Nasdaq(US:NDAQ) 证券时报·2025-09-04 02:20Core Viewpoint - Nasdaq is proposing to amend its listing standards, particularly increasing the minimum fundraising requirements for companies primarily operating in China, which aims to enhance investor protection and market integrity [1][4]. Group 1: Proposed Changes to Listing Standards - The revised standards include three main changes: 1. Companies choosing to list based on net profit must have a minimum public float market value of $15 million (up from $5 million) [2]. 2. Companies with listing deficiencies and a market value below $5 million will face expedited delisting processes [2]. 3. New companies primarily operating in China must raise a minimum of $25 million in public offerings [2]. Group 2: Rationale Behind Changes - Nasdaq emphasizes that these changes are part of its mission to protect investors and maintain market integrity, providing healthier liquidity conditions for public investors while still allowing access to emerging company stocks [4]. - The introduction of the $25 million minimum public offering requirement for companies from "restricted markets" is consistent with previous regulations established in 2020 [4]. Group 3: Accelerated Delisting Procedures - Nasdaq has previously implemented rules to accelerate the delisting process for companies, including restrictions on excessive reverse stock splits and immediate delisting for stocks trading below $0.10 for ten consecutive days [5]. - The proposed changes will be submitted to the SEC for review, with a 30-day grace period for companies already in the initial listing process to comply with the old standards before the new requirements take effect [5].