中小企业赴美上市：凭什么美国OTC市场成优选？

Core Insights - The globalization of capital markets is intensifying, leading to an increasing demand for Chinese companies to "go global," with the flexible U.S. OTC market becoming a preferred choice for many [1] Historical Context - The U.S. OTC market has evolved from the National Quotation Bureau established in 1913 to OTC Markets Group in 2010, with a tiered structure introduced in 2025 comprising OTCQX, OTCQB, OTCID, and Pink Limited [2] Current Development - The U.S. OTC market has developed a mature ecosystem with a three-tiered system: OTCQX for multinational companies, OTCQB for growth-oriented firms, and OTCID for companies disclosing basic information. In 2024, 24 companies are expected to transition from OTC to Nasdaq or NYSE, providing a clear path for capital upgrades [3] Core Advantages - The U.S. OTC market offers inclusivity and flexibility, aligning well with the needs of growing Chinese enterprises. The OTCQB market allows for a listing process of only 3-6 months, significantly shorter than traditional IPOs, with lower issuance costs starting at $1 and requiring only 50-100 shareholders. The relaxed equity structure allows founders to maintain higher control, and there are no mandatory profitability requirements, enabling tech and biotech firms to list based on innovation potential [4] Examples - Numerous quality Chinese companies are trading on the OTC market, including China Construction Bank (CICHY), Tencent Holdings (TCTZF, TCEHY), Luckin Coffee (LKNCY), BYD Electronic International (BYDIY), CITIC Securities (CIIHY), and China National Heavy Duty Truck Group (SHKLY). Several companies have successfully transitioned from the OTC market to mainstream exchanges like Nasdaq. The OTC market has established a positive cycle of "listing-funding-upgrading," although regulatory standards are becoming stricter, suggesting that companies should engage professional sponsors during the listing process [5]