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纳斯达克拟改小型IPO上市规则,中企赴美受影响?
Sou Hu Cai Jing·2025-09-05 01:13

Core Viewpoint - The proposed changes to Nasdaq's IPO listing standards will significantly raise the entry barriers for companies, particularly affecting Chinese firms seeking to go public in the U.S. market [3][4][13]. Summary by Relevant Sections Proposed Changes - Nasdaq has proposed three main changes to its IPO listing standards: 1. Minimum public holding market value for companies choosing to list based on net profit will increase to $15 million from the current $5 million [3]. 2. Companies with listing deficiencies and a market value below $5 million will face accelerated delisting processes [3]. 3. A minimum fundraising requirement of $25 million will be set for new companies primarily operating in China [3][4]. Impact on Chinese Companies - The new rules will raise the listing threshold for many small and medium-sized Chinese enterprises, making it more challenging for them to meet the new standards [4]. - The increased delisting risk due to accelerated processes will affect existing Chinese companies with low market values or other listing deficiencies [4]. Market Reactions - Some companies may consider shifting their IPO plans to other markets, particularly the Hong Kong market, which has seen a surge in IPO activity and recently revised its own IPO rules [4][5]. - Nasdaq's adjustments are seen as a response to potential market manipulation and a move to enhance investor protection and market integrity [5][6]. Regulatory Context - The proposed changes are part of Nasdaq's ongoing efforts to improve market quality and competitiveness amid a challenging global capital market environment [7]. - If approved by the SEC, the new requirements will be implemented immediately, with a 30-day grace period for companies already in the IPO process [7].