纳斯达克收紧小型股规则，防范“拉高出货”骗局

Core Points - Nasdaq is tightening listing and trading rules for small companies to combat market manipulation and maintain market order [1] - The proposed rule changes include accelerated suspension and delisting procedures for companies with listing deficiencies and increased minimum public float requirements for new listings [1][2] - The adjustments come amid heightened scrutiny of small-cap trading activities, with reports of investors losing billions on heavily promoted small stocks [1][3] Summary by Sections Listing Requirements - Nasdaq's proposal raises the minimum public float market value for companies applying under the "net income standard" to $15 million [2] - Companies from "restricted markets" must raise at least $25 million in their initial public offerings, reaffirming a standard established in 2020 [2] Accelerated Delisting Procedures - Nasdaq will have the authority to initiate accelerated suspension and delisting procedures for companies with market values below $5 million and listing deficiencies [2] - This aims to quickly remove thinly traded stocks that are susceptible to manipulation from the market [2] Market Manipulation Concerns - The rule changes are a response to internal reviews revealing patterns associated with "pump and dump" schemes, particularly in the U.S. cross-market trading environment [3] - "Pump and dump" schemes involve artificially inflating a company's stock price before selling off shares at a profit, leading to significant losses for unsuspecting investors [3] - Since August 2022, nearly 70% of cases submitted by Nasdaq to U.S. regulators have involved companies primarily operating in China [3]