2026年3月9日，美國眾議院中國問題特別委員會宣布對三家在紐約從事美股IPO承銷業務的機構展開正式調查，分別是D. Boral Capital、Dominari Securities LLC與Revere Securities。委員會指出，這些機構被懷疑為涉嫌「拉高出貨」式股價操縱（俗稱「殺豬盤」）的中概股上市提供協助，導致大量美國投資者遭受重大損失。目前已有7家中概股因股價操縱問題，被納斯達克無限期停牌。

這項調查由委員會主席 約翰·穆勒納爾 與首席成員羅·卡納共同主導。委員會已要求上述三家承銷商在限期內提交與相關中概股IPO有關的所有文件，包括盡職調查報告、承銷協議及其他完整資料。其中，D. Boral Capital被指出是EF Hutton 的關聯實體。調查認為，這些機構未能履行作為金融市場「守門人」的責任，使存在問題的公司得以順利上市。

從背景與影響來看，這類欺詐活動的規模已相當可觀。自2023年以來，相關案件累計已造成美國投資者約160億美元的損失，約25%的小型中概股IPO被查出涉及股價操縱。同時，美國聯邦調查局 接獲的相關投訴數量激增約300%。在司法層面，美國司法部 已對10名中國籍相關人員提起刑事訴訟，並查獲超過2.14億美元的非法所得，同時沒收涉案資產約3790萬美元。

在監管措施方面，自2025年9月26日以來，納斯達克已對12家涉嫌股價操縱的公司實施無限期停牌，其中7家為中概股企業，涉及產業包括數位媒體、商業服務、金融科技以及醫美等領域。報導特別提到Platinum Analytics Cayman Limited 的案例，其實際控制人在事件曝光前已將中國內地與香港的業務剝離，相關操作被認為具有明顯規避監管的痕跡。

至於涉事承銷商方面，Dominari Securities LLC與 Revere Securities長期參與中概股赴美上市業務，近期甚至還共同承銷了亞太地區數位化供應鏈軟體公司 Gravity AI 的納斯達克IPO。此次調查因此對這些金融中介機構的盡職調查品質提出嚴重質疑，並指出承銷環節可能成為中概股上市監管體系中的關鍵漏洞。

整體而言，美國對美股市場，尤其是中概股的監管正持續收緊。納斯達克已向美國證券交易委員會提出新提案，希望取得直接對問題證券進行除牌的權限。若該提案最終通過，將顯著提高中概股在美上市的合規門檻，同時也會加強對承銷商等中介機構的責任要求。

綜合來看，此次調查直指中概股赴美上市承銷環節中的制度漏洞，被視為美國資本市場監管進一步收緊的重要信號。未來，中概股企業若要在美國市場長期發展，勢必需要更加重視合規經營與公司治理。同時，承銷商與其他中介機構也必須建立更嚴格的風險防火牆。隨著監管壓力上升，整個產業生態可能面臨深度洗牌，而企業與金融機構的合規能力，很可能成為未來最關鍵的核心競爭力。

On March 9, 2026, the U.S. House Select Committee on the Chinese Communist Party announced a formal investigation into three New York–based underwriters involved in U.S. IPOs: D. Boral Capital, Dominari Securities LLC, and Revere Securities. The committee stated that these firms are suspected of facilitating the listing of certain U.S.-listed Chinese companies allegedly involved in “pump-and-dump” style stock manipulation schemes, sometimes described as “pig-butchering” frauds, which have caused substantial losses for American investors. So far, seven Chinese companies listed in the United States have been indefinitely suspended by Nasdaq due to suspected stock price manipulation.

The investigation is being led jointly by committee chairman John Moolenaar and ranking member Ro Khanna. The committee has required the three underwriters to submit all relevant documentation related to these Chinese IPOs within a specified deadline, including due-diligence reports, underwriting agreements, and other supporting materials. Among them, D. Boral Capital has been identified as an affiliated entity of EF Hutton. According to the committee, these institutions may have failed to fulfill their responsibilities as financial “gatekeepers,” thereby allowing problematic companies to access U.S. capital markets.

The broader background highlights the significant scale of these alleged fraud schemes. Since 2023, such activities have reportedly caused approximately US$16 billion in losses to American investors, with around 25% of small-cap Chinese IPOs found to involve stock manipulation. At the same time, the number of related complaints received by the Federal Bureau of Investigation has surged by roughly 300%. On the law-enforcement side, the United States Department of Justice has filed criminal charges against ten Chinese nationals connected to these cases, seized more than US$214 million in illicit proceeds, and confiscated about US$37.9 million in related assets.

In terms of regulatory actions, since September 26, 2025, Nasdaq has imposed indefinite trading suspensions on twelve companies suspected of stock manipulation, including seven Chinese firms. These companies operate across sectors such as digital media, business services, fintech, and medical aesthetics. The report specifically mentions Platinum Analytics Cayman Limited, noting that its ultimate controller had already separated its mainland China and Hong Kong operations prior to the incident, leaving what investigators consider clear signs of strategic restructuring before the controversy emerged.

Regarding the underwriters involved, Dominari Securities LLC and Revere Securities have long participated in facilitating U.S. listings for Chinese companies. More recently, they also served as joint underwriters for the Nasdaq IPO of Asia-Pacific digital supply-chain software provider Gravity AI. As a result, the current investigation raises serious questions about the quality of due diligence conducted by these financial intermediaries and suggests that the underwriting process may represent a critical regulatory gap in the oversight of Chinese companies going public in the United States.

Overall, regulatory scrutiny of the U.S. stock market—particularly of U.S.-listed Chinese companies—has continued to intensify. Nasdaq has already submitted a proposal to the U.S. Securities and Exchange Commission seeking direct authority to delist problematic securities. If approved, the proposal would significantly raise compliance requirements for Chinese companies seeking to list in the United States and strengthen accountability for intermediaries such as underwriters.

Taken together, this investigation directly targets weaknesses in the underwriting process for Chinese IPOs in the United States and is widely viewed as another signal of tightening regulatory oversight in the U.S. capital markets. Going forward, Chinese companies seeking to list in the U.S. will likely need to place greater emphasis on regulatory compliance and corporate governance. At the same time, underwriters and other intermediaries will be expected to build stronger risk-control mechanisms. As regulatory pressure increases, the broader industry ecosystem may face a significant reshuffle, with compliance capabilities likely becoming a core competitive advantage.