政策丨纳斯达克提议提高首次上市和持续上市标准

Core Points - Nasdaq has submitted new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) to the SEC aimed at enhancing initial and ongoing listing standards, reinforcing long-term commitments to capital formation, investor protection, and market integrity [1][4] Initial Listing Requirements - Companies seeking to list on Nasdaq Capital Market or Nasdaq Global Market must have a minimum public float market value (MVUPHS) of at least $15 million, up from $5 million for Nasdaq Capital Market and $8 million for Nasdaq Global Market [3] - Nasdaq Capital Market requires companies to meet one of three standards: income, market value, or equity, while Nasdaq Global Market includes a fourth option based on total assets/total revenue [3] - The proposed rules aim to align the income standard's minimum MVUPHS with other listing standards, setting it at $15 million for Nasdaq Capital Market and $18 million for equity standard on Nasdaq Global Market [3] Ongoing Listing Requirements - Companies failing to meet ongoing listing requirements and having a market value below $5 million for 10 consecutive trading days will face immediate suspension and delisting [4][5] - The proposed rules eliminate the compliance period for companies that fall below the market value threshold, indicating that significant issues leading to low market value are not temporary [5] Specific Requirements for Chinese Companies - New rules require Chinese companies to raise at least $25 million through an initial public offering (IPO) to list on Nasdaq, addressing concerns over liquidity and investor protection [5] - Nasdaq noted that 70% of its submissions to the SEC or FINRA since August 2022 have been related to Chinese companies, highlighting ongoing liquidity concerns [5] Implementation Timeline - If approved by the SEC, Nasdaq will implement the changes to initial listing requirements immediately, allowing companies already in the process 30 days to comply with previous standards [6] - Nasdaq plans to implement accelerated procedures for suspension and delisting within 60 days of SEC approval [6]