Hexcellence Consulting

16/07/2026

Many companies assume that receiving an SEC Comment Letter means something has gone wrong. In reality, it is a normal part of the SEC's review process.

Understanding how the SEC reviews registration statements is essential for companies preparing securities offerings and other registered transactions. More importantly, understanding why the SEC raises certain comments can help companies improve the quality, consistency and completeness of their disclosures before filing.

This is why we're launching SEC Review Insights—a new educational series where we share practical insights into the SEC's review process, common review focus areas and disclosure expectations based on real review practices.

📖 Issue #01: What Is an SEC Comment Letter?

In this issue, we explore:
• What the SEC reviews
• What an SEC Comment Letter is
• How the SEC review process works
• Common areas of SEC review
• Why the SEC issues comments
• What this means for companies

We hope this series provides useful insights for companies, management teams and professionals involved in U.S. capital markets.

Next Issue: Prospectus Summary

26/06/2026

Nasdaq's proposed US$5 million MVLS rule is back in focus.

With Amendment No. 1, Nasdaq has expanded the role of the Nasdaq Hearings Panel while retaining the proposed MVLS requirement.

The latest amendment raises important considerations that companies should not overlook.

👇 Click here to read more.
https://hexcellence.co/nasdaqs-amendment-no-1-what-the-proposed-us5-million-mvls-rule-means-for-listed-companies-2/

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纳斯达克拟议中的 500万美元MVLS 规则再次成为市场关注焦点。

随着第一次修订案的提交，纳斯达克在保留500万美元MVLS门槛的同时，进一步扩大了听证委员会的权限。

这次修订所带来的影响，值得企业提前关注。

👇 点击阅读全文。
https://hexcellence.co/zh/nasdaqs-amendment-no-1-what-the-proposed-us5-million-mvls-rule-means-for-listed-companies/

13/05/2026

The U.S. Securities and Exchange Commission may allow companies to shift from quarterly to semiannual reporting — cutting filings from four times a year to two.

👉 This is not less disclosure, but a change in how disclosure works.

Click to read more: https://hexcellence.co/sec-proposes-major-changes-to-u-s-public-company-reporting-2/

SEC proposes allowing semiannual reporting instead of quarterly filings, reshaping U.S. public company disclosure and IPO compliance expectations.

20/04/2026

A potential SpaceX IPO is drawing attention not only for its scale, but also for what it suggests about the evolving expectations of the U.S. capital markets.

As companies enter the public markets at a more advanced stage, the bar for IPO readiness continues to rise.

This article further explores what this shift means for prospective issuers.

Read more:
🔗https://hexcellence.co/what-the-potential-spacex-ipo-signals-about-the-evolving-u-s-capital-markets-2/
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SpaceX 潜在 IPO 备受关注，不仅因为其规模庞大，更因为它反映了美国资本市场对企业上市准备要求的持续提升。

随着企业以更成熟的状态进入公开市场，市场对企业上市准备的要求也在不断提高。

本文将进一步分析，这一变化对拟上市企业意味着什么。

点击了解更多分析：
🔗https://hexcellence.co/zh/what-the-potential-spacex-ipo-signals-about-the-evolving-u-s-capital-markets/

08/04/2026

Companies listed in the U.S. capital markets operate within a comprehensive regulatory and disclosure framework administered by the SEC.

While much attention is often placed on how companies enter the public markets, understanding the mechanisms that govern ongoing reporting obligations is equally important.

This article explores SEC Form 15 and its role within the broader regulatory lifecycle of U.S. public companies.

Read here:
🔗https://hexcellence.co/understanding-sec-form-15-when-public-companies-may-suspend-reporting-obligations-2/


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上市公司是否可以停止向 SEC 提交报告？

在特定情况下，公司可以通过提交 SEC Form 15 来终止某一类证券注册，或暂停持续性报告义务。但提交 SEC Form 15 是否等于退市？企业又在什么情况下可以提交？

本文将带你快速了解 SEC Form 15 在美国上市公司监管体系中的作用。

点击了解更多分析：
🔗https://hexcellence.co/zh/understanding-sec-form-15-when-public-companies-may-suspend-reporting-obligations/

#资本市场 #首次公开募股