重磅！纳斯达克新规严打“杀猪盘”，中企赴美上市难度暴增

Core Viewpoint - Nasdaq's proposed changes to its listing standards may make it more difficult for Chinese companies to go public in the U.S. stock market, particularly on the Nasdaq exchange [1][5]. Group 1: Proposed Changes to Listing Standards - Nasdaq plans to implement stricter listing standards, including a minimum public float market value of $15 million for companies listing based on net income, up from the current threshold of $5 million [3]. - Companies with a market value below $5 million and listing deficiencies will face accelerated suspension and delisting processes [3]. - New companies primarily operating in China will be required to raise a minimum of $25 million in their IPOs [3]. Group 2: Regulatory Context and Market Impact - The changes are a response to recent volatility in smaller companies listed on U.S. exchanges, particularly those linked to "pump and dump" schemes, with examples of extreme price fluctuations in companies like Regencell Bioscience Holdings Ltd. and Pheton Holdings Ltd. [5][6]. - Nasdaq has been tightening its scrutiny of small IPOs from mainland China and Hong Kong since June 2022 to prevent significant price swings following a few trades [6]. - Over 280 Chinese companies are listed on major U.S. exchanges, with a total market capitalization of $1.1 trillion, indicating the scale of the market affected by these changes [6]. Group 3: Implications for Chinese Companies - The new standards could significantly impact Chinese companies, as the increased public float requirement and the specific fundraising threshold may exclude many small and medium-sized enterprises from Nasdaq [8]. - The average IPO financing amount for Chinese companies in 2024 is projected to be $5 million, down from over $300 million in 2021, highlighting a trend of reduced capital raising capabilities [8]. Group 4: Potential Strategies for Chinese Companies - Chinese companies may consider multi-market listings (A+H+N or H+N models) to mitigate risks associated with stricter U.S. regulations while maintaining their presence in the U.S. market [9]. - SPAC mergers could provide an alternative route for companies to go public without adhering to traditional IPO requirements, allowing for more flexible fundraising [10]. - Expanding Pre-IPO funding rounds could help companies accumulate sufficient capital before listing, although this may complicate their capital structure [10].