On May 17, invited by the Suzhou Industrial Park Enterprise Development Service Center, Senior expert in corporate listing guidance and Chairman of Lichen China, Mr. Li Ya, attended the 2025 "Listing Nursery Project" Leading Camp, delivering a special lecture titled "How to Choose a Professional Capital Market Service Institution" for heads of reserve and prospective listed companies in the jurisdiction.

"Besides the impact of policies and weak corporate foundations, choosing the wrong intermediary institution is also a major factor leading to low success rates in corporate listings." During the class, Mr. Li analyzed for the attending entrepreneurs the comprehensive downward trend in the number of domestic listing filings, submissions, and successes of Chinese companies over the past three years: "The professional ability of the service team, successful cases and reputation, total cost and structure, cooperation of executing personnel, and the style of signatories are key factors in judging whether an intermediary institution is trustworthy."

Mr. Li emphasized that different capital markets and different segments have varying listing thresholds and rules, and the service differences of intermediary institutions can be significant. Therefore, companies must first determine the listing location and segment before considering intermediary institutions. "In practice, it is difficult for a company's secretary and CFO to be familiar with both domestic and overseas capital markets and intermediary institutions simultaneously. A knowledgeable listing guidance institution acting as the overall coordinator and chief advisor is the cornerstone of a company's listing success. This not only improves the company's listing success rate but also effectively saves money, time, and effort for the company."

Subsequently, Mr. Li provided detailed introductions on the selection criteria, due diligence evaluation, cooperation management, and precautions for core corporate listing service institutions such as securities firms, accountants, and lawyers. The entire lecture was highly praised by attendees, who expressed that Mr. Li's practical sharing was greatly beneficial.

It is reported that the "Listing Nursery Project" is jointly launched by the Financial Development and Risk Prevention Bureau of Suzhou Industrial Park and the Park Enterprise Development Service Center. It is the nation's first comprehensive IPO service brand, establishing a three-dimensional comprehensive service system of "one partner, one zone, four platforms," gathering five categories of professional service partners: the Listing Nursery Party Building Alliance, IPO professional institutions, financial institutions, industrial institutions, and listed companies. Over five years of implementation, it has cultivated 33 listed companies in total.