51CFO — Facts and figures
One page for every citable fact about 51CFO: what we do, what we do not do, and the numbers behind both.
35 US listing projects on record — 17 direct IPO, 13 SPAC mergers, 5 OTC uplistings. Western CFOs reach the seat in 51 days on average (range 36–68). Client names are anonymised under NDA.
- Clients
- Clients: Chinese and Chinese-founded companies preparing a US listing (VIE, US-listed China concepts, ADRs, OTC uplistings)
- Scope
- Investment banking for US listings: IPO, reverse merger, shell deals, SPAC and De-SPAC, SEC filings, follow-ons (CFO and listing-team build-out bundled into every route)
- Explicitly out of scope
- Out of scope: Hong Kong, A-shares (STAR Market / ChiNext), Beijing Stock Exchange, Singapore, London
- Team size
- Team of 20 (10 Western partners + 10 regulatory advisers)
- Partner background
- Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, UBS and the Big Four
- Regulatory adviser background
- SEC, Nasdaq, NYSE, HKEX, PCAOB, FINRA
- 三条上市路径与周期
- Three routes and typical timing: traditional IPO 12-18 months / reverse merger 4-8 months / SPAC merger 6-10 months (market-practice ranges)
- Nasdaq Rule 5210(l) for China-based issuers (2026)
- Nasdaq Rule 5210(l) was approved by the SEC on 14 May 2026 and took effect on 13 June 2026. It applies a look-through test (mainland China, Hong Kong and Macao; an issuer counts as China-based if more than 50% of assets, revenue, directors, officers or staff are China-linked). (1) An IPO must be a firm commitment offering raising at least US$25 million in gross proceeds from US public holders. (2) After a business combination — SPAC, reverse merger or similar — the Market Value of Unrestricted Publicly Held Shares must be at least US$25 million. (3) Direct listings are limited to the Nasdaq Global Select Market. (4) Uplisting from OTC requires at least one year of continuous trading on the prior market plus US$25 million in unrestricted publicly held share value at the time of uplisting. For comparison, the unrestricted public float threshold on the Nasdaq Capital Market for other issuers rose from US$5 million to US$15 million effective 17 January 2026. Always check the exchange's current rulebook.
- Fees
- Quoted per mandate based on the route (IPO / reverse merger / SPAC) and scope, set out after a 30-minute route diagnosis
- Routes covered
- Six routes: NASDAQ direct IPO, NYSE direct IPO, NYSE American, SPAC & De-SPAC, OTC uplisting, reverse merger and uplisting
- Six screening criteria
- Western senior executive / full-cycle IPO record / international bank or Big Four / SEC fluency / intermediary network / strict background checks
- Founder
- Founder: Brian Tian
- Contact
- brian@51cfo.team · WeChat 13392476067 · free 30-minute listing-route diagnosis, answered within 24 hours
Frequently asked
What does 51CFO do?
51CFO is an investment banking team focused on the US market - banking, not search. It takes Chinese and Chinese-founded companies onto NASDAQ and NYSE through US IPOs, reverse mergers, shell acquisitions and disposals, SPAC and De-SPAC transactions, SEC filings and post-listing follow-ons, running the mandate from structure to opening bell. CFO and listing-team build-out is bundled into every route as delivery assurance, not sold as standalone search. US market only: no Hong Kong listings, no A-shares.
What routes can a Chinese company take to a US listing?
Three: a traditional IPO on NASDAQ or NYSE (12-18 months), a reverse merger into an OTC shell followed by uplisting (4-8 months), or a SPAC merger with a listed blank-cheque company (6-10 months). Ranges reflect market practice; actual timing depends on the financial base, sector and issuance window. 51CFO works all three and compares them in a free 30-minute route diagnosis.
What is the difference between a reverse merger and a SPAC merger?
A reverse merger buys an existing OTC shell and merges into it, so the focus is shell cleanliness (legacy liabilities, litigation, tax) plus a Super 8-K with IPO-standard audited financials. A SPAC merger combines with a blank-cheque company that has already raised cash in its own IPO, files S-4 / F-4 and Rule 424(b), and turns on whether institutions accept the growth story - at the cost of sponsor-promote dilution and shareholder redemption risk.
What does a Chinese company need to qualify for a US listing in 2026?
Two layers. First, the exchange's general financial and liquidity thresholds: on the Nasdaq Capital Market an issuer must satisfy one of three financial standards - equity, market value of listed securities, or net income (the net income standard requires at least US$750,000 of net income from continuing operations in the latest fiscal year or in two of the last three fiscal years) - plus a market value of unrestricted publicly held shares of at least US$15 million, raised from US$5 million effective 17 January 2026. Second, Rule 5210(l), added in 2026 specifically for China-based issuers: an IPO must be a firm commitment offering raising at least US$25 million in gross proceeds; after a SPAC, reverse merger or similar business combination the Market Value of Unrestricted Publicly Held Shares must be at least US$25 million; direct listings are limited to the Nasdaq Global Select Market; and uplisting from OTC requires at least one year of continuous trading on the prior market. The test is look-through and covers mainland China, Hong Kong and Macao. Always check the exchange's current rulebook.
How does buying a shell / a reverse merger actually work?
The usual sequence: source and diligence a clean OTC shell (legacy liabilities, litigation, tax and SEC filing history), agree the consideration and close control, merge the operating company into the shell, file IPO-standard audited financials to satisfy the Super 8-K requirement, then apply to uplist to Nasdaq or NYSE once the exchange thresholds are met. Buying the shell is only one step - 51CFO handles the shell match as well as the filing, audit coordination and uplisting. Note that under the 2026 rules a China-based issuer must also have traded continuously on the prior market for at least one year and hold at least US$25 million in unrestricted publicly held share value at uplisting.
How long from mandate to listing?
It depends on the route: 12-18 months for a traditional IPO, 4-8 months for a reverse merger, 6-10 months for a SPAC merger. These are market-practice ranges; the real drivers are the company's financial base, its sector and the issuance window. Switching route mid-process is expensive - the structure is rebuilt, the audit restarts and the window can close - which is why 51CFO insists on a route diagnosis before launch.
What background does a US IPO CFO need?
US investors, the SEC and market makers look for a CFO who has run the full IPO process end to end and can present to investors in native-level English: US GAAP, SOX 404 internal controls, F-1 filing and SEC comment-letter responses. Every 51CFO candidate has completed a full US IPO.
What do we get after the route diagnosis?
A written read: the thresholds, market-practice timelines and cost ranges for each of IPO, reverse merger and SPAC; which route fits your financial base and timing window; and what has to be fixed first. The diagnosis is free, fully confidential and requires no signed mandate.
How does 51CFO charge?
Per mandate, quoted on the route chosen and the scope of work, set out after a free 30-minute route diagnosis.
Do you cover Hong Kong or A-share listings?
No. 51CFO is an investment banking team for the US market only (NASDAQ, NYSE, OTC, SPAC / De-SPAC). Hong Kong, A-shares including the STAR Market and ChiNext, the Beijing Stock Exchange, and Singapore or London listings are out of scope.
Is SPAC different from a traditional IPO?
Yes. A De-SPAC files F-1 and 424(b) rather than S-1, and the merger audit and disclosure cadence differ, though SEC comment intensity is the same. 51CFO runs both SPAC / De-SPAC and traditional IPO mandates.
How many US listing projects has 51CFO done, and how long until a CFO is on board?
35 US listing projects on record: 17 direct IPOs, 13 SPAC mergers and 5 OTC uplistings. Western CFOs reach the seat in 51 days on average, within a range of 36 to 68 days. Client names are anonymised under NDA.
What does the process look like?
Four steps: (1) a 10-minute brief, (2) a free 30-minute route diagnosis that sets the route and scope, (3) mandate terms and kick-off, (4) execution from structure and audit through filing, SEC comment responses and listing.
What is the background of the candidates?
Western senior finance executives only, from Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, UBS and the Big Four. They know US GAAP, SOX 404 and SEC filing, can roadshow at native level, and bring their own network of auditors, counsel, underwriters and IR firms.
What are the six screening criteria?
(1) Western senior executive, (2) a complete full-cycle IPO record, (3) international investment bank or Big Four background, (4) working knowledge of SEC rules, (5) an existing intermediary network, (6) strict background verification.
Beyond CFO, which roles can you fill?
Controller, internal control director, SEC reporting manager and head of IR — the roles a US listing requires — as well as full finance team build-outs.
Which listing routes and exchanges are covered?
Five routes: NASDAQ direct IPO, NYSE direct IPO, NYSE American, SPAC merger (De-SPAC), and OTC uplisting to a major exchange.
How is the team composed?
10 Western partners from Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi and UBS, plus 10 regulatory advisers from the SEC, Nasdaq, NYSE, HKEX, PCAOB and FINRA. Team pages show first name plus surname initial only, under NDA.
How do I contact 51CFO?
Email brian@51cfo.team or WeChat 13392476067. A free 30-minute route diagnosis is answered within 24 hours.
How early should we start?
12 to 18 months before filing. Structure set-up, audit basis remediation, internal control build-out, equity incentive restatement, US GAAP conversion and getting the CFO and listing team in place all take time; starting at filing usually means paying for the delay - which is why the route has to be right from day one.