Nasdaq took a step toward blending blockchain with traditional finance on Sept. 8, 2025, by submitting a filing to the Securities and Exchange Commission (SEC) in the United States. The move aims to let member firms and investors trade tokenized versions of equities and exchange-traded products (ETPs) on the Nasdaq Stock Market. According to a LinkedIn post by Nasdaq President Tal Cohen, this integration could reduce friction in markets, speed up settlement times, and automate processes. Cohen noted the fi ...

Market Environment - The capital markets have experienced intense volatility earlier in the year, with a significant focus on IPOs and the fintech business [1] - Year-to-date IPO volumes are a point of interest for investors, indicating a need for insights into near-term expectations [1] Economic Outlook - At the beginning of the year, the probability of a recession was assessed at 20%, which is considered low [2] - This probability increased to 60% by mid-year, suggesting a heightened risk of recession [2] - By May, the recession risk decreased to 40%, which is slightly above the average level, indicating a more normalized economic environment [2]

"我们欢迎来自世界各地、寻求进入美国资本市场的公司。"SEC主席保罗·阿特金斯(Paul Atkins)在一份 声明中表示。"但我们不会容忍试图利用国际边界来挫败并规避美国投资者保护的害群之马——无论是 公司、中介、把关人还是投机性的交易员们。" SEC指出了一些所谓瞄准针对美国投资者的风险，比如一些外国公司以"拉抬出货(pump-and-dump)"计 划以及导致所谓"拉升后大规模抛售出货(ramp-and-dumps)"的极端市场波动。 智通财经APP获悉，美国证券交易委员会(SEC)正在设立一个新的部门，专注于管理外国公司的证券欺 诈行为，这是特朗普政府执政下该监管机构执法优先事项的首批重大信号之一。这个新成立的特别工作 组还将调查来自外国司法管辖区的公司，以及其审计师和承销商。 SEC周五表示，这个名为"跨境特遣队(cross-border task force)"的小组将调查来自"外国司法管辖区的公 司，在这些地方，政府控制及其他因素对投资者们构成独特风险"。据悉，除公司本身外，该新部门还 将有权审查其审计相关的团队和承销商们。 SEC的这一公告紧随纳斯达克公司(Nasdaq Inc.)9月3日宣布 ...

格隆汇9月5日｜纳斯达克已向美国证券交易委员会(SEC)提交拟议规则，以对现有上市标准进行三项重 大调整，旨在提高上市公司质量并强化对投资者保护。新规则若获批准，将对纳斯达克上市公司产生直 接影响，尤其涉及公众持股门槛、退市流程及中国公司首次公开发行(IPO)的要求。 针对中国公司IPO的新要求：纳斯达克特别针对中国公司提出要求：通过IPO募集的资金必须至少达到 2500万美元。这一措施意在确保中国企业在纳斯达克上市时具备足够资本实力，并提升投资者对其财务 稳健性的信心。这可能对部分拟赴美上市的中概股公司产生直接影响。 退市与暂停交易加速措施：对于市值低于500万美元的公司，拟议规则将加快其暂停交易和退市的程 序。这意味着财务表现不达标或市值过低的公司，将面临更快的监管处理和退市风险，从而提高整体市 场的透明度与安全性。 公众持股量门槛提高：拟议规则将最低公众持股量门槛从目前的500万美元提高至1500万美元，这一调 整旨在确保上市公司具有足够的流动性与广泛投资者基础，从而增强市场稳定性和股价表现的可靠性。 分析人士指出，此举可能影响部分小型或微型企业的上市资格。 ...

Core Insights - Nasdaq will be presenting at the Barclays 23rd Annual Global Financial Services Conference on September 8, 2025, at 9:00 AM ET [1] - Sarah Youngwood, Executive Vice President & CFO of Nasdaq, will represent the company at the conference [1] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [1] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its platforms [1] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients achieve their business objectives [1]

Group 1 - Nasdaq plans to tighten IPO rules and accelerate delisting processes, creating significant uncertainty for Chinese companies seeking to list in the U.S. [1][2] - The new regulations include raising the minimum public float requirement for companies applying for listing based on net profit from $5 million to $15 million [1][2] - The delisting process will be expedited for companies with a total market value below $5 million, allowing Nasdaq to suspend trading and initiate delisting more quickly [1][2] Group 2 - The reforms are a response to active reviews of trading activities, particularly concerning potential "pump and dump" schemes in a cross-market trading environment [2] - There are currently over 280 Chinese companies listed on Nasdaq and the New York Stock Exchange, with a total market capitalization of approximately $1.1 trillion [2] - The average fundraising size for Chinese companies going public in the U.S. in 2024 is only $50 million, significantly lower than over $300 million in 2021, leading to increased market volatility [2] Group 3 - Nasdaq has been gradually strengthening its regulatory oversight of listed companies and IPOs since 2020, with stricter requirements for "restricted market" companies [3] - The minimum fundraising requirement of $25 million for Chinese companies is a continuation of the standards established in previous rule revisions [3] - Nasdaq has modified its delisting rules to accelerate the process for companies with stock prices below $0.10 for ten consecutive trading days [3]

Core Viewpoint - Nasdaq has proposed new listing standards to increase the minimum public float and fundraising requirements for new IPOs, aiming to expedite the delisting process for companies with listing deficiencies [2][4][6] Group 1: New Listing Standards - The new standards include a minimum public float market value of $15 million for companies listing under the net income standard, up from the previous $5 million [4] - Companies with listing deficiencies and a market value below $5 million will face accelerated suspension and delisting processes [4] - Companies from "restricted markets" must raise a minimum of $25 million in public offerings [4] Group 2: Impact on IPOs - All companies seeking to list in the U.S. must meet stricter non-restricted public float market value standards, with resale shares no longer counted in this calculation [5] - Companies will need to reassess their fundraising strategies to ensure they meet the new minimum standards [5] Group 3: Investor Protection and Market Integrity - Nasdaq emphasizes that these new standards are part of its mission to protect investors and maintain market integrity, reflecting efforts from regulators and market participants [6][7] - The adjustments follow an internal review that identified patterns related to "pump and dump" schemes, particularly in the U.S. cross-market trading environment [7][8] Group 4: Recent Trends in Listings - There has been a surge in suspicious trading activities related to specific companies, with notable examples such as Healthcare Triangle Inc. experiencing a 116% price increase in one day [8] - Since August 2022, nearly 70% of cases submitted by Nasdaq to U.S. regulators have involved companies primarily operating in China [9] - In 2024, 52 Chinese companies are expected to list on Nasdaq, with 39 having already done so this year, often raising smaller amounts between $5 million and $15 million [9]

Core Insights - Puro.earth has raised €11 million in a Series B funding round led by Nasdaq, aimed at enhancing its carbon credit certification infrastructure [1][2] - The funding will support initiatives such as more frequent issuance of carbon removal credits and the integration of digital measurement tools [1][2] - Puro.earth's growth is marked by advancements in its biochar methodology and the launch of an API for streamlined carbon removal trading [2][3] Company Overview - Puro.earth is a leading platform for engineered carbon dioxide removal (CDR), having issued over 1 million CO2 Removal Certificates (CORCs) [3][4] - The company focuses on durable carbon removal solutions, certifying suppliers who store carbon for at least 100 years [4] - Major corporations like Microsoft and Shopify purchase CORCs to neutralize their carbon emissions [4] Strategic Partnerships - Nasdaq's investment reinforces its commitment to scaling high-integrity carbon removal markets globally [2][3] - The collaboration aims to enhance transparency and operational capacity in carbon markets, making CDR a credible investment solution [3] - Fortum Innovation & Venturing is also involved, focusing on supporting technologies for a carbon-neutral future [8]

然而，随着纳斯达克上市标准的调整，一些中小企业，包括原本符合上市条件的中国企业，将面临更高的上市门槛。这一变化是纳斯达克为防止市场长期存 在的"注水上市"现象而采取的措施之一。 纳斯达克近日宣布了针对其上市标准的重大调整计划，并已将此提议提交给美国证监会进行审批，一旦获批将即刻执行。这一变动旨在进一步提升市场质量 和投资者保护。 根据新的上市标准，那些依据净利润标准寻求在纳斯达克上市的新公司，其最低公众持股量市值将提升至1500万美元，较当前的500万美元有了显著提高。 对于市值低于500万美元且存在上市缺陷的公司，纳斯达克将加速其停牌和退市流程，以确保市场的整体健康。 特别值得注意的是，对于主要在中国运营的新上市公司，纳斯达克提高了公开发行募集资金的最低要求至2500万美元。这一举措反映出纳斯达克对中国市场 的高度关注和严格筛选标准。 纳斯达克历来以其相对较低的财务要求和较短的上市周期吸引着众多科技创新型企业，特别是那些专注于人工智能、自动驾驶、新能源等领域的公司。其科 技股的定位和对科技股的显著溢价，使得纳斯达克成为众多中国科技创新型企业赴美上市的首选之地。 数据显示，2024年共有52家中国公司在纳斯达 ...

Core Points - Nasdaq proposes to amend listing standards, particularly increasing minimum fundraising requirements for companies primarily operating in China [1][3] - The new standards include a minimum public float market value of $15 million for companies choosing the net income listing standard, up from $5 million [1] - Companies with listing deficiencies and a market value below $5 million will face accelerated delisting processes [1][4] - The minimum public offering fundraising requirement for new listings primarily operating in China is set at $25 million [1][3] Summary by Category Listing Standards - Nasdaq's revised standards include a minimum public float market value of $15 million for net income listing standard companies, an increase from the previous $5 million [1] - The minimum public offering fundraising requirement for companies primarily operating in China is established at $25 million, consistent with previous regulations [1][3] Delisting Procedures - Nasdaq has previously implemented rules to accelerate the delisting process for companies with stock prices below $0.10 for ten consecutive trading days [4] - New proposals will allow for accelerated delisting if a company's stock price remains below $0.10 and is suspended for ten consecutive trading days [4] Regulatory Context - Nasdaq emphasizes that these changes aim to enhance investor protection and market integrity, reflecting ongoing efforts by regulators and market participants [3] - The proposed rules will be submitted to the SEC for review, with an immediate implementation plan upon approval [4]