小企业赴美上市难度加大 港交所或成选择

Core Viewpoint - Nasdaq is proposing new regulations that significantly increase the listing requirements for companies, particularly affecting Chinese firms planning to go public in the U.S. [2][3] Group 1: Proposed Listing Standards - The new regulations will raise the minimum public float market value for IPOs to at least $8 million for the global market and $5 million for the capital market, with a unified increase to $15 million for companies listing based on net profit [2][3] - Chinese companies will be required to raise at least $25 million through public offerings during their IPOs [2][4] - The proposed rules will also tighten the delisting procedures for companies that do not meet ongoing listing standards, particularly for Chinese firms [2][4] Group 2: Impact on Chinese Companies - The new regulations are expected to have a significant impact on the enthusiasm of Chinese companies to list in the U.S., especially small and medium-sized enterprises [3][4] - In the current year, 59 companies have gone public on Nasdaq, raising a total of $1.02 billion, with an average fundraising of $17.3 million, indicating that only three companies exceeded the new $25 million threshold [4][5] - The proposed changes are seen as a move to maintain market integrity and protect investors, particularly against potential stock price manipulation [3][5] Group 3: Delisting Pressures - The new rules will introduce immediate delisting conditions for companies that fail to meet ongoing listing requirements, such as maintaining a market value of at least $5 million for ten consecutive trading days [5][6] - Previously, companies were given a grace period to comply with listing standards, but the new regulations may eliminate this buffer, increasing the risk of delisting [5][6] Group 4: Recommendations for Companies - Companies planning to list in the U.S. should prepare in advance by assessing their current stage and potentially accelerating their listing processes [6][7] - For those already listed, it is advised to focus on core business operations, optimize asset structures through mergers and acquisitions, and maintain regular communication with investors [7]