Nasdaq(US:NDAQ) Sou Hu Cai Jing·2025-06-30 01:52Group 1 - The core point of the news is that Nasdaq and NYSE are negotiating with the SEC to revise regulations that hinder companies from going public and maintaining their listing status, aiming to attract more high-valuation startups to list in the US [2][5] - The reform plan is broad, involving lowering disclosure standards, reducing listing costs, and setting higher thresholds for minority shareholders to initiate shareholder actions [5][7] - A key focus of the reform is the proxy voting system, which regulates how companies disclose information to shareholders and affects their voting rights [5] Group 2 - The reform plan aims to further reduce the costs associated with going public and maintaining a listing, including relaxing financing restrictions for SPACs [7] - The ongoing reform discussions align with President Trump's campaign promise to deregulate and stimulate the economy, potentially marking the largest adjustment to US capital market regulations since the JOBS Act in 2012 [7] - Nasdaq plans to implement a 24/7 trading mechanism, which could reshape market structure and impact trading activity and investor habits [10] Group 3 - While deregulation may attract more high-valuation startups, it could also lead to a mix of company quality entering the capital market, increasing information asymmetry for investors [8] - The proposed measures to facilitate financing for listed companies through share issuance may lower financing thresholds but could compromise investor protection [10] - The company aims to leverage its industry experience to help clients navigate the new regulations and optimize their listing and financing strategies [10]