纳斯达克市场采用做市商制度，由具备资质的金融机构担任做市商，为上市证券提供连续的买卖报价， 并承担相应的流动性供给责任。这一制度有助于维持证券价格的稳定性，减少市场波动，保障投资者能 够更顺畅地进行证券买卖操作。 纳斯达克市场分为多个层次，包括全球精选市场、全球市场及资本市场等，不同层次对应不同的上市标 准与监管要求，分别服务于不同规模与发展阶段的企业。这种分层结构能够更精准地匹配企业与投资者 需求，提升市场资源配置效率。 纳斯达克是全球较早采用电子交易系统的证券市场，无实体交易大厅，依托先进的电子交易网络实现证 券的高效撮合。这种模式打破了传统实体市场的地域限制，提升了交易速度与市场效率，能够支持大规 模、高频次的交易需求，适应现代金融市场的快速发展节奏。 纳斯达克市场的上市主体以科技、生物科技、互联网等领域的成长型创新企业为主，这类企业往往具有 较高的研发投入与增长潜力。市场的定位与规则设计能够更好地满足这类企业在不同发展阶段的融资需 求，为创新型企业提供了重要的资本支持渠道。 与部分传统证券市场相比，纳斯达克设置了多套差异化的上市标准，企业可根据自身财务状况、市值规 模等情况选择符合条件的标准申请上市。 ...

Core Points - Nasdaq has submitted new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) to the SEC aimed at enhancing initial and ongoing listing standards, reinforcing long-term commitments to capital formation, investor protection, and market integrity [1][4] Initial Listing Requirements - Companies seeking to list on Nasdaq Capital Market or Nasdaq Global Market must have a minimum public float market value (MVUPHS) of at least $15 million, up from $5 million for Nasdaq Capital Market and $8 million for Nasdaq Global Market [3] - Nasdaq Capital Market requires companies to meet one of three standards: income, market value, or equity, while Nasdaq Global Market includes a fourth option based on total assets/total revenue [3] - The proposed rules aim to align the income standard's minimum MVUPHS with other listing standards, setting it at $15 million for Nasdaq Capital Market and $18 million for equity standard on Nasdaq Global Market [3] Ongoing Listing Requirements - Companies failing to meet ongoing listing requirements and having a market value below $5 million for 10 consecutive trading days will face immediate suspension and delisting [4][5] - The proposed rules eliminate the compliance period for companies that fall below the market value threshold, indicating that significant issues leading to low market value are not temporary [5] Specific Requirements for Chinese Companies - New rules require Chinese companies to raise at least $25 million through an initial public offering (IPO) to list on Nasdaq, addressing concerns over liquidity and investor protection [5] - Nasdaq noted that 70% of its submissions to the SEC or FINRA since August 2022 have been related to Chinese companies, highlighting ongoing liquidity concerns [5] Implementation Timeline - If approved by the SEC, Nasdaq will implement the changes to initial listing requirements immediately, allowing companies already in the process 30 days to comply with previous standards [6] - Nasdaq plans to implement accelerated procedures for suspension and delisting within 60 days of SEC approval [6]

Core Insights - The article emphasizes the significance of listing on the New York Stock Exchange (NYSE) as both a prestigious achievement and a challenging journey for companies seeking to raise capital and enhance their global reputation [1]. Group 1: NYSE Listing Standards - NYSE has established clear entry standards for different types of companies, focusing on financial and liquidity metrics [2]. - The primary financial standards include: - **Profitability Test**: Requires a minimum of $10 million in pre-tax revenue for the most recent fiscal year [3]. - Cumulative profit of at least $100 million over the last three fiscal years, with no less than $25 million in each year [4]. - **Valuation/Revenue Test**: Requires a global market capitalization of at least $200 million and revenue of at least $100 million for the most recent fiscal year [6][7]. - Cumulative cash flow of at least $25 million over the last three fiscal years, with positive cash flow each year [8]. - Special standards exist for holding companies and related companies, with NYSE showing flexibility to attract high-growth tech firms [10]. - Companies must also meet liquidity requirements, including having at least 400 round lot shareholders or 2,200 shareholders with a minimum average trading volume [11][12][13][14]. Group 2: IPO Process Overview - The IPO process is lengthy and complex, requiring meticulous preparation and execution [17]. - **Phase 1: Preparation and Team Formation (1-3 months)**: - Internal restructuring to align with public company standards [18]. - Assembling a team of underwriters, legal advisors, accountants, and depositary banks if applicable [19][20][21][22]. - **Phase 2: Due Diligence and Document Preparation (2-4 months)**: - Comprehensive due diligence to ensure all information is accurate and complete [23]. - Drafting the F-1 form, which serves as the core document for the IPO [23]. - **Phase 3: Confidential Submission and SEC Review (3-6 months)**: - Companies can submit F-1 documents confidentially under the JOBS Act, allowing for initial inquiries without public disclosure [24]. - The SEC conducts detailed inquiries, requiring thorough responses and document revisions [25]. - **Phase 4: Roadshow, Pricing, and Listing (2-4 weeks)**: - Conducting roadshows to attract institutional investors and gauge interest [26]. - Pricing the IPO based on investor demand and market conditions [27]. - Final submission of the prospectus and listing on the exchange [28][29]. Group 3: Post-IPO Considerations - Successful listing is just the beginning; companies must focus on ongoing compliance and market engagement [31]. - Continuous compliance with reporting requirements and internal control standards is essential [32]. - Companies must manage market volatility and investor expectations effectively [33]. - The ultimate goal is to create long-term shareholder value through sustained business growth and transparent governance [34].