纳斯达克门槛暴增，美国OTC市场成为中企赴美上市的新风口

Core Insights - Recent regulatory changes in global capital markets are significantly impacting the listing strategies of Chinese companies in the U.S. [1] Group 1: Regulatory Changes - The SEC has approved a substantial increase in the liquidity threshold for Nasdaq IPOs, with minimum net income requirements rising from $5 million to $15 million, a 200% increase, and revenue standards increasing from $8 million to $15 million, an 87.5% increase [1] - Nasdaq now has expanded regulatory authority, allowing it to reject listing applications even if all written conditions are met if there are potential risks of securities manipulation [1] - The China Securities Regulatory Commission is optimizing the overseas listing review process towards greater transparency and standardization, with an 18% increase in rejection rates [1] Group 2: OTC Market Advantages - The OTC market has lower entry barriers and costs, making it suitable for small and medium-sized enterprises (SMEs). There are no mandatory profitability thresholds, and annual fees range from $14,000 to $20,000, significantly lower than Nasdaq's $150,000 to $160,000 [2] - OTC allows for flexible equity and governance rules, enabling founders to maintain control without excessive dilution, which is particularly beneficial for family-owned or founder-led companies [3] - The OTC market serves as a "stepping stone" for companies aiming to transition to mainstream exchanges, with historical data showing a smooth transition for 24 companies from OTC to Nasdaq or NYSE in 2024 [3] Group 3: Global Exposure and Financing - The OTC market provides valuable international exposure opportunities for Chinese companies, allowing them to issue American Depositary Receipts (ADRs) without meeting stringent SEC registration requirements [4] - Notable Chinese companies like Tencent and China Construction Bank have successfully utilized the OTC market to enhance their global investor reach [4] - The ongoing deepening of Sino-U.S. regulatory cooperation is expected to diversify the pathways for Chinese companies to list in the U.S., emphasizing the importance of finding suitable capital markets over merely pursuing high-threshold exchanges [4]