经济观察网 据证券时报网消息，9月3日，纳斯达克证券交易所宣布提议修改上市标准，正将拟议规则 提交给美国证监会审核，若获批将立即实施。其中，规则对主要在中国运营的新上市公司提高了最低募 资要求。 2.对存在上市缺陷且上市证券市值低于500万美元的公司，加快其停牌和退市流程； 3.对主要在中国运营的新上市公司，公开发行募集资金最低要求为2500万美元。 根据纳斯达克发布的文件，修订后的标准有三个，分别为： 1.如果选择净利润上市标准上市的公司，其最低公众持股量市值为1500万美元（目前为500万美元）； ...

Core Viewpoint - Nasdaq is proposing to amend its listing standards, particularly increasing the minimum fundraising requirements for companies primarily operating in China, which aims to enhance investor protection and market integrity [1][4]. Group 1: Proposed Changes to Listing Standards - The revised standards include three main changes: 1. Companies choosing to list based on net profit must have a minimum public float market value of $15 million (up from $5 million) [2]. 2. Companies with listing deficiencies and a market value below $5 million will face expedited delisting processes [2]. 3. New companies primarily operating in China must raise a minimum of $25 million in public offerings [2]. Group 2: Rationale Behind Changes - Nasdaq emphasizes that these changes are part of its mission to protect investors and maintain market integrity, providing healthier liquidity conditions for public investors while still allowing access to emerging company stocks [4]. - The introduction of the $25 million minimum public offering requirement for companies from "restricted markets" is consistent with previous regulations established in 2020 [4]. Group 3: Accelerated Delisting Procedures - Nasdaq has previously implemented rules to accelerate the delisting process for companies, including restrictions on excessive reverse stock splits and immediate delisting for stocks trading below $0.10 for ten consecutive days [5]. - The proposed changes will be submitted to the SEC for review, with a 30-day grace period for companies already in the initial listing process to comply with the old standards before the new requirements take effect [5].

第二项是，对于市值低于500万美元的公司，加快其暂停交易和退市的程序。第三项是专门针对中国公 司，纳斯达克将要求公司通过首次公开发行（IPO）所募集的资金至少达到2500万美元。 来源：格隆汇APP 格隆汇9月4日｜纳斯达克表示，该拟议规则已提交给美国证券交易委员会（SEC）批准，对其现有上市 标准进行三项改变。第一项是提高上市门槛，根据净收入标准，最低公众持股量增加到1500万美元。目 前的门槛是至少500万美元。 ...

Core Points - Nasdaq proposed enhancements to its initial and continued listing standards to reinforce capital formation, investor protection, and market integrity [1][2] - The updates include increased requirements for minimum public float and capital raised during IPOs, along with stricter suspension and delisting procedures for non-compliant companies [1][2][5] Summary by Sections Revised Standards - The new standards aim to improve investor protection and market integrity, reflecting Nasdaq's commitment to adapt to market realities [2] - Enhanced requirements include a minimum public offering proceeds of $25 million for companies operating in China and a minimum market value of public float of $15 million for new listings [3][7] Liquidity Requirements - Nasdaq is recalibrating its minimum liquidity standards to align with current market dynamics and company valuations [2] - The proposed changes are part of a broader industry effort to examine trading behaviors in small company securities [2] Compliance and Oversight - Nasdaq will continue to refer cases of potentially manipulative trading to the SEC and FINRA, enhancing cooperation with regulators to maintain high standards [4] - The proposed rules will be submitted to the SEC for review, with a 30-day period for companies already in the listing process to comply with prior standards [5] Historical Context - The changes build on Nasdaq's previous regulatory leadership, including rules for IPOs from "restrictive markets" and adjustments to improve liquidity and compliance timelines [6][13] - Previous rules required companies from restrictive markets to have a minimum public offering size of $25 million, consistent with the new proposals [6][7]

Group 1 - Nasdaq reported its monthly trading volumes for August 2025 on its Investor Relations website [1] - The company is a leading global technology firm that serves various financial market participants, including corporate clients, investment managers, banks, brokers, and exchange operators [2] - Nasdaq aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings of data, analytics, software, and exchange capabilities [2] Group 2 - Nasdaq provides client-centric services that enable clients to optimize and execute their business strategies with confidence [2] - For further information about Nasdaq's technology solutions and career opportunities, the company encourages visits to its LinkedIn page, X account, or official website [2] - Media and investor relations contacts are provided for further inquiries [3]

Core Insights - Nasdaq Verafin and BioCatch have formed a strategic partnership to enhance fraud detection capabilities in the financial services industry, addressing the growing challenge of payments fraud globally [1][4][6] - The partnership aims to integrate BioCatch's behavioral intelligence with Nasdaq Verafin's fraud detection platform, allowing financial institutions to take pre-emptive actions against fraudulent transactions [3][5] Industry Context - Financial crime, particularly payments fraud, is a multitrillion-dollar issue, with payments fraud and scams contributing to an estimated $486 billion in global fraud losses in 2023 [2] - The rise of faster and real-time payments has increased the risk of fraud, while traditional fraud detection methods are leading to a surge in false positive alerts, complicating investigations for banks [2][6] Partnership Details - The initial phase of the partnership will focus on integrating BioCatch alerts into the Nasdaq Verafin platform, enabling real-time decision-making and risk evaluation [3][5] - The collaboration will also involve additional product integrations, co-developed fraud solutions, and joint research initiatives [3][4] Technological Capabilities - BioCatch's platform analyzes up to 3,000 unique behavioral and device-related data points to differentiate between legitimate users and fraudsters [5][9] - Nasdaq Verafin's consortium data network is utilized by over 2,600 financial institutions, representing more than $10 trillion in collective assets, providing insights into fraud risk beyond individual institutions [4][8] Future Initiatives - The companies plan to host a series of webinars to provide further information about the partnership, with the first webinar scheduled for October 23, 2025 [7]

Company Performance - Alibaba Group Holding BABA shares increased by approximately 10% following the release of its fiscal first-quarter results, with quarterly revenue reported at $34.57 billion, a 2% year-over-year increase, surpassing the consensus estimate of $34.26 billion [2] - On a like-for-like basis, excluding revenue from divested businesses, Alibaba's revenue would have grown by 10% year-over-year [2] - Adjusted earnings per American Depositary Share (ADS) were reported at $2.06, which fell short of the analyst consensus of $2.13 [3] Market Movements - Movano Inc. MOVE shares surged by 81% to $1.12 after receiving a Nasdaq extension for compliance [9] - Professional Diversity Network, Inc. IPDN shares rose by 92% to $3.71 following the announcement of a non-binding Memorandum of Understanding with OOKC Group [9] - Ambarella, Inc. AMBA shares increased by 19% to $84.38 after reporting better-than-expected second-quarter results and guiding third-quarter sales above estimates [9] - Marvell Technology Inc MRVL shares dropped by 16% to $64.88 after issuing third-quarter sales guidance below estimates [9] - Connexa Sports Technologies Inc. YYAI shares fell by 57% to $1.63 after announcing an agreement to establish a digital asset platform [9] - Mesoblast Ltd MESO shares decreased by 13% to $13.85 after reporting worse-than-expected FY EPS results [9] Economic Indicators - The U.S. trade deficit in goods increased by $18.7 billion to $103.6 billion in July, exceeding market estimates of $89.5 billion [13] - U.S. wholesale inventories rose by 0.2% month-over-month to $908.4 billion in July [13] - U.S. personal income increased by 0.4% month-over-month to $25.905 trillion in July, while personal spending rose by 0.5% to $20.802 trillion [13]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Core Viewpoint - Bybit's European subsidiary, Bybit EU, has adopted the Nasdaq market surveillance platform to enhance its capabilities in preventing and detecting market manipulation, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR) [1] Group 1: Compliance and Regulatory Measures - The Nasdaq market surveillance platform integrates pattern recognition algorithms with market data to reduce false positives in monitoring various violations [1] - This platform meets the stringent monitoring and reporting standards required by MiCAR for exchanges [1] Group 2: Business Expansion - The adoption of the Nasdaq platform will support Bybit EU's ongoing expansion in Europe and enable rapid responses to local regulatory obligations [1]

Group 1 - Nasdaq will host its 2026 Investor Day on February 25, 2026, at its Global Headquarters in Times Square, New York [1] - A slide presentation and live webcast will be available on Nasdaq's Investor Relations website on the day of the event [1] - A detailed agenda for the Investor Day will be provided at a later date [1] Group 2 - Nasdaq is a leading global technology company serving various financial market participants, including corporate clients, investment managers, banks, brokers, and exchange operators [2] - The company aims to deliver platforms that enhance liquidity, transparency, and integrity in the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients achieve their business objectives [2]