纳斯达克，突发！暴增200%！

Core Viewpoint - The approval of new IPO liquidity thresholds by the SEC marks a significant tightening of the regulatory framework for companies seeking to list in the U.S., particularly affecting Chinese enterprises, with new rules set to take effect on January 17, 2026 [1][6]. Summary by Relevant Sections - Increased Listing Requirements - The minimum requirement for companies listing under the "net income standard" has increased from $5 million to $15 million, a 200% increase [2][3]. - For companies listing under the revenue standard, the minimum requirement has risen from $8 million to $15 million, an increase of 87.5% [3][8]. - Regulatory Changes and Market Impact - The SEC's new rules exhibit a "dual-track" feature, raising listing standards for all companies on the Nasdaq and global markets, aimed at enhancing the quality of listed companies and market stability [3][8]. - The SEC has initiated project review procedures that impose restrictions on IPOs, reverse mergers, and direct listings for specific regional enterprises, including a minimum public float market value of $25 million for IPOs or reverse mergers [3][8]. - Discretionary Powers of Nasdaq - A significant rule revision grants Nasdaq the discretion to reject listing applications even if companies meet all written requirements if there are factors suggesting potential market manipulation, shifting the regulatory focus from technical compliance to substantive risk assessment [4][9]. - Companies are advised to proactively disclose legal and regulatory environments and consider third-party assessments to enhance transparency [4][9]. - New Delisting Conditions - Nasdaq has proposed new conditions that could lead to immediate delisting or suspension of trading for listed companies that fail to meet one or more ongoing listing requirements, including trading price and public float market value, if their market value does not maintain at least $5 million for 10 consecutive trading days [5][10]. - Competitive Landscape - The New York Stock Exchange has stated it does not plan to implement similar changes, maintaining its "platinum standard" in listing requirements [5][10].