观点丨资深上市专家谈应对纳斯达克提高中企上市门槛的解决方案！

Core Viewpoint - Nasdaq is proposing stricter listing rules for small companies, particularly targeting Chinese firms, which will significantly impact both businesses and investors seeking alternatives [1][4]. Group 1: Nasdaq's Proposed Changes - The new rules will raise the minimum public float requirement for IPOs from $5 million to $15 million, with a specific requirement of $25 million for new Chinese companies [4]. - Companies failing to meet continued listing standards will face immediate delisting rather than a lengthy appeals process [4]. - The proposed changes are expected to take months for approval by the U.S. Securities and Exchange Commission [4]. Group 2: Impact on Chinese Companies - Chinese companies have seen an average return of -55% in 2024, indicating issues with realistic pricing during IPOs [3]. - The average IPO fundraising for Chinese firms is projected to drop from $300 million in 2021 to $50 million in 2024, influenced by strained U.S.-China relations and increased scrutiny from Chinese regulators [3]. - Companies that cannot meet the new $25 million threshold may seek alternative routes, such as restructuring ownership or considering listings in other financial hubs like Singapore [5]. Group 3: Market Trends and Responses - The number of U.S. listed companies has decreased by 17% over the past three years, with a notable decline of about 50% since 1997 [3]. - Despite challenges, some Chinese IPOs have performed well, such as Ascentage Pharma, which has seen its stock price more than double since its Nasdaq debut [3]. - Smaller companies unable to meet the new requirements may still consider listing on the New York Stock Exchange (NYSE) or pursuing SPAC mergers as an alternative to traditional IPOs [5].