纳斯达克，突发！这一准入门槛，暴增200%！

Core Viewpoint - The difficulty for Chinese companies to list in the U.S. has increased significantly due to new regulations approved by the SEC, which will come into effect on January 17, 2026, raising the thresholds for IPO liquidity and financing [1][4]. Summary by Sections IPO Liquidity Thresholds - The minimum requirement for companies listing under the "net income standard" has increased from $5 million to $15 million, representing a 200% increase [2][4]. - For companies listing under the revenue standard, the minimum requirement has risen from $8 million to $15 million, an increase of 87.5% [4]. Regulatory Changes - The SEC's new regulations exhibit a "dual-track" feature, raising listing standards for all companies on the Nasdaq and global markets to enhance the quality and stability of listed companies [4]. - Specific restrictions have been placed on IPOs, reverse mergers, and direct listings, including a minimum public float market value of $25 million for IPOs or reverse mergers, and a complete ban on direct listings on the Nasdaq [4]. Nasdaq's Discretionary Power - Nasdaq has been granted discretionary power to reject listing applications even if companies meet all written listing conditions if there are factors suggesting potential market manipulation, shifting the regulatory focus from technical compliance to substantive risk assessment [6]. Additional Requirements for Chinese Companies - Proposed new rules require Chinese companies to raise at least $25 million through underwriting in their initial public offerings [6]. - Similar requirements will apply to companies using SPACs, direct listings, or transferring from OTC or other national exchanges [6]. Continuous Listing Requirements - Nasdaq has introduced new conditions that could lead to immediate delisting or suspension of trading for companies that fail to meet one or more continuous listing requirements, including maintaining a market value of at least $5 million for 10 consecutive trading days [7]. Competitor Positioning - The New York Stock Exchange has stated it does not plan to implement similar changes, maintaining its "platinum standard" in listing requirements [7].