亚洲市场举措叠加纳斯达克新规，2026年亚洲公司赴美上市路怎么走？

Core Insights - Hong Kong is projected to have 119 companies complete IPOs in 2025, raising over HKD 285.8 billion (approximately USD 36.7 billion), with at least 7 companies raising over USD 1 billion each [1] - The Hong Kong Stock Exchange (HKEX) is expected to surpass the New York Stock Exchange and NASDAQ as the leading exchange for Chinese companies by 2025 [1] - The Singapore Exchange (SGX) is collaborating with NASDAQ to streamline dual listings for companies in the US and Singapore, with a new Global Listing Board set to launch in mid-2026 [1][2] - NASDAQ has made several rule changes to increase the minimum public float and fundraising requirements for new listings, impacting companies seeking to go public [4][5][6] Group 1: Hong Kong IPO Market - In 2025, Hong Kong is expected to see a significant increase in IPO activity, with a total of 119 companies projected to go public [1] - The total funds raised through these IPOs are anticipated to exceed HKD 285.8 billion (around USD 36.7 billion) [1] - At least 7 companies are expected to raise over USD 1 billion each, including those already listed in mainland China [1] Group 2: Singapore Exchange Developments - SGX announced a partnership with NASDAQ to simplify the dual listing process for companies in the US and Singapore, aiming to attract more listings [1][2] - A new Global Listing Board is set to be established by mid-2026, allowing companies with a market cap of at least SGD 2 billion (approximately USD 1.6 billion) to enter both markets simultaneously [1][2] - The Singapore government has introduced a SGD 5 billion (approximately USD 3.9 billion) stock market development plan to stimulate investment in local stocks [1] Group 3: NASDAQ Rule Changes - NASDAQ has raised the minimum public float requirements for new listings, increasing the minimum market value of unrestricted public shares from USD 500,000 to USD 1.5 million [4] - New rules allow NASDAQ to exercise discretion in rejecting IPO applications based on factors that may lead to market manipulation, affecting companies from China and the Asia-Pacific region [5][6] - A proposed rule would require companies based in mainland China, Hong Kong, and Macau to raise at least USD 25 million through public offerings to qualify for listing [6]