm and a trusted business partner to clients since 1912, with offices across the United States, Canada, Europe and the Asia-Pacific region serving leading companies across a broad range of industries.
• Federal Filings LLC is a full-service SEC EDGAR filing agent based in Austin, Texas, providing document conversion, iXBRL tagging and electronic filing services to public companies, law firms, underwriters and fund administrators since 2003.
• Hunter Taubman Fischer & Li LLC (HTFL) is a U.S. corporate and securities law firm supporting issuers, underwriters and investors on transactional and litigation matters across the public and private securities markets, drawing on extensive cross-border experience in Asia, Latin America, the Middle East and Europe.
• Ogier is an international offshore professional services firm known for handling the most complex transactions with efficiency and depth of expertise, and for its long-standing relationships with leading financial institutions, professional advisors and regulators worldwide.
• VStock Transfer is a SEC-registered stock transfer agent serving over 800 issuer clients, from private companies to Nasdaq-listed firms. Founded by experienced securities attorneys, the firm pairs legal expertise with a state-of-the-art platform to deliver responsive, cost-effective shareholder services.

Continuing to Support Cross-Border Growth

The successful conclusion of the Shanghai forum reinforces ARC Group’s role in connecting companies, investors, and professional advisors across Asian and Western markets.

Since its launch in 2022, the Capital Markets and M&A Forum series has expanded across major financial centers, providing a platform for business leaders, investors, and professional advisors to exchange perspectives on cross-border capital markets and transactions.

As Chinese enterprises enter a more complex phase of global expansion, ARC Group will continue to leverage its integrated capabilities across capital markets, M&A, and strategic advisory to support companies pursuing overseas listings and financing, cross-border M&A, and long-term international growth.

About ARC Group

ARC Group is a global investment bank, asset manager, and management consultancy firm deeply rooted in Asia with a global reach. We specialize in bridging the markets of Asia with those in the US and Europe, creating opportunities that transcend borders.

Our services span a full spectrum of financial services including, but not limited to, IPOs, M&A, financing, asset management, and SPACs. ARC Group also operates a management consultancy division specializing in addressing the unique challenges faced by companies operating across Asian and Western markets. ARC Group wholly owns ARC Group Securities LLC, a U.S.-registered, FINRA-member broker-dealer with firm commitment underwriting capabilities.