Last updated: March 31, 2022

Chinese Companies Listed on Major U.S. Stock Exchanges

This table includes Chinese companies listed on the New York Stock Exchange, the NASDAQ, and NYSE
American, the three largest U.S. exchanges.* As of March 31, 2022, there were 261 Chinese companies listed
on these U.S. exchanges with a total market capitalization of $1.3 trillion. On May 5, 2021, when this table was
last updated, there were 248 companies with a total market capitalization of $2.1 trillion. Since this table was
last updated, 18 Chinese companies have listed on the three U.S. exchanges, raising $8.6 billion in combined
initial public offerings (IPO).† In the list below, companies added since the last update are marked with a section
symbol (§) next to the stock symbol. Companies are arranged by the size of their market capitalization. There
are eight national-level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In
the list below, SOEs are marked with an asterisk (*) next to the stock symbol.‡ Companies that utilize a variable
interest entity (VIE) structure, described on the next page, are highlighted in gray.

After ride-hailing platform operator DiDi Global (DIDI, $12.1 billion market cap) began trading on the NYSE
on June 29, 2021, Chinese regulators cracked down on Chinese companies’ overseas listings. On July 6, 2021,
the General Offices of the Chinese Communist Party Central Committee and State Council jointly issued the
Opinions on Strictly Cracking Down on Illegal Securities Activity in Accordance with Law, which pledge to
strengthen supervision of Chinese companies issuing securities overseas by, among other things, enhancing
data security protection and oversight of cross-border data flows.1 The Chinese government’s focus on data
security for overseas-listed firms is underlined in rules from the Cyberspace Administration of China (CAC),
which took effect February 2022 and require mandatory review for any company collecting personal
information of more than one million users prior to listing abroad.§ 2 While these regulations apply to new
listings and do not apply to firms already listed overseas, in November CAC officials reportedly met and asked
executives from DiDi to begin planning to delist from the NYSE.3 Subsequently, on December 3, 2021, DiDi
announced that it would begin delisting procedures, although it has not yet announced a timeline for this
process.4 Since November 1, 2021, DiDi’s market cap has plummeted from $40.8 billion to $12.1 billion on
March 31, 2022.

U.S. securities regulators also responded to the changing risks facing U.S. investors investing in Chinese
companies. The Securities and Exchange Commission (SEC) announced additional disclosure requirements for
Chinese companies seeking to sell shares in the United States.5 Also, after the SEC released implementing rules

Correction: An earlier version of the March 31, 2022 Update to Chinese Companies on U.S. Stock Exchanges indicated the
combined market capitalization of these 261 companies was $1.4 billion. This version has updated combined market cap on
March 31, 2022 down by $89 billion to $1.3 trillion, following adjustments to 27 firms’ market cap. In particular, Alibaba’s
(BABA) market cap was amended from $313 billion to $292 billion, and NIO (NIO) was amended from $99 billion to $35
billion (which moved its position in the list from third to ninth). Revisions were made to the following 27 tickers: AHG,
BABA, BGNE, CCNC, CNTB, DOYU, GDS, GRCY, HCM, JKS, MOMO, NIO, NIU, NOAH, OCFT, QK, RCON, SOHU,
SFUN, SPI, TAL, TCOM, TIGR, TME, WIMI, XPEV, ZLAB.
*
There are currently 13 exchanges in the United States, 12 of which are owned by NASDAQ, NYSE, or CBOE. Only
NASDAQ and NYSE rank in the top 70 exchanges globally.
†
Twenty-two companies in total have been added since this table was updated in May 2021. In addition to these 18 newly listed
companies, four companies have been added which listed prior to May 2021: HUTCHMED (China) Limited, ACM Research,
Inc., Greenland Technologies Holding Corp, and ATIF Limited. These four were identified as Chinese based on their having a
majority of operations based in China (see Methodology).
‡
This list is drawn from the directory of SOEs published by the State-owned Assets Supervision and Administration
Commission of the People’s Republic of China’s State Council. An archived version of the SASAC’s directory is available
here: https://web.archive.org/web/20191208080817/en.sasac.gov.cn/directorynames.html.
§
On December 24, 2021, the China Securities Regulatory Commission also released draft regulations giving the agency
jurisdiction over Chinese companies seeking to conduct IPOs abroad using variable interest entities. Under the draft regulations,
all Chinese companies listing on foreign markets—including those doing so indirectly—would have to submit materials,
including a prospectus, to the CSRC within three days of submitting the offshore application, after which the CSRC has 20
working days to decide whether the company can proceed.
1
 Last updated: March 31, 2022

for the Holding Foreign Companies Accountable Act (HFCAA) on December 2, 2021, it has begun identifying
companies subject to delisting due to their use of a foreign auditor which the Public Companies Accounting
Oversight Board (PCAOB) cannot fully inspect or investigate (see “Lack of transparency” below). Under
HFCAA, once a firm is identified as noncompliant, it has three years to conduct an audit which allows the
access required by the PCAOB. The SEC will notify non-compliant firms accordingly as they submit their
annual financial statements for fiscal year 2021 and beyond. As of March 31, 2022, the SEC has already
conclusively identified five firms under the HFCAA, all of which are included in the table below.* 6

As a result of the regulatory scrutiny, no new Chinese firms listed on the three major U.S. exchanges between
mid-July and the end of October, when LianBio (LIAN, $398 million market cap), a U.S.-headquartered
biotechnology company which conducts the majority of its operations in China (see “Methodology” below),
had its IPO on the NASDAQ.† Through March 31, 2022, the only subsequent Chinese company to debut on
U.S. exchanges was Meihua International Medical Technologies (MHUA, $222 million market cap), another
biotechnology company whose headquarters is located in China, which it held its IPO February 16, 2022.

Meanwhile, nine Chinese companies have delisted since May 2021. ‡ Two of these companies, China XD
Plastics Company (CXDC, $755 thousand market cap) and China Finance Online Co. Limited (JRJCY, $4
million market cap), currently trade over the counter.

Risks of Investment in U.S.-listed Chinese Companies

Investment in Chinese companies may entail several risks associated with the legal, regulatory, and financial
environment in mainland China.

The legal standing of VIEs in China is unclear

Based on their latest annual report filings, 184 Chinese companies listed on the three major U.S. exchanges use
a VIE, a complex structure enabling them to evade Chinese restrictions on foreign investment. § These
companies account for a market capitalization of $841 billion as of March 31, 2022.

VIE arrangements between mainland companies and their associated offshore entities have questionable status
under Chinese laws. In February 2021, the State Administration for Market Regulation (SAMR) issued new
guidelines for the platform economy establishing that VIEs are formally covered by China’s Anti-Monopoly

*
The first five firms conclusively identified under HFCAA are BeiGene, Ltd, Yum China Holdings Inc, Zai Lab Limited, ACM
Research, Inc., and HUTCHMED (China) Limited. The SEC grants newly identified companies 15 business days to provide
evidence to disprove the SEC’s determination before the requirements under the HFCAA apply. As of March 31, 2022, six
additional companies have been provisionally identified. U.S. Securities Exchange Commission, “Holding Foreign Companies
Accountable Act (“HFCAA”),” March 31, 2022. https://www.sec.gov/hfcaa.
†
LianBio says that its overseas listing, while not explicitly approved by Chinese regulatory authorities, does not violate the
new rules on overseas listings since it does not use a VIE or hold personally identifiable data on residents in China. LianBio,
“Prospectus,” November 2, 2021, 21-26.
https://www.sec.gov/Archives/edgar/data/0001831283/000119312521316916/0001193125-21-316916-index.html; Filipe
Pacheco and Crystal Tse, “China-Focused Biotech LianBio Drops in U.S. Trading Debut,” Bloomberg, November 1, 2021.
https://www.bloomberg.com/news/articles/2021-11-01/china-focused-biotech-lianbio-drops-in-u-s-trading-debut.
‡ The delisted companies are China Customer Relations Centers, Inc., China Finance Online Co. Limited, China XD Plastics
Company Limited, Lianluo Smart Limited, New Frontier Health Corporation, Newater Tehnology, Inc., Ossen Innovation Co.,
Ltd., Sogou Inc., and Yunhong International.
§
The PRC legally prohibits foreign direct investment in certain industries, including many high-tech sectors, and maintains
strict controls on foreign exchange and capital flows. To circumvent these restrictions, mainland Chinese companies
interested in raising funds on U.S. exchanges create offshore corporate entities for foreign investment using the VIE
structure. For a more in-depth explanation of VIEs and associated risks, see U.S.-China Economic and Security Review
Commission, 2019 Annual Report to Congress, 176–177. https://www.uscc.gov/sites/default/files/2019-
1/Chapter%203%20Section%201%20-%20U.S.-China%20Commercial%20Relations.pdf.
2
 Last updated: March 31, 2022

Law, which requires companies to seek SAMR approval for mergers and acquisitions.* 7 According to Paul
Gillis, professor of practice at Peking University Guanghua School of Management, the broader impact of this
law on the legality of existing VIE structures is unclear since the guidelines may not represent “a meaningful
change in China’s approach to VIEs.”8 The unresolved standing of the VIE structure under Chinese law means
U.S. investors could have no recourse to enforcement in the Chinese legal system if VIE-listed companies take
the company private at lower valuation† or if the businesses fail. According to Steve Dickinson and Dan Harris,
co-authors of the China Law Blog and attorneys focusing on Chinese law, there is an additional risk related to
VIEs. Since they have questionable legal status in China, the government could take action to close or control
operations. 9 For example, legal experts note there may be rules requiring VIE-structured firms to obtain
approval from Chinese regulators before additional stock issuance.10

At 71.0 percent of all Chinese firms listed in the United State, the proportion of Chinese companies using a VIE
structure to list appears to be increasing. In a March 2019 survey, Paul Gillis found that 68.7 percent, or 125 of
182 Chinese companies listed on NYSE and NASDAQ used the VIE structure.11

Lack of transparency

The PCAOB, a nonprofit corporation established by Congress to oversee the audits of publicly traded
companies listed on U.S. exchanges, is currently unable to inspect working papers of auditors based in the PRC
and Hong Kong. In 2013, the PCAOB signed a Memorandum of Understanding (MOU) on audit oversight with
the China Securities Regulatory Commission and the Ministry of Finance. Over the next eight years, the Chinese
government has prevented Chinese-based auditing firms from complying with U.S. law on audit inspections.12
The PCAOB and the U.S. Securities and Exchange Commission have repeatedly expressed their concern
regarding obstacles to PCAOB inspection of auditors based in the PRC and Hong Kong. In the past year, the
PCAOB reported 223 audit reports issued by or relying on referred work from PCAOB-registered firms in
jurisdictions where authorities deny access to conduct inspections; 166 were from China and 57 were from
Hong Kong.‡ This lack of compliance with international audit inspections calls into question the reliability of
the corporate financial statements guiding valuation and investment. The case of Luckin Coffee (OTC:LKNCY,
$2.5 billion market cap) illustrates the risks. In presenting information to support its initial public offering,
Luckin manipulated critical revenue, operations and customer traffic data. During its IPO, shares traded at $17
raising $561 million in capital.13 Luckin’s peak market capitalization was $12 billion, with shares trading at just
over $50.14 Within weeks of the disclosure of falsified information, the stock collapsed ultimately leading to
losses for investors and its delisting from NASDAQ.15 In February 2022, twenty months after its delisting,
Luckin paid $180 million to settle the accounting fraud charges.16 The company indicated it is planning to relist
in the U.S.17

National security risk

Investors in Chinese companies may support activities that are contrary to U.S. national interests, including the
development of technology used for censorship and surveillance and in support of the military. For example,
Weibo Corporation, (see below, listing 30) currently is valued at $5.8 billion. Weibo works under government
direction to censor posts on its blogging platform and is used by the central and local governments to surveil

*
Following the release of these guidelines, SAMR fined 12 companies including Tencent, Alibaba, and Baidu the maximum
penalty ($77,000) for failing to notify SAMR of previous mergers through VIEs. Reuters, “China Market Regulator Fines 12
Firms for Violating Anti-Monopoly Law,” March 11, 2021. https://www.reuters.com/article/us-china-anti-trust/china-
market-regulator-fines-12-firms-for-violating-anti-monopoly-law-idUSKBN2B40EF.
†
In 2016, Qihoo 360 went private from Nasdaq after paying U.S. shareholders $9.3 billion in stock value. The company
relisted on the Shanghai Stock Exchange in 2018 at a value of more than $60 billion. Former Qihoo 360 shareholders filed
two lawsuits against the company in 2019, claiming they were misled about the company’s value. U.S.-China Economic and
Security Review Commission, 2019 Annual Report to Congress, 180. https://www.uscc.gov/sites/default/files/2019-
11/Chapter%203%20Section%201%20-%20U.S.-China%20Commercial%20Relations.pdf.
‡
Many of the companies included in the table compiled by the Commission staff meet the criteria to be included in PCAOB
list, which is available at: https://pcaobus.org/International/Inspections/Pages/IssuerClientsWithoutAccess.aspx.
3
 Last updated: March 31, 2022

and censor public protests.18 Ostensibly private companies in China are subject to pressure and control by the
state. China’s 2017 National Intelligence Law states, “any organization or citizen shall support, assist, and
cooperate with state intelligence work” and the 2017 Cybersecurity Law requires companies to “provide
technical support and assistance to public security organs.”19 The CCP’s Opinion on Strengthening the United
Front Work of the Private Economy in the New Era released on September 15, 2020 stresses the importance of
CCP control over the private economy, including private entrepreneurs. According to Beijing-based political
analyst Wu Qiang, the opinion “serves as a reminder for the firms that they are always affiliates of the Party,
which has firm control over them.”20

Methodology
For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from
the People’s Republic of China (PRC) by the relevant stock exchange; (2) it lists a PRC address as its principal
executive office in filings with U.S. Securities and Exchange Commission; or (3) it has a majority of operations
in the PRC, including companies structured offshore but whose value is ultimately tied through a relationship
in the PRC.* Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities,
some are not transparent regarding the primary nationality or location of their headquarters, parent company or
executive offices. In other words, some companies which rely on offshore registration may hide or not identify
their primary Chinese corporate domicile in their listing information. This complicates tracing, making it
difficult to guarantee that this list captures all Chinese companies registered offshore. Companies domiciled
exclusively in Hong Kong also are not included on this list. If information on the company’s IPO year, IPO
value, or underwriters is not available, the field is marked “n/a.”

The presence of a VIE is determined using the most recent annual report a company filed with the Securities
and Exchange Commission (SEC). A company is judged to have a VIE if they explicitly describe using an VIE
to conduct all or part of their business operations in China or if they describe a subsidiary in which they have
no direct equity interest, but rely on contractual arrangements to exercise control and receive economic benefits
from its operations in China. For companies which have been listed for less than a year, information contained
in the company’s most recently updated investment prospectus, as filed with the SEC, is used instead. SEC staff
have been directed to ensure a Chinese VIE discloses a number of factors, including detailed information on
the financial relationship between the China-based company and its VIE.21

Chinese Companies Listed on U.S. Exchanges

Symbol Name Market Cap IPO Month IPO Value Sector Lead Underwriters
(US$ mil) and Year (US$ mil)
1. BABA Alibaba Group $292,400 September $21,767 Technology Credit Suisse, Deutsche Bank,
Holding Limited 2014 Goldman Sachs, JP Morgan Chase,
Morgan Stanley, Citigroup
2. PTR* PetroChina $151,582 April $680 Basic Blackrock, Inc., JP Morgan Chase,
Company Limited 2000 Industries Citigroup, Goldman Sachs
3. LFC* China Life $96,402 December $3,000 Finance CICC, Credit Suisse, Citigroup,
Insurance 2003 Deutsche Bank
Company Limited
4. JD JD.com, Inc. $90,011 May $1,800 Consumer Merrill Lynch, UBS
2014 Services

*
The list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial
investment databases, and financial news reporting. Data on market capitalization is collected from Yahoo! Finance. Information on
lead underwriters is collected from NASDAQ, press releases from relevant firms, and financial news reporting. NASDAQ,
“Companies in China.” https://www.nasdaq.com/market-activity/stocks/screener; NYSE, “Current List of All Non-U.S. Issuers.”
https://www.nyse.com/publicdocs/nyse/data/CurListofallStocks.pdf.
4
 Last updated: March 31, 2022

5. SNP* China Petroleum & $77,740 October $3,500 Energy Morgan Stanley, China International
Chemical 2000 Capital Corp (CICC)
Corporation
6. NTES NetEase, Inc. $60,823 June n/a Technology Merrill Lynch, Deutsche Bank
2000
7. PDD Pinduoduo Inc. $50,269 July $1,626 Business CICC, Credit Suisse, Goldman Sachs
2018 Services
8. BIDU Baidu, Inc. $47,493 August $109 Technology Goldman Sachs, Piper Jaffray, Credit
2005 Suisse
9. NIO NIO Inc. $35,130 September $1,000 Consumer Bank of America Merrill Lynch,
2018 Durables Citigroup, Credit Suisse, Deutsche
Bank, Goldman Sachs, JPMorgan,
Morgan Stanley, UBS
10. LI Li Auto $27,790 July $1,000 Consumer Goldman Sachs, Morgan Stanley,
2020 Durables UBS, CICC
11. XPEV Xpeng $23,650 August $1,500 Technology Bank of America Securities, Credit
2020 Suisse, J.P. Morgan
12. ZTO ZTO Express $21,873 October $1,406 Transportation Morgan Stanley, Goldman Sachs
(Cayman) Inc. 2016
13. BGNE BeiGene $19,358 February $158 Health Care Goldman Sachs, Morgan Stanley,
2016 Cowen and Company
14. BEKE KE Holdings (Beike $18,527 August $2,100 Real Estate Morgan Stanley, China Renaissance,
Zhaofang) 2020 J.P. Morgan
15. YUMC Yum China $17,679 November n/a Consumer n/a
2016 Services
16. ZNH* China Southern $14,939 July n/a Transportation Goldman Sachs
Airlines Company 1997
Limited
17. TCOM Trip.com $14,738 December $76 Business Merrill Lynch
International, Ltd. 2003 Services
18. HNP* Huaneng Power $14,656 October n/a Energy CICC, Goldman Sachs, Macquarie,
International, Inc. 1994 Morgan Stanley
19. ACH* Aluminum $14,290 December n/a Basic JP Morgan Chase, Blackrock,
Corporation of 2001 Industries Goldman Sachs, Templeton Asset
China Limited Management, Capital Group
20. LU Lufax $13,715 October $2,360 Finance Bank of America, Goldman Sachs,
2020 UBS, HSBC
21. DIDI§ DiDi Global $12,058 June $4,435 Technology Goldman Sachs, Morgan Stanley,
2021 J.P. Morgan
22. CEA* China Eastern $11,958 February n/a Transportation Morgan Stanley
Airlines 1997
Corporation Ltd.
23. HTHT Huazhu Group $10,677 March $110 Consumer Goldman Sachs, Morgan Stanley
Limited 2010 Services
24. BZ§ Kanzhun Limited $10,188 May $912 Technology Goldman Sachs, Morgan Stanley,
2021 UBS
25. BILI Bilibili Inc. $9,795 March $483 Technology Merrill Lynch, JP Morgan Chase,
2018 Morgan Stanley

5
 Last updated: March 31, 2022

26. TME Tencent Music $8,243 December $1,100 Technology Bank of America, Deutsche Bank,
Entertainment 2018 Goldman Sachs, JPMorgan, Morgan
Group Stanley
27. GDS GDS Holdings $7,479 November $193 Technology Credit Suisse, JP Morgan
Limited 2016
28. YMM§ Full Truck Alliance $7,243 June $1,568 Transportation Morgan Stanley, CICC, Goldman
Co. Ltd. 2021 Sachs
29. VIPS Vipshop Holdings $6,111 March $72 Consumer Goldman Sachs, Deutsche Bank
Limited 2012 Services
30. WB Weibo Corporation $5,798 April $286 Technology Credit Suisse, Goldman Sachs
2014
31. LEGN Legend Biotech $5,554 June $424 Health Care Morgan Stanley, J.P. Morgan and
2020 Jefferies
32. SHI* SINOPEC Shanghai $4,816 July n/a Basic Morgan Stanley, CICC
Petrochemical 1993 Industries
Company, Ltd.
33. ZLAB Zai Lab Limited $4,240 September $150 Health Care Citigroup, JP Morgan Chase, Leerink
2017 Partners
34. JOBS 51job, Inc. $3,951 September $74 Technology Morgan Stanley
2004
35. IQ iQIYI, Inc. $3,910 March $2,250 Technology Goldman Sachs, Merrill Lynch,
2018 Credit Suisse
36. ATHM Autohome Inc. $3,801 December $133 Technology Deutsche Bank and Goldman Sachs
2013
37. HCM HUTCHMED $3,271 March $101 Health Care Bank of America Merrill Lynch,
(China) Limited 2016 Deutsche Bank
38. DQ DAQO New Energy $3,079 October $76 Technology Morgan Stanley
Corp. 2010
39. RLX RLX Technology $2,812 January $1,400 Consumer Citigroup, China Renaissance
2021 Non-Durables
40. YY JOYY Inc. $2,705 November $82 Technology Citigroup, Deutsche Bank, Morgan
2012 Stanley
41. MNSO Miniso $2,390 October $608 Consumer Goldman Sachs, Bank of America
2020 Services Securities
42. QFIN 360 DigiTech $2,379 December $52 Finance AMTD Global Markets Ltd.,
2018 Citigroup Global Markets, Goldman
Sachs, Haitong International
Securities Co Ltd., Lighthouse
Capital Inc.
43. JKS JinkoSolar Holding $2,303 May $64 Technology Credit Suisse
Company Limited 2010
44. CD ChinData $2,293 September $540 Technology Morgan Stanley, Citigroup
2020
45. CSIQ Canadian Solar Inc. $2,122 November $116 Technology Deutsche Bank, Lehman Brothers
2006
46. DADA Dada Nexus $2,118 June $320 Consumer Goldman Sachs, Bank of America
2020 Services Securities, Jefferies

6
 Last updated: March 31, 2022

47. EDU New Oriental $1,952 March $113 Consumer Credit Suisse, Goldman Sachs
Education & 2006 Services
Technology Group,
Inc.
48. TAL TAL Education $1,941 October $120 Consumer Credit Suisse, Morgan Stanley
Group 2010 Services
49. TUYA Tuya Inc. $1,657 March $915 Technology Morgan Stanley, Bank of America
2021 Securities
50. KC Kingsoft Cloud $1,476 May $510 Technology JPMorgan, UBS, Credit Suisse and
2020 CICC
51. NOAH Noah Holdings Ltd. $1,416 November $101 Finance Merrill Lynch, JP Morgan Chase
2010
52. ZH Zhihu $1,359 March $772 Technology Credit Suisse, Goldman Sachs, J.P.
2021 Morgan Securities
53. IMAB I-Mab Biopharma $1,298 January $104 Health Care Jefferies, CICC
2020
54. ACMR ACM Research, Inc. $1,215 November $50 Technology Roth Capital Partners, Inc.
2017
55. API Agora $1,152 June $350 Technology Morgan Stanley, Bank of America,
2020 Needham & Company
56. MOMO Momo Inc. $1,142 December $216 Technology Morgan Stanley, Credit Suisse, J.P.
2014 Morgan, China Renaissance
Securities
57. FINV FinVolution Group $1,125 November n/a Finance Credit Suisse, Citigroup Global
2017 Markets
58. HUYA HUYA Inc. $1,064 May $180 Technology Credit Suisse Securities, Goldman
2018 Sachs, Citigroup Global Markets,
Jefferies
59. HOLI Hollysys $990 n/a n/a Technology JP Morgan Chase
Automation
Technologies, Ltd.
60. BNR Burning Rock $971 June $281 Health Care Morgan Stanley, Bank of America
Biotech 2020 Securities, Cowen, CMB
International Capital, Tiger Brokers
61. CAN Canaan Creative $933 November $90 Technology Citigroup Global Markets Inc., China
2019 Renaissance Securities (Hong Kong)
Ltd., CMB International
62. DAO Youdao Inc. $894 October $95 Consumer Citigroup Global Markets Inc.,
2019 Services Morgan Stanley, Credit Suisse
63. VNET VNET Group, Inc. $865 April $195 Technology Deutsche Bank, Goldman Sachs,
(previously 2011 Barclays
21Vianet Group,
Inc.)
64. DDL§ Dingdong $838 June $96 Consumer Morgan Stanley, Bank of America
(Cayman) Limited 2021 Non-Durables Securities, Credit Suisse
65. RERE§ AiHuiShou $788 June $227 Consumer Goldman Sachs, Bank of America
International 2021 Services Securities, China Renaissance
Securities (Hong Kong) Ltd.

7
 Last updated: March 31, 2022

66. TIGR Up Fintech $745 March $104 Finance Citigroup Global Markets, Deutsche
Holding, Ltd. 2019 Bank, AMTD Global Markets, China
Merchants Securities (HK), Top
Capital Partners
67. NIU Niu Technologies $737 October $63 Capital Goods Citigroup, Credit Suisse
2018
68. DOYU Douyu $675 July $775 Technology Morgan Stanley, JPMorgan, Bank of
2019 America Merrill Lynch, CMB
International
69. EH Ehang $665 December $40 Transportation Morgan Stanley
2019
70. YALA Yalla Group $645 September $140 Technology Morgan Stanley, Haitong
2020 International
71. SOHU Sohu.com Limited $643 July $60 Technology Credit Suisse
2000
72. BZUN Baozun Inc. $597 May $110 Consumer Merrill Lynch, Credit Suisse, Morgan
2015 Services Stanley
73. WDH§ Waterdrop Inc. $583 May $360 Finance Goldman Sachs (Asia), Morgan
2021 Stanley, Bank of America Securities
74. OCFT OneConnect $550 December $312 Technology Morgan Stanley, Goldman Sachs,
Financial 2019 J.P. Morgan, Ping An
Technology Co.,
Ltd
75. MSC Studio City $540 October $359 Consumer Deutsche Bank, Credit Suisse,
International 2018 Services Morgan Stanley
Holdings, Ltd.
76. RENN Renren Inc. $526 May $743 Technology Merrill Lynch, Deutsche Bank,
2011 Morgan Stanley
77. GHG GreenTree $517 March $143 Consumer Merrill Lynch, Morgan Stanley, UBS
Hospitality Group 2018 Services Investment Bank
78. LX Lexin Fintech $479 December $108 Finance Deutsche Bank, Goldman Sachs,
Holdings, Ltd. 2017 Merrill Lynch, China Renaissance
Securities
79. CO Global Cord Blood $468 November n/a Health Care n/a
Corporation 2009
80. GOTU Gaotu Techedu Inc. $442 June $208 Consumer Credit Suisse, Deutsche Bank,
(prev. GSX) (previously GSX 2019 Services Barclays Capital Inc., CLSA
Technology)
81. TROO TROOPS, Inc. $439 December $32 Technology Broadband Capital Management,
(prev. (previously SGOCO 2010 Chardan Capital Markets
SGOC) Group, Ltd)
82. YSG Yatsen Holding $434 November $617 Consumer Goldman Sachs, Morgan Stanley,
2020 Non-Durables CICC
83. UXIN Uxin Limited $405 June $225 Business CICC, China Renaissance Securities,
2018 Services Goldman Sachs, JP Morgan Chase,
Morgan Stanley
84. SOL ReneSola Ltd $405 January $130 Energy Credit Suisse, Deutsche Bank
2008

8
 Last updated: March 31, 2022

85. LIAN§ LianBio $398 October $325 Health Care Goldman Sachs, Jefferies Financial
2021 Group, Bank of America
86. FANH Fanhua Inc. $391 November $188 Finance Morgan Stanley
2007
87. CANG Cango Inc. $378 July $44 Consumer Morgan Stanley, Merrill Lynch,
2018 Services Pierce, Fenner & Smith, Goldman
Sachs
88. PUYI Puyi Inc. $346 March $26 Finance Network 1 Financial Securities
2019
89. HLG Hailiang Education $344 July $20 Consumer Network 1 Financial Securities
Group, Inc. 2015 Services
90. EM Smart Share Global $322 January $150 Consumer Goldman Sachs (Asia), Citigroup
Limited 2021 Services Global Markets, China Renaissance
Securities
91. HUDI Huadi International $300 January $25 Basic Craft Capital Management, R.F.
Group 2021 Industries Lafferty
92. QD Qudian Inc. $299 October $900 Finance Citigroup, CICC, Credit Suisse,
2017 Morgan Stanley, UBS
93. RAAS Cloopen Group $283 February $320 Technology Goldman Sachs, Citigroup, CICC
Holding 2021
94. BEST BEST Inc. $251 September n/a Transportation Citigroup, Credit Suisse, Goldman
2017 Sachs, JPMorgan Chase, Deutsche
Bank
95. BTBT Bit Digital $251 March $6 Finance ViewTrade Securities
2018
96. WIMI WiMi Hologram $249 March $26 Technology Benchmark Company, Valuable
Cloud 2020 Capital, Maxim Group, China
Merchants Securities (HK) Co. Ltd.,
BOCI Asia Ltd., Axiom Capital
Management
97. KNDI Kandi Technologies $248 March $28 Capital Goods FT Global Capital
Group, Inc. 2008
98. NTP Nam Tai Property $245 January n/a Real Estate n/a
Inc. 2003
99. MHUA§ Meihua $222 February $40 Health Care Prime Number Capital LLC
International 2022
Medical
Technologies Co.,
Ltd.
100. CNF CNFinance $221 November $49 Finance Roth Capital
Holdings Limited 2018
101. YI 111, Inc. $220 September $101 Health Care CICC, Citigroup, JP Morgan Chase
2018
102. YJ Yunji $218 May $121 Consumer Morgan Stanley, Credit Suisse, JP
2019 Services Morgan, CICC
103. EBON Ebang $216 June $101 Technology AMTD
International 2020
Holdings

9
 Last updated: March 31, 2022

104. DOGZ Dogness $214 December $55 Consumer Spartan Securities

(International 2017 Durables
Corporation)
105. YRD Yiren Digital Ltd. $213 December $75 Finance China Renaissance Securities, Credit
2015 Suisse, Morgan Stanley
106. MF§ Missfresh, Ltd. $213 June $273 Consumer J.P. Morgan, Citigroup, CICC, China
2021 Non-Durables Renaissance
107. SY SoYoung $209 May $179 Technology Deutsche Bank, CICC
Technology 2019
108. HYW Hywin Holdings $208 March $30 Finance Network 1 Financial Securities,
2021 Alexander Capital, Valuable Capital
109. JFU 9F Group $205 August $85 Finance Credit Suisse, Haitong International,
2019 CLSA Limited, China Investment
Securities International Brokerage,
9F Primasia
110. BTCM BIT Mining $198 November $75 Technology Deutsche Bank
2013
111. LKCO Luokung $196 May $16 Technology Roth Capital Partners, Inc.
Technology Corp 2010
112. GTH Genetron Health $195 June $256 Health Care Credit Suisse, CICC
2020
113. ZEPP Zepp Health $181 February $110 Technology China Renaissance Securities, Credit
Corporation 2018 Suisse, Citigroup
114. CNTB Connect $166 March $220 Health Care Jefferies, SVB Leernick, Piper
Biopharma 2021 Sandler & Co., China International
Holdings Capital Corporation
115. KXIN Kaixin Auto $165 October $180 Consumer EarlyBirdCapital
Holdings 2017 Durables
116. GRCL Gracell $157 January $209 Health Care Citigroup Global Markets, Jefferies,
Biotechnologies 2021 Piper Sandler, Wells Fargo
117. SJ Scienjoy Holding $156 March n/a Technology Went public through a business
2019 combination with SPAC
Wealthbridge
118. QNGY Quanergy Systems, $153 February $276 Finance Credit Suisse
(prev. Inc. (previously 2020
CCAC) CITIC Capital
Acquisition)
119. ADAG Adagene $153 February $140 Health Care Goldman Sachs (Asia), Morgan
2021 Stanley, Jefferies
120. JFIN Jiayin Group $149 May $37 Finance Roth Capital Partners
2019
121. XYF X Financial $149 September $105 Finance Deutsche Bank, Morgan Stanley,
2018 China Merchants Securities (Hong
Kong), EBS International, AMTD
Tiger
122. OG§ Onion Global Ltd $145 May $68 Consumer AMTD Global Markets, Huatai
2021 Services Securities (USA)
123. CMCM Cheetah Mobile $137 May $168 Technology Morgan Stanley, J.P. Morgan, Credit
2014 Suisse
10
 Last updated: March 31, 2022

124. YQ 17 Education & $135 December $288 Consumer Goldman Sachs (Asia), Morgan
Technology Group 2020 Services Stanley, Bank of America Securities
125. SOS SOS Limited $131 April $60 Finance Morgan Stanley, Credit Suisse,
2017 Jefferies
126. JG Aurora Mobile $130 July $77 Technology Credit Suisse, Deutsche Bank,
Limited 2018 Goldman Sachs
127. VIOT Viomi Technology $121 September $103 Consumer CICC, Morgan Stanley
Co. Ltd 2018 Durables
128. XNET Xunlei Limited $119 July $88 Technology Citigroup, JP Morgan Chase
2014
129. LITB LightInTheBox Co. $118 June $79 Consumer Credit Suisse, Stifel Nicolaus & Co.
Ltd. 2013 Services
130. IH iHuman $115 October $84 Consumer Credit Suisse, Citigroup
2020 Services
131. KUKE Kuke Music $114 January $50 Consumer Deutsche Bank, US Tiger Securities,
Holdings 2021 Services AMTD
132. CBAT CBAK Energy $114 February n/a Capital Goods n/a
Technology, Inc. 2005
133. TOUR Tuniu Corporation $110 May $72 Consumer China Renaissance Securities, Credit
2014 Services Suisse, Morgan Stanley
134. CIH China Index $96 June n/a Finance n/a
Holdings 2019
135. CAAS China Automotive $94 2003 n/a Capital Goods Cornell Capital Partners
Systems, Inc.
136. LEJU Leju Holdings $93 April n/a Real Estate Credit Suisse, J.P. Morgan, China
2014 Renaissance Securities, Macquarie
Capital, China Merchants Securities
137. FAMI FARMMI, Inc. $90 February $7 Consumer ViewTrade Securities
2018 Non-Durables
138. OCG Oriental Culture $88 December $20 Consumer ViewTrade, Prime Number Capital
Holding 2020 Services
139. CGA China Green $86 March n/a Basic n/a
Agriculture, Inc. 2009 Industries
140. BTOG China Xiangtai $84 August $6 Consumer Boustead Securities
(prev. Food Co. 2019 Non-Durables
PLIN)
141. HGSH China HGS Real $77 April n/a Finance n/a
Estate, Inc. 2006
142. LIZI Lizhi, Inc. $77 January $45 Technology Citigroup Global Markets, Haitong
2020 International Securities, AMTD
Global Markets, Needham &
Company, Tiger Brokers (NZ), Prime
Number Capital
143. SPI SPI Energy Co., Ltd. $76 January $19 Technology Self-underwritten
2016
144. CCM Concord Medical $74 December $132 Health Care CICC, JP Morgan Chase, Morgan
Services Holding 2009 Stanley
Ltd.

11
 Last updated: March 31, 2022

145. BEDU Bright Scholar $72 May $158 Consumer Deutsche Bank, Morgan Stanley
Education Holdings 2017 Services
Limited
146. GSMG Glory Star New $71 February $11 Technology Univest Securities
Media Group 2021
Holdings
147. LAAA§ Lakeshore $70 June $50 Finance Craig-Hallum Capital Group LLC,
Acquisition Corp. 2021 Roth Capital Partners LLC
148. DTSS Datasea Inc. $68 December $7 Technology ViewTrade Securities
2018
149. HUIZ Huize Holding $68 February $55 Finance Citigroup, CICC
Limited 2020
150. SPK§ SPK Acquisition $65 June $50 Finance Chardan Capital Markets
Corp. 2021
151. LXEH Lixiang Education $64 September $31 Consumer AMTD Global Markets, Loop Capital
Holding 2020 Services
152. BRLI Brilliant Acquisition $63 June $40 Finance EarlyBirdCapital
Corporation 2020
153. QLI Qilian International $61 January $25 Health Care Univest Securities
Holding Group 2021
154. XIN Xinyuan Real $60 December $245 Real Estate Merrill Lynch
Estate Co., Ltd. 2007
155. NCTY The9 Limited $59 December $103 Business Bear Stearns, CLSA Limited
2004 Services
156. STG Sunlands Online $58 March $150 Consumer Goldman Sachs, Morgan Securities,
Education Group 2018 Services Credit Suisse
157. METX Meten Holding $57 October n/a Consumer Went public through a merger with
Group (previously 2018 Services Special Purpose Acquisition
Meten EdtechX Company (SPAC) EdtechX
Education Group)
158. GLG TD Holdings $57 August $9 Technology Axiom Capital Management
2013
159. PETZ TDH Holdings, Inc. $56 September $6 Consumer ViewTrade Securities
2017 Non-Durables
160. JWEL Jowell Global Ltd $56 March $26 Technology Network 1 Financial Securities
2021
161. GTEC§ Greenland $55 2018 $40 Capital Goods Chardan Capital Markets
Technologies
Holding Corp.
162. PME Pingtan Marine $55 May $50 Consumer Deutsche Bank
Enterprise Ltd. 2011 Non-Durables
163. GRCY Greencity $55 July $40 Finance Ladenburg Thalmann
Acquisition 2020
Corporation
164. FTFT Future FinTech $53 September n/a Technology n/a
Group Inc. 2004
165. BLCT Blue City Holdings $49 July $85 Technology AMTD, Loop Capital Markets, Tiger
2020 Brokers, Prime Number Capital, R.F.
Lafferty & Co.
12
 Last updated: March 31, 2022

166. SEED Origin Agritech $48 March n/a Consumer EarlyBirdCapital

Limited 2004 Non-Durables
167. REDU RISE Education $48 October $160 Consumer Credit Suisse, Morgan Stanley
Cayman Ltd. 2017 Services
168. CLPS CLPS Incorporation $47 May $11 Technology Cuttone & Co., Benchmark Co.
2018
169. AACG ATA Creativity $46 January $46 Consumer Merril Lynch
Global 2008 Services
170. SDH Global Internet of $46 February $27 Technology ViewTrade Securities
People 2021
171. GURE Gulf Resources, $44 November n/a Basic n/a
Inc. 1994 Industries
172. KRKR 36Kr $44 November $20 Technology Credit Suisse, CICC, AMTD Global
2019 Markets
173. FHS First High-School $43 March $75 Consumer Benchmark Company, Tiger Brokers,
Education Group 2021 Services Valuable Capital, Fosun Hani
Securities, TF International, AMTD
Global Markets, Maxim Group,
Boustead Securities
174. QTT Qutoutiao Inc. $43 September $84 Technology Citigroup, Deutsche Bank
2018
175. CSCW Color Star $43 May $50 Consumer n/a
Technology 2018 Services
176. CREG China Recycling $42 April n/a Business n/a
Energy Corporation 2010 Services
177. TC TuanChe Limited $41 November $20 Business AMTD Global Markets, Maxim
2018 Services Group
178. FENG Phoenix New $41 May $140 Consumer Deutsche Bank, Macquarie Capital,
Media Ltd. 2011 Services Morgan Stanley
179. BQ Boqii Holding $40 September $70 Consumer Roth Capital, CMB International
2020 Services Capital, Valuable Capital
180. AHG (prev. Akso Health Group $40 November $50 Health Care Network 1 Financial Securities
HX) (previously Xiaobai 2017
Maimai)
181. ZKIN ZK International $39 September $5 Capital Goods Boustead Securities
Group Co., Ltd 2017
182. PLAG Planet Green $38 January n/a Consumer 0
Holdings Corp. 2006 Non-Durables
183. AIH Aesthetic Medical $38 October $30 Health Care Cantor Fitzgerald & Co., Haitong
International 2019 International Securities Co. Ltd.,
Holdings Group Prime Number Capital LLC, Maxim
Limited Group LLC, Zinvest Global Ltd., Tiger
Brokers (NZ) Ltd. and Valuable
Capital
184. COE China Online $38 June $46 Consumer Credit Suisse, Morgan Stanley
Education Group 2016 Services
185. MKD Molecular Data Inc. $37 December $62 Technology AMTD Global Markets, Fosun Hani
2019 Securities, Boustead Securities

13
 Last updated: March 31, 2022

186. CNEY CN Energy Group $36 February $20 Energy Network 1 Financial Securities
2021
187. BRQS Borqs $35 October $50 Technology Early Bird Capital
Technologies, Inc. 2015
188. ATIF§ ATIF Limited $35 April $10 Consumer Boustead Securities
2019 Services
189. RETO ReTo Eco- $35 November $14 Capital Goods ViewTrade Securities
Solutions, Inc. 2017
190. CCNC Code Chain New $35 July $50 Finance Cantor Fitzgerald & Co.
Continent 2015
191. GRNQ Greenpro Capital $35 June $1 Business Self-underwritten
Corp. 2018 Services
192. BTB (prev. Bit Brother Limited $35 June $400 Consumer Chardan Capital Markets
MYT) (previously Urban 2012 Non-Durables
Tea, Inc.)
193. MFH Mercurity Fintech $34 April $40 Technology Axiom Capital Management
Holding 2015
194. CPOP§ Pop Culture Group $34 June $37 Business Network 1 Financial Securities,
2021 Services Valuable Capital Ltd.
195. YGMZ MingZhu Logistics $32 October $20 Consumer FT Global Capital
Holdings 2020 Services
196. ZCMD Zhongchao Inc. $32 February $12 Consumer Network 1 Financial Securities
2020 Services
197. RCON Recon Technology, $32 July $10 Energy Anderson & Strudwick
Ltd. 2009
198. SFUN SouFun (Fang) $32 September $125 Technology Deutsche Bank, Goldman Sachs
Holdings Ltd. 2010
199. TKAT Takung Art Co. Ltd $31 November n/a Consumer Not underwritten
2017 Services
200. MOXC Moxian, Inc. $31 November $20 Technology Axiom Capital Management,
2016 Cuttone & Co.
201. NISN Nisun International $31 December $20 Capital Goods Spartan Securities Group
Enterprise 2016
Development
Group
202. ANTE AirNet Technology $30 November $225 Technology Lehman Brothers, Morgan Stanley
Inc. 2007
203. BON§ Bon Natural Life $30 June $11 Consumer US Tiger Securities, Newbridge
Limited 2021 Services Securities
204. FEDU Four Seasons $30 November $101 Consumer Morgan Stanley, Citigroup, China
Education 2017 Services Renaissance
(Cayman) Inc.
205. DUO FangDD $29 November $78 Real Estate Morgan Stanley, UBS, CICC, AMTD
2019 Global Markets
206. MOGU MOGU Inc. $29 December $67 Consumer Morgan Stanley, Credit Suisse
2018 Services Securities, China Renaissance
Securities

14
 Last updated: March 31, 2022

207. JZXN§ Jiuzi Holdings Inc. $29 May $26 Consumer Boustead Securities
2021 Services
208. UK Ucommune $28 December n/a Real Estate Went public through a business
International 2020 combination with SPAC Orisun
209. TEDU Tarena $28 April $138 Consumer Credit Suisse, Goldman Sachs
International, Inc. 2014 Services
210. PT Pintec Technology $28 October $44 Technology Citigroup, Deutsche Bank, Goldman
Holdings Limited 2018 Sachs
211. EVK Ever-Glory $28 November n/a Consumer n/a
International 1996 Non-Durables
Group, Inc.
212. UPC Universe $28 March $25 Health Care Univest Securities
Pharmaceuticals 2021
213. EJH§ E-Home Household $27 May $25 Consumer Joseph Stone Capital LLC
Service Holdings 2021 Services
Limited
214. QH Quhuo Tech $27 July $33 Technology Roth Capital, Valuable Capital, Tiger
2020 Brokers
215. PBTS Powerbridge $27 April $9 Technology Benchmark, Maxim
Technologies 2019
216. UTSI UTStarcom $26 March $180 Capital Goods Bank of America Securities, Merrill
Holdings Corp. 2000 Lynch, Piper Jaffray
217. BHAT Blue Hat $26 July $8 Technology ViewTrade Securities
Interactive 2019
Entertainment
Technology
218. CNET ZW Data Action $26 September n/a Technology n/a
Technologies 2010
219. RYB RYB Education, Inc. $26 September $144 Consumer Credit Suisse Securities, Morgan
2017 Services Stanley
220. ZME§ Zhangmen $25 June $42 Consumer Morgan Stanley, Credit Suisse
Education Inc. 2021 Services Securities
221. SISI (prev. Shineco, Inc. $25 September $8 Consumer Bonwick Capital Partners, Halcyon
TYHT) 2016 Non-Durables Cabot Partners, Network 1 Financial
Securities
222. SECO Secoo Holding $25 September $111 Consumer Jefferies LLC
Limited 2017 Services
223. MDJH MDJM Ltd. $24 January $6 Finance Network 1 Financial Securities
2019
224. FFHL Fuwei Films $24 December $31 Capital Goods Maxim Group
(Holdings) Co., Ltd. 2006
225. JP Jupai Holdings $24 July n/a FInance Credit Suisse Securities, China
2015 Renaissance Securities
226. LYL Dragon Victory $23 October $9 Finance Boustead Securities, Network 1
International 2017 Financial Securities
Limited
227. JT Jianpu Technology $23 November $180 Finance Goldman Sachs, Morgan Stanley,
Inc. 2017 J.P. Morgan, China Renaissance
Securities
15
 Last updated: March 31, 2022

228. CLEU China Liberal $22 May $8 Consumer Boustead Securities

Education Holdings 2020 Services
229. TAOP Taoping Inc. $22 September $0 Technology n/a
2010
230. ITP IT Tech Packaging, $22 2009 n/a Basic Roth Capital
Inc. Industries
231. WNW Meiwu Technology $22 December $30 Consumer Boustead Securities, Brilliant Norton
Company Limited 2020 Services Securities
(previously
Wunong Net
Technology
Company Limited)
232. UTME Utime Technology $20 April $15 Technology Boustead Securities
2021
233. EDTK Skillful Craftsman $19 July $15 Consumer Benchmark Company
Education 2020 Services
Technology Limited
234. CPHI China Pharma $18 October n/a Health Care n/a
Holdings, Inc. 2009
235. NEW Puxin Limited $18 June $122 Consumer Citigroup Global Markets Inc.,
2018 Services Deutsche Bank, Barclays Capital Inc.,
Haitong International, CICC
236. AMBO Ambow Education $18 May $8 Consumer Benchmark Company
Holding Ltd. 2018 Services
237. IFBD Infobird $18 April $25 Technology WestPark Capital
2021
238. CTK CooTek (Cayman) $17 September $52 Technology Credit Suisse, Merrill Lynch, Pierce,
Inc. 2018 Fenner & Smith, Citigroup Global
Markets
239. BAOS Baosheng Media $17 February $30 Business Univest Securities
Group Holdings 2021 Services
240. EZGO EZGO Technologies $16 January $11 Transportation ViewTrade Securities
2021
241. WEI Weidai Ltd. $16 November $45 Finance Morgan Stanley, Citigroup Global
2018 Markets
242. LLL (prev. JX Luxventure $16 October $50 Consumer Lazard Capital Markets, Rodman &
KBSF) Limited (previously 2012 Non-Durables Renshaw
KBS Fashion Group
Limited)
243. MTC MMTec, Inc. $15 January $7 Technology Westpark Capital
2019
244. SNTG§ Sentage Holdings $15 July $20 Finance Network 1 Financial Securities
2021
245. WAFU Wah Fu Education $14 April $6 Consumer Network 1 Financial Securities
Group 2019 Services
246. AIHS Senmiao $14 March $12 Finance ViewTrade Securities
Technology Limited 2018
247. LAIX LAIX Inc. $14 September n/a Technology Morgan Stanley, Goldman Sachs
2018
16
 Last updated: March 31, 2022

248. DXF Dunxin Financial $14 November $88 Finance Cowen and Co.
Holdings Ltd. 2010
249. TIRX Tian Ruixiang $13 January $12 Finance Network 1 Financial Securities,
Holdings 2021 Brilliant Norton Securities
250. CJJD China Jo-Jo $13 April n/a Health Care Madison Williams, Rodman &
Drugstores, Inc. 2010 Renshaw
251. MOHO ECMOHO Limited $13 November $44 Consumer UBS Investment Bank, CICC, AMTD
2019 Services Global Markets
252. BIMI BIMI International $12 n/a n/a Health Care n/a
Medical Inc.
(previously BOQI
International
Medical Inc.)
253. PHCF Puhui Wealth $12 December $12 Finance Joseph Stone Capital LLC, Windsor
Investment 2018 Street Capital L.P.
Management Co.,
Ltd
254. HAPP Happiness Biotech $11 October $11 Consumer Univest Securities
Group 2019 Durables
255. ONE OneSmart $10 March $179 Consumer Morgan Stanley, Deutsche Bank,
International 2018 Services UBS
Education
256. SXTC China SXT $8 January $10 Health Care Boustead Securities, LLC
Pharmaceuticals, 2019
Inc.
257. AEHL Antelope $8 November $26 Capital Goods Roth Capital Partners, Inc.
Enterprise Holdings 2010
258. HUSN Hudson Capital $7 July $20 Consumer Boustead Securities, Network 1
2017 Services Financial Securities
259. TANH Tantech Holdings $7 March $13 Basic Newbridge Securities, ViewTrade
Ltd. 2015 Industries Securities
260. ANPC AnPac Bio-Medical $7 January $16 Health Care WestPark Capital
Science 2020
261. QK Q&K International $5 October $46 Real Estate Morgan Stanley, CICC
2019

1
State Council of the People’s Republic of China, The General Office of the Central Committee of the Chinese Communist Party and
the General Office of the State Council of the People’s Republic of China Jointly Issued the “Opinions on Strictly Cracking Down on
Illegal Securities Activity in Accordance with Law” (中共中央办公厅 国务院办公厅印发《关于依法从严打击证券违法活动的意
见》), July 6, 2021. Translation. https://web.archive.org/web/20210728145008/http://www.gov.cn/zhengce/2021-
07/06/content_5622763.htm.
2
Cyberspace Administration of China, Cyberspace Administration of China’s ‘Cybersecurity Review Measures’ (Revised), December
28, 2021. Translation. https://web.archive.org/web/20220115193754/http://www.cac.gov.cn/2022-01/04/c_1642894602182845.htm.
3
Bloomberg, “China Asks Didi to Delist from U.S. on Security Fears,” November 25, 2021.
https://www.bloomberg.com/news/articles/2021-11-26/china-is-said-to-ask-didi-to-delist-from-u-s-on-security-
fears?sref=mxbIZFb4.

17
 Last updated: March 31, 2022

4
Shiyin Chen and Coco Liu, “Didi’s Brief U.S. Foray Is Ending. What Happens Next?” Bloomberg, March 11, 2022.
https://news.yahoo.com/everything-know-didi-plan-delist-051803858.html; DiDi Global, “DiDi Announces Recent Developments,”
December 3, 2021. https://www.sec.gov/Archives/edgar/data/1764757/000110465921146027/tm2134427d1_ex99-1.htm.
5
Gary Gensler, “Statement on Investor Protection Related to Recent Developments in China,” U.S. Securities and Exchange
Commission, July 30, 2021. https://www.sec.gov/news/public-statement/gensler-2021-07-30.
6
U.S. Securities and Exchange Commission, Holding Foreign Companies Accountable Act (“HFCAA”), March 30, 2022.
https://www.sec.gov/hfcaa; U.S. Securities and Exchange Commission, Holding Foreign Companies Accountable Act Disclosure,
January 10, 2022. https://www.sec.gov/rules/final/2021/34-93701.pdf.
7
Qian Tong, Yuan Ruiyang, and Denise Jia, “In Depth: No More Regulatory Blind Eye for Internet M&A,” Caixin, April 29, 2021.
https://www.caixinglobal.com/2021-04-29/in-depth-no-more-regulatory-blind-eye-for-internet-ma-101703589.html.
8
Paul Gillis, “Antitrust and VIE,” Seeking Alpha, November 12, 2020. https://seekingalpha.com/article/4388336-antitrust-and-vie.
9
Dan Harris, “China VIEs: Avoid, Avoid, Avoid,” China Law Blog, June 3, 2013. https://harrisbricken.com/chinalawblog/china-vies-
avoid-avoid-avoid/; Sue-Lin Wong, “China Court Ruling Could Threaten Foreign Investments in Country,” New York Times, June 17,
2013. https://cn.nytimes.com/business/20130619/c19vie/en-us/.
10
Lester Ross, Kenneth Zhou, and Tingting Liu, “China Tightens Control over Overseas Securities Listings in Name of Data
Security,” Wilmer Hale, July 12, 2021.
https://webcache.googleusercontent.com/search?q=cache:d9eICLjMVdEJ:https://www.wilmerhale.com/en/insights/client-
alerts/20210712-china-tightens-control-over-overseas-securities-listings-in-name-of-data-security+&cd=1&hl=en&ct=clnk&gl=us.
11
Paul Gillis and Fredrik Oqvist, “Variable Interest Entities in China,” GMT Research, March 13, 2019, 1.
https://www.chinaaccountingblog.com/weblog/2019-03-vie-gillis.pdf.
12
PCAOB, “China-Related Access Challenges,” Accessed September 17, 2020. https://pcaobus.org/International/Pages/China-
Related-Access-Challenges.aspx.
13
Joshua Franklin, Harry Brumpton, Julie Zhu, “Starbucks’ China Challenger Luckin Raises $561 Million in U.S. IPO,” Reuters, May
16, 2019. https://www.reuters.com/article/us-luckin-coffee-ipo/starbucks-china-challenger-luckin-raises-561-million-in-u-s-ipo-
idUSKCN1SM2SH.
14
Shen Xinyue and Denise Jia, “Update: Luckin Coffee Accedes to Delisting from Nasdaq,” Caixin, June 27, 2020.
https://www.caixinglobal.com/2020-06-27/luckin-coffee-accedes-to-delisting-from-nasdaq-101572433.html.
15
Nikki Sun and CK Tan, “Chinese Customers and Regulators Push Own Claims on Luckin Coffee,” Nikkei Asia, April 3, 2020.
https://asia.nikkei.com/Business/Food-Beverage/Chinese-customers-and-regulators-push-own-claims-on-Luckin-Coffee; Jing Yang,
“Luckin Coffee Drops Nasdaq Appeal; Shares to be Delisted,” Wall Street Journal, June 26,
2020.https://www.wsj.com/articles/luckin-coffee-drops-nasdaq-appeal-shares-to-be-delisted-11593188282; Ben Winck, “A Reddit
Trader Claims They Lost Their Entire Life Savings When Luckin Coffee’s Stock Tanked,” Business Insider, June 4, 2020.
https://markets.businessinsider.com/news/stocks/reddit-wallstreetbets-trader-lost-life-savings-luckin-coffee-stock-decline-2020-6-
1029281054.
16
Shen Xinyue and Manyun Zou, “Luckin Pays $180 Million to Settle U.S. Fraud Charges,” Caixin Global, February 7, 2022.
https://www.caixinglobal.com/2022-02-07/luckin-pays-180-million-to-settle-us-fraud-charges-101838634.html; Luckin Coffee,
“Luckin Coffee Receives Notice of Satisfaction of Penalty Provisions from the Securities and Exchange Commission,” February 4,
2022. https://investor.luckincoffee.com/static-files/94c7890c-0b27-46db-831b-8caf18000ccf#tm225566d1_ex99-1.htm; Katanga
Johnson, “Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges – U.S. SEC,” Reuters, December 16, 2020.
https://www.reuters.com/article/us-usa-sec-luckincoffee/luckin-coffee-to-pay-180-million-penalty-to-settle-accounting-fraud-charges-
u-s-sec-idUKKBN28Q34P.
17
Shen Xinyue and Manyun Zou, “Luckin Pays $180 Million to Settle U.S. Fraud Charges,” Caixin Global, February 7, 2022.
https://www.caixinglobal.com/2022-02-07/luckin-pays-180-million-to-settle-us-fraud-charges-101838634.html; Luckin Coffee,
“Luckin Coffee Receives Notice of Satisfaction of Penalty Provisions from the Securities and Exchange Commission,” February 4,
2022. https://investor.luckincoffee.com/static-files/94c7890c-0b27-46db-831b-8caf18000ccf#tm225566d1_ex99-1.htm; Katanga
Johnson, “Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges – U.S. SEC,” Reuters, December 16, 2020.
https://www.reuters.com/article/us-usa-sec-luckincoffee/luckin-coffee-to-pay-180-million-penalty-to-settle-accounting-fraud-charges-
u-s-sec-idUKKBN28Q34P.
18
Yaqiu Wang, “The Business of Censorship: Documents Show How Weibo Filters Sensitive News in China,” Committee to Protect
Journalists, March 3, 2016. https://cpj.org/2016/03/the-business-of-censorship-documents-show-how-weib/; Amnesty International,
“Pho Noodles and Pandas: How China’s Social Media Users Created a New Language to Beat Government Censorship on COVID-
19,” March 6, 2020. https://www.amnesty.org/en/latest/news/2020/03/china-social-media-language-government-censorship-covid/;
Kiye Dorrer, “Hello, Big Brother: How China Controls Citizens Through Social Media,” DW, March 31, 2017.
https://www.dw.com/en/hello-big-brother-how-china-controls-its-citizens-through-social-media/a-38243388.
19
Murray Scot Tanner, “Beijing’s New National Intelligence Law: From Defense to Offence,” Lawfare, July 20, 2017.
https://www.lawfareblog.com/beijings-new-national-intelligence-law-defense-offense; National Intelligence Law, 2017.
http://webcache.googleusercontent.com/search?q=cache:zWKna5BaigMJ:www.npc.gov.cn/zgrdw/npc/xinwen/2017-
18
 Last updated: March 31, 2022

06/27/content_2024529.htm+&cd=2&hl=en&ct=clnk&gl=us; Rogier Creemers, Paul Triolo, and Graham Webster, “Translation:

Cybersecurity Law of the People’s Republic of China,” New America, June 29, 2018. https://www.newamerica.org/cybersecurity-
initiative/digichina/blog/translation-cybersecurity-law-peoples-republic-china/.
20
Jane Li, “Beijing is Publicizing Its Philosophy of How Tech Firms Like TikTok Must Aid China’s Rise,” Quartz, September 16,
2020. https://qz.com/1904063/china-issues-decree-to-enhance-control-of-firms-like-bytedance/.
21
U.S. Securities and Exchange Commission, EDGAR Full Text Search. https://www.sec.gov/edgar/search/; Gary Gensler, “Statement
on Investor Protection Related to Recent Developments in China,” U.S. Securities and Exchange Commission, July 30, 2021.
https://www.sec.gov/news/public-statement/gensler-2021-07-30.

19