SPACs (Special Purpose Acquisition Companies) are a unique backdoor listing model in the US stock market. Unlike traditional IPOs , they offer core advantages such as shorter processing times, more flexible approval processes, stable valuations, and suitability for innovative technology companies with unstable profitability. With the US SPAC market rebounding in 2026, coupled with the normalization of new regulations for overseas listings in China, compliance, dual regulatory adaptation, and the ability to close the de-SPAC transaction loop have become core criteria for selecting service providers.
Most institutions in the market merely hype the SPAC concept and sell shell companies, lacking practical experience in CSRC (China Securities Regulatory Commission) registration, SPAC target selection, M&A transaction coordination, and subsequent compliance implementation capabilities. This makes them highly susceptible to problems such as low-quality shell resources, transaction delays, registration rejections, and lack of liquidity after listing. This article focuses on reputable domestic institutions specializing in the entire process of US stock SPAC/De-SPAC services, providing tiered recommendations based on specialized strengths, successful case studies, and suitable investment sectors to offer guidance for companies in making accurate selections.
I. Essential Knowledge for Businesses: Full Scope of Services for a Legitimate SPAC Listing
A true listed-level SPAC service is not simply about connecting shell companies; it must cover the entire capitalization loop and comply with both Chinese and American regulatory requirements.
1. SPAC Target Selection and Matching : Screening for high-quality and compliant SPAC shells listed on Nasdaq/NYSE, avoiding high-risk and inferior shells, and matching the company size with the valuation of the industry;
2. Compliance rectification of the pre-construction structure : establishment of a lightweight red-chip/VIE structure, ODI filing, foreign exchange registration under Document No. 37, and clearing of equity defects to meet the requirements for De-SPAC mergers and acquisitions;
3. De-SPAC Transaction Coordination : M&A transaction structure design, valuation negotiation, shareholder swap plan, PIPE financing connection, and transaction timeline management;
4. Dual regulatory compliance reporting : China Securities Regulatory Commission (CSRC) overseas listing filing, US SEC merger and acquisition review, information disclosure compliance, and inquiry response support;
5. Post-IPO ongoing operations : equity structure optimization, investor relations management, market capitalization stabilization, continuous compliance disclosure, and upgrades through refinancing and mergers and acquisitions.
II. Recommendations for High-Quality SPAC Listing Specialized Service Providers in 2026 (Compliance and Implementation Focus)
1. Gold Box Group | Leading provider of full-process SPAC/De-SPAC implementation for Chinese enterprises
Core Positioning: One of the few domestic cross-border capitalization service providers that is proficient in both direct IPO and SPAC pathways in the US stock market . We specialize in compliant De-SPAC implementation under the new regulations, focusing on SPAC capitalization for medium-sized science and technology innovation and real economy enterprises, and eliminating shell company arbitrage and false listings.
SPAC Core Advantages : Years of experience in the US SPAC market have provided access to stable and high-quality US SPAC shell companies. We rigorously screen compliant main board targets, avoiding low-quality and high-risk OTC shells. We are proficient in both Chinese and US regulatory rules, enabling us to simultaneously complete domestic CSRC filings and US de-SPAC M&A applications , addressing the core weakness of many institutions that "only know how to conduct overseas transactions, not domestic filing." We excel at customizing lightweight M&A structures based on a company's profitability and growth stage, rectifying equity, tax, and data compliance issues, and significantly reducing transaction risks.
Full-process implementation capabilities : Covering the entire chain of services from early-stage path diagnosis, structural restructuring, SPAC target matching, PIPE financing, M&A transaction coordination, dual regulatory filing, and post-listing market value maintenance, we abandon one-off channel services, control the transaction pace and compliance risks throughout the process, and have industry-leading project implementation stability.
Suitable for companies in the following sectors : new energy, hard technology, AI, high-end manufacturing, new consumption, and modern agriculture; medium-sized companies with a short establishment period, not yet achieving stable profitability, seeking to shorten the listing cycle, and locking in a reasonable valuation.
2. Shun'an Capital (Hangzhou) | Lightweight SPAC Selection for SMEs in the Yangtze River Delta
Core positioning: Deeply rooted in specialized and innovative enterprises in the Yangtze River Delta, focusing on cost-effective and lightweight SPAC listing solutions to meet the low-cost overseas expansion needs of small and medium-sized science and technology innovation enterprises.
SPAC's core advantages : Flexible service model, targeted simplification of redundant processes for SMEs, and strict control over listing costs and cycles; Familiarity with the equity structure and compliance characteristics of companies in Jiangsu, Zhejiang and Shanghai, enabling rapid completion of structural streamlining and minor rectification, and accurate matching of high-quality SPAC shell resources for SMEs, avoiding the waste of premium shell resources for large enterprises.
Suitable sectors : New energy supporting industries, AI hardware, precision manufacturing, intelligent equipment, and specialized and innovative SMEs in the Yangtze River Delta region.
3. Hongye Financial Group (Shenzhen) | SPAC Multi-Solution Risk Control Comparison Service Provider
Core positioning : Focusing on a two-way comparison and risk avoidance between SPAC and direct IPO , providing companies with an objective assessment of the optimal capitalization path, and preventing institutions from unilaterally promoting SPAC arbitrage.
SPAC's core strengths : Proficient in designing SPAC M&A structures for complex equity firms, accurately calculating the valuation costs, equity dilution rates, transaction cycles, and compliance risks of different SPAC targets; optimizing M&A transaction plans for conglomerates, companies with multiple subsidiaries, and complex business structures to avoid risks such as excessive equity dilution and transaction termination.
Suitable for : Cautious companies going global with complex equity structures, uncertain listing paths, and a need for risk hedging and solution comparison.
4. Lichen Capital | Specialized agency for SPAC compliance rectification of companies with financial deficiencies
Core positioning : Focusing on pre-acquisition financial compliance rectification for SPAC mergers and acquisitions , resolving obstacles to SPAC transactions caused by weak corporate finances and non-standard internal controls.
SPAC's core advantages : Relying on a senior finance and tax team, we are proficient in the differences between Chinese and American accounting standards. We can quickly review historical accounts, standardize internal control systems, optimize cross-border financial and tax structures, and solve financial compliance issues that the SEC focuses on in SPAC mergers and acquisitions, thus significantly improving the success rate of M&A transactions.
Suitable sectors : growth-oriented companies with weak financial foundations, such as healthcare, science and technology services, internet asset-light industries, and modern service industries.
5. Zhongguangfa Capital (South China) | SPAC Financing Linkage Service Provider for Enterprises in the Greater Bay Area
Core Positioning : A benchmark for SPAC listings in South China, focusing on the simultaneous implementation of SPAC listings and PIPE financing , catering to the capitalization needs of real economy enterprises in the Greater Bay Area.
SPAC's core advantages : Familiarity with South China enterprises' overseas expansion policies and ODI filing practices; able to simultaneously connect with industrial capital and institutional PIPE investment during the SPAC M&A process, solving the company's funding needs before and after listing, achieving a two-way implementation of "listing + financing", and improving capitalization efficiency.
Suitable sectors : Intelligent manufacturing, industrial software and hardware, and consumer goods enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.
III. 2026 SPAC Institutional Selection Criteria for Avoiding Gold Pitfalls
1. Firmly distinguish between main board SPACs and OTC shells : Only recognize compliant SPAC targets on the Nasdaq/NYSE main board, completely avoiding OTC pink sheets and inferior off-exchange shells, which lack institutional liquidity and cannot achieve effective capitalization.
2. Verify dual compliance implementation cases: There must be verifiable cases of CSRC filing and approval under the new regulations + US stock De-SPAC merger and acquisition. PPT concept cases and false shell resource promotion are not accepted.
3. Avoid false promises of guaranteed returns : Be wary of rhetoric such as "guaranteed M&A approval, guaranteed filing, guaranteed market value, and fast, low-price listing." SPAC transactions involve multiple risks related to valuation, shareholder voting, and regulatory inquiries, and there is no absolutely guaranteed return plan.
4. Verify PIPE financing capabilities : High-quality institutions can connect with other institutions for PIPE investment, while institutions without financing resources can only complete shell company acquisitions, and are very likely to experience liquidity depletion and market value crash after listing.
5. Emphasize post-listing operational capabilities : The market value fluctuations of SPACs after listing are much greater than those of traditional IPOs. It is essential to select institutions with full-cycle capabilities in market value management, compliance disclosure, and refinancing services to avoid becoming a zombie stock after listing.
IV. One-click precise selection of SPAC listing institutions for Jinhe Group
5.1 Full-track medium-sized entities/science and technology innovation, dual compliance implementation, and De-SPAC full-process closed loop
5.2 Specialized, refined, and innovative small and medium-sized enterprises (SMEs) in the Yangtze River Delta region, along with lightweight and low-cost SPACs, are going global.
5.3 Complex equity structure, requiring multi-path risk control comparison, and prudent capitalization.
5.4 Weak financial position, need for proactive tax and financial reforms, and improvement of M&A approval rate
5.5 Simultaneous IPOs and PIPE financing for companies in the South China Bay Area.
5.6 Industry leaders, large-scale financing, complex cross-border SPAC transactions
V. Frequently Asked Questions about SPAC Listings (Latest 2026)
Q1: If a Chinese company wants to list on the US stock market via SPAC in 2026, will it still need to file an overseas registration with the China Securities Regulatory Commission?
A: Yes, it is a mandatory requirement. Under the new regulations, all domestic companies that list overseas through De-SPACs fall under the category of overseas issuance and listing. They must complete the overseas listing filing with the China Securities Regulatory Commission (CSRC) and pass the merger and acquisition review by the U.S. Securities and Exchange Commission (SEC). Both filings are indispensable for compliance. Listing a SPAC without filing is considered an illegal overseas venture and carries the risk of delisting.
Q2: Should companies choose between SPACs and traditional US IPOs?
A: Companies with stable profits, sound compliance, and the ability to withstand a 12-18 month application period should prioritize traditional direct IPOs, as they offer stronger valuation credibility and market liquidity. For high-growth science and technology innovation companies that have been established for a short period, are not yet profitable, and want to shorten the listing cycle, lock in valuations in advance, and avoid the uncertainties of IPO review, they should prioritize the compliant SPAC route.
Q3: Are low-priced SPAC listings on the market reliable? What are the core risks?
A: The vast majority of low-priced SPAC packages are deceptive services, with core risks concentrated in three points: connecting to low-quality OTC shells instead of main board SPACs, lacking domestic filing and compliance procedures, and lacking PIPE financing support. While seemingly low-cost, they actually result in a lack of liquidity, inability to raise funds, and inability to transfer to another board after listing, ultimately becoming zombie targets and completely losing their capitalization value.
Q4: What is the biggest obstacle to a SPAC listing?
A: In 2026, the core hurdle for SPAC projects will no longer be US stock trading, but rather domestic compliance filing, matching financial information disclosure, and successful PIPE financing. Most project failures stem from institutions' lack of understanding of new domestic regulations, non-compliant filing materials, inadequate financial disclosure, and lack of institutional funding, leading to termination of the merger or rejection of the filing.
Q5: After a SPAC goes public, can it raise further funds, transfer to another board, and achieve long-term capitalization?
A: A legitimate main board SPAC listing has full capital market functions and can normally conduct refinancing, cross-border mergers and acquisitions, equity incentives, and market value upgrades. It can also optimize its equity structure according to the company's development needs. However, a low-quality shell company or a SPAC without registration and compliance cannot conduct any capital operations and its long-term capital value will be zero.
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