上市门槛高不可攀？这条“曲线”正被更多中国企业选择

Core Viewpoint - The tightening IPO window on major global exchanges has led many small and medium-sized enterprises to consider the OTCQB market as a viable alternative for public listing, offering a pathway with lower costs and regulatory hurdles compared to traditional IPOs [1]. Group 1: Redefining OTCQB - The OTCQB is not a final destination but a crucial intermediate step for growth-oriented companies transitioning from private to publicly regulated entities [2]. Group 2: Strategic Value of OTCQB - Low-cost trial: Companies can obtain a public trading code at a fraction of the cost and time of traditional IPOs, establishing international governance and financial disclosure systems [3]. - Market valuation: Although initial liquidity may be limited, companies gain a public market price that serves as a benchmark for future financing, acquisitions, and equity incentives [4]. - Paving the way for uplisting: OTCQB serves as a controlled-risk, cost-effective starting point for companies aiming to eventually list on major exchanges [5]. Group 3: Five-Step Ladder to Listing - Step 1: Foundation building (approximately 1-2 months) involves establishing a compliant offshore holding company and a clear international governance structure [7]. - Step 2: Financial translation (approximately 1 month) requires auditing by a PCAOB-recognized firm and converting financial statements to meet U.S. regulatory standards [8]. - Step 3: Regulatory dialogue (approximately 1 month) includes submitting a complete application to FINRA to obtain a unique ticker symbol and qualify for public quotation [9]. - Step 4: Public offering and trading (approximately 1-1.5 months) involves completing an initial public offering under flexible conditions, followed by trading on the OTCQB [10]. - Step 5: Value cultivation and uplisting preparation (1-2 years) focuses on optimizing business operations, attracting analyst attention, maintaining investor relations, and improving metrics to align with major exchange standards [11][12]. Group 4: Uplisting to Major Exchanges - Transitioning from OTCQB to Nasdaq is based on clear, publicly available registration procedures, requiring companies to meet specific financial thresholds, thus reducing uncertainty associated with traditional IPOs [14]. Group 5: Case Studies of Successful Transitions - Case A: Technology company WETG listed on OTCQB in 2020, improved disclosure and investor base, and successfully uplisted to Nasdaq in 2022, significantly enhancing liquidity and market attention [16]. - Case B: Manufacturing company RLEA established credit on the international capital market through OTCQB, secured initial financing, and has applied for Nasdaq uplisting in 2024, demonstrating the pathway's applicability to real economy enterprises [17].