In 2025, despite a complex and volatile external environment, 93 Chinese companies successfully listed on the main U.S. stock boards through IPOs, SPAC mergers, and OTC uplistings, marking a 7.8% increase from the previous year's 64 listings. Furthermore, by the end of 2025, 149 additional companies had publicly filed applications to list in the U.S., underscoring the sustained enthusiasm among Chinese firms for American capital markets. Regarding the listing pathways, traditional IPOs remained the dominant method among the 93 Chinese companies that went public last year, with 84 companies (90.3%) choosing this route. Only one company (1.1%) uplisted from the OTC market, while 8 companies (8.6%) utilized the De-SPAC (Special Purpose Acquisition Company merger) model to gain a listing. Weimei Holdings (MJID.US) was one such company. According to public information, Weimei Holdings was the first company to receive a filing notice from the China Securities Regulatory Commission under the new filing regulations, yet its journey to an IPO was far from smooth. After initially submitting an F-1 form in April 2023, the company updated its prospectus multiple times before finally securing its ticket to the Nasdaq in July 2025.

However, less than two months after its U.S. listing, Weimei Holdings announced it was changing its name to "Ping An Biomedical Co., Ltd." and its ticker symbol from "MJID.US" to "PASW.US." Concurrently, the company shifted its core business focus from apparel supply chain management services to "concentrating on biomedical R&D and health & wellness sectors, committed to building a globally competitive biomedical R&D transformation platform." This radical, "born-again" transformation clearly took the market by surprise.

Can a name change save a stock in a persistent downtrend? Since its debut on July 18 last year, the share price of Weimei Holdings (Ping An Biomedical) has been on a continuous downward trajectory. Specifically, the stock opened at $5.39 on its first trading day, already 10.17% below its IPO price of $6.00, signaling weak market confidence from the outset. After opening, the price plunged further, hitting an intraday low of $2.55—a staggering 57.5% drop from the IPO price. A slight rebound towards the market close allowed the stock to finish the day at $3.30, still down 45.00% for the session. The substantial $1.23 difference between the closing price and the intraday low highlighted intense volatility and a fierce battle between bulls and bears. Notably, the trading volume on the first day reached 4.82 million shares, which was 2.35 times its public float (based on 2.5 million shares offered), indicating a massive exchange of holdings between early investors and new entrants and setting the stage for future price movements.

The steep decline on the first day proved to be just the beginning of the stock's woes. Starting from that drop, Weimei Holdings charted four consecutive negative trading days, quickly pushing the price below $2.00. Within the first ten trading days, only one session ended in positive territory before the stock settled into a pattern of low-level consolidation. From August 4 last year to January 8 of this year, a five-month period, technical analysis showed the stock's Bollinger Band (BOLL) opening downwards and narrowing early on, guiding the price into a sustained, oscillating decline. During this phase, the stock price largely moved mechanically along the middle and lower bands of the BOLL, exhibiting a pattern of decline on low volume. Throughout this prolonged period of low prices, trading activity was exceptionally sluggish, with the stock's daily volume exceeding 5 million shares on only four occasions. Although there were two attempts to challenge the upper BOLL band in early September and December, neither was supported by a significant increase in volume or resulted in a decisive breakout, constituting classic "false breakouts" that led to a continued decline, with the price hitting a low on December 16.

The persistently low daily trading volume during this phase indicated a severe lack of interest from outside investors and a fundamental weakness in market support, resulting in the characteristic pattern of a declining price accompanied by sparse volume. It is worth noting that, according to its prospectus, Weimei Holdings was originally a domestic apparel supply chain management service provider, offering clients a one-stop solution encompassing yarn products, textiles, and finished garments. The company provided a full suite of services along the apparel supply chain, including market trend analysis, product design and development, and raw material sourcing. However, less than two months after its listing, in September, the company announced its rebranding to "Ping An Biomedical Co., Ltd." and changed its ticker to "PASW.US." Simultaneously, it pivoted its core business from apparel supply chain management to "focusing on biomedical R&D and health & wellness, aiming to build a globally competitive biomedical R&D transformation platform." This announcement was the primary driver behind the brief rally towards the upper BOLL band observed in September.

Nevertheless, this "name change tactic" evidently failed to deliver substantial value enhancement for the company. On October 1, the stock price fell back to the lower BOLL band and remained depressed. On November 24, the newly renamed Ping An Biomedical received a notification letter from the Nasdaq Listing Qualifications department, stating that from October 10, 2025, to November 20, 2025, the company's closing bid price no longer met the minimum requirement of $1.00 per share for continued listing under Nasdaq Rule 5550(a)(2), putting it at risk of delisting.

Does the company have the "biomedical" name without the corresponding substance? As previously mentioned, before the name change, Weimei Holdings was an apparel supply chain manager. Its prospectus indicated its main business was providing custom production services for cashmere knitwear to overseas clients. Its customer base primarily consisted of small and medium-sized clothing brands, e-commerce retailers, and sourcing agents from European and American markets like the UK, Italy, and Australia. From a business model perspective, the company did not own any proprietary brands nor engage in retail; it operated essentially as a "contract manufacturer for foreign trade," offering integrated supply chain services. Financial data from the prospectus showed revenues of RMB 82.5637 million and RMB 87.6224 million for the reported periods, representing a 6.2% year-on-year increase. The business was segmented into yarn sales and finished garment sales, with yarn sales constituting the overwhelming majority of revenue—over 90%, and specifically 95% in fiscal 2024. Benefiting from increased customer demand, yarn sales grew 8.1% year-on-year to RMB 83.269 million in fiscal 2024. In contrast, revenue from finished garment sales declined during the period, falling from RMB 5.524 million in fiscal 2023 to RMB 4.3534 million in fiscal 2024. Financially, Weimei Holdings exhibited the typical characteristics of a contract manufacturer.

However, even after rebranding as "Ping An Biomedical" in September, the company continued to operate its original apparel supply chain management business. According to its fiscal 2025 results disclosed on September 30, the core revenue source remained yarn sales, accounting for 92% of total income. It was not until January 9 of this year that Ping An Biomedical announced a non-binding cash investment plan of $30 million and a plan to acquire Future Biotech Co., Ltd. for $60 million. This news triggered a sharp 41.85% surge in the stock price on January 12. However, the speculative fervor lasted only a single trading session. On January 13 and 14, the stock fell 16.88% and 7.25%, respectively, dragging the price back down to around $0.20—a 96.67% plunge from the IPO price—and further widening the gap to compliance with listing requirements.