美股IPO: 纳斯达克三个层次上市条件及公司治理标准！

Core Viewpoint - The Nasdaq market is structured into three tiers, each with different financial and liquidity standards, but uniform corporate governance requirements, aiming to attract companies of varying sizes and financial health [3][8]. Group 1: Nasdaq Market Structure - The highest tier is the Nasdaq Global Select Market, which has the strictest listing standards globally, housing approximately 1,200 companies that meet rigorous financial and liquidity requirements [3]. - The second tier, Nasdaq Global Market, has over 1,450 listed companies that comply with specific financial and governance standards, previously known as the Nasdaq National Market before its rebranding in 2016 [5][8]. - The third tier, Nasdaq Capital Market, includes over 550 companies primarily focused on fundraising for smaller firms, previously referred to as the Nasdaq Small Cap Market before its name change in 2005 [8]. Group 2: Financial Standards - Companies must meet one of four financial standards to qualify for listing, including revenue thresholds, market capitalization, cash flow, and asset requirements [4][6]. - Specific financial metrics include pre-tax income of at least $1.1 million over the last three years, cash flow of $27.5 million over three years, or market capitalization of $55 million [4][7]. Group 3: Liquidity Standards - Companies must satisfy liquidity standards, such as having a minimum number of shareholders and trading volume, with specific thresholds varying by market tier [5][9]. - For example, a company must have at least 450 shareholders or a trading volume of 1.1 million shares over the past 12 months to qualify for the Nasdaq Global Market [5]. Group 4: Corporate Governance Standards - All companies listed on Nasdaq must adhere to uniform corporate governance standards, including requirements for independent directors, audit committees, and shareholder rights [10]. - Companies are required to disclose annual and interim reports, establish independent compensation committees, and hold annual shareholder meetings within a year of the fiscal year-end [10].