纳斯达克新规落地！全球市场生态重塑与中企上市新格局（附新规原文件）

Core Points - The SEC announced two significant capital market regulations on December 18, 2025, which will impact the listing paths for global companies, particularly those from China [1]. Group 1: New Regulation One - Increased Liquidity Thresholds - The SEC approved Nasdaq's proposal to raise the liquidity threshold for IPOs, specifically increasing the minimum market value of unrestricted publicly held shares (MVUPHS) for companies listing under the net income standard from $5 million to $15 million, a 200% increase [3]. - For the Nasdaq Global Market, the minimum MVUPHS for companies listing under the income standard has been raised from $8 million to $15 million, an increase of 87.5% [3]. - This adjustment aims to align liquidity requirements across different listing standards, reducing risks associated with market segmentation [3]. Group 2: New Regulation Two - Special Review for Chinese Companies - The SEC initiated a special review process for companies with Chinese backgrounds, imposing stricter listing conditions for firms operating in mainland China, Hong Kong, and Macau [5]. - Key requirements include a minimum IPO size of $25 million and a public float of at least $25 million for companies going public through reverse mergers [6]. - The broad definition of "Chinese background companies" may include firms controlled by Chinese nationals, potentially affecting a wider range of businesses than typically defined [6]. Group 3: Market Reactions and Implications for Chinese Companies - The new liquidity thresholds are generally viewed positively as a means to enhance the quality of listed companies and stabilize the market [8]. - The special review for Chinese companies has sparked debate, with supporters arguing it protects investors from specific risks, while critics claim it may unfairly target legitimate businesses [8]. - If implemented, the new regulations could significantly raise the costs and compliance burdens for Chinese companies seeking to list in the U.S., potentially leading some to consider alternative markets like Hong Kong or Singapore [8].