IPO解读｜纽交所上市全解析：从标准到流程，揭秘企业 “敲钟梦” 的通关密码

Core Insights - The article emphasizes the significance of listing on the New York Stock Exchange (NYSE) as both a prestigious achievement and a challenging journey for companies seeking to raise capital and enhance their global reputation [1]. Group 1: NYSE Listing Standards - NYSE has established clear entry standards for different types of companies, focusing on financial and liquidity metrics [2]. - The primary financial standards include: - Profitability Test: Requires a minimum of $10 million in pre-tax revenue for the most recent fiscal year [3]. - Cumulative profit of at least $100 million over the last three fiscal years, with no less than $25 million in each year [4]. - Valuation/Revenue Test: Requires a global market capitalization of at least $200 million and revenue of at least $100 million for the most recent fiscal year [6][7]. - Cumulative cash flow of at least $25 million over the last three fiscal years, with positive cash flow each year [8]. - Special standards exist for holding companies and related companies, with NYSE showing flexibility to attract high-growth tech firms [10]. - Companies must also meet liquidity requirements, including having at least 400 round lot shareholders or 2,200 shareholders with a minimum average trading volume [11][12][13][14]. Group 2: IPO Process Overview - The IPO process is lengthy and complex, requiring meticulous preparation and execution [17]. - Phase 1: Preparation and Team Formation (1-3 months): - Internal restructuring to align with public company standards [18]. - Assembling a team of underwriters, legal advisors, accountants, and depositary banks if applicable [19][20][21][22]. - Phase 2: Due Diligence and Document Preparation (2-4 months): - Comprehensive due diligence to ensure all information is accurate and complete [23]. - Drafting the F-1 form, which serves as the core document for the IPO [23]. - Phase 3: Confidential Submission and SEC Review (3-6 months): - Companies can submit F-1 documents confidentially under the JOBS Act, allowing for initial inquiries without public disclosure [24]. - The SEC conducts detailed inquiries, requiring thorough responses and document revisions [25]. - Phase 4: Roadshow, Pricing, and Listing (2-4 weeks): - Conducting roadshows to attract institutional investors and gauge interest [26]. - Pricing the IPO based on investor demand and market conditions [27]. - Final submission of the prospectus and listing on the exchange [28][29]. Group 3: Post-IPO Considerations - Successful listing is just the beginning; companies must focus on ongoing compliance and market engagement [31]. - Continuous compliance with reporting requirements and internal control standards is essential [32]. - Companies must manage market volatility and investor expectations effectively [33]. - The ultimate goal is to create long-term shareholder value through sustained business growth and transparent governance [34].