On March 10 (local time), Bill Ackman's hedge fund, Pershing Square Holdings, formally submitted an application to the U.S. Securities and Exchange Commission. It aims to achieve a dual listing on the New York Stock Exchange (NYSE), alongside its newly launched closed-end fund, Pershing Square USA. The objective is to raise between $5 billion and $10 billion. In this concurrent listing, Pershing Square will trade under the ticker symbol "PS", while Pershing Square USA will use "PSUS". PSUS intends to issue common shares at a price of $50 each, with the funding coming from both public offerings and private placements. It has already secured $2.8 billion in private subscription commitments. The fund will mirror Pershing Square's existing investment strategy, concentrating on long-term investments in 12-15 undervalued companies listed in North America. To entice investors, PSUS has introduced a unique equity incentive mechanism: for every 100 shares of PSUS purchased, initial IPO investors will receive 20 free shares of PS common stock, whereas private placement investors will receive 30 shares. Currently, Pershing Square holds stakes in companies like Uber and Amazon, managing total assets worth approximately $30.7 billion.