OTC市场与纳斯达克上市条件对比：差异在哪

Core Viewpoint - The OTC market is emerging as a favored alternative for Chinese companies seeking access to U.S. capital, offering a more flexible and tailored listing solution compared to traditional exchanges like the NYSE and NASDAQ [1]. Group 1: Financial Barriers - Traditional exchanges impose strict financial requirements, often excluding companies in specific development stages, particularly in tech and biotech sectors that may not yet be profitable [2]. - The OTC market does not have rigid profitability requirements, focusing instead on growth potential and innovative business models, thus providing crucial early-stage capital access for startups [2]. - Unlike NASDAQ, which has minimum market capitalization and cash flow requirements, the OTC market allows smaller, less stable companies to list and gain capital attention, paving the way for future growth [2]. Group 2: Equity Structure - The choice of listing venue significantly impacts a company's equity structure and governance strategies [4]. - NASDAQ mandates quantitative requirements for public shareholding and shareholder numbers, which can force companies to dilute ownership prematurely [4]. - The OTC market offers more flexibility, allowing founders or core teams to maintain higher control over their companies, which is particularly beneficial for those pursuing long-term strategies [4]. Group 3: Compliance Disclosure - Ongoing compliance costs are a critical consideration for companies post-listing [6]. - Listing on NASDAQ requires adherence to stringent, high-frequency disclosure standards, resulting in high compliance costs [6]. - The OTC market simplifies disclosure requirements, allowing companies to focus more on business development while ensuring basic transparency [6]. - Companies can gradually adapt their governance structures after listing on the OTC market, facilitating a smoother transition to potential upgrades to main exchanges in the future [6].