纳斯达克拟修改规则 ，中国公司IPO募资最低2500万美元

Group 1 - Nasdaq proposed amendments to listing standards, increasing the minimum public float market value from $5 million to $15 million for new companies listed based on net profit criteria [1] - The new rules aim to expedite the delisting process for companies with listing deficiencies and a market value below $5 million [1] - The minimum fundraising requirement for new companies primarily operating in China is set at $25 million [2] Group 2 - Nasdaq has historically had lower financial requirements and shorter timelines for listings compared to the NYSE, attracting many Chinese tech companies seeking higher valuations in sectors like AI, autonomous driving, and new energy [2] - In 2024, the number of Chinese companies listed on Nasdaq reached 52, surpassing the previous peak of 29 in 2019 [2] - In the first half of 2025, 40 Chinese companies successfully entered the US market, raising a total of $871 million, with 39 of them listed on Nasdaq [2] Group 3 - The trend of small and medium-sized enterprises (SMEs) leading US IPOs continued in the first half of 2023, with most fundraising amounts between $5 million and $15 million [2] - The new listing standards will increase the difficulty for SMEs, including some Chinese companies that previously met the criteria, to list on Nasdaq [2] - Nasdaq's recent rule adjustments are described as the most stringent in 20 years, aimed at preventing "inflated listings" [2] Group 4 - The SEC approved Nasdaq's significant revisions to the "initial listing liquidity requirements," which will take effect 30 days after approval [3] - The core of the new rules is a comprehensive upgrade of IPO thresholds, requiring all companies to meet stricter non-restricted public float market value standards [3] - Resale shares will no longer be included in the calculation of the public float market value, necessitating companies to reassess their fundraising sizes to meet the new minimum standards [3] Group 5 - Nasdaq stated that resale shares do not create real liquidity like new stock issuances do [4] - The issuance thresholds for OTC companies have also been raised, meaning companies must ensure that their freely tradable shares have substantial market value at the time of listing [4] - The new regulations aim to eliminate speculative companies that rely on "book valuations" [4]