第三，统一最低股价至4美元。 所有上市途径的最低股价要求将统一上调至每股4美元(此前，根据不同条款，最低要求为2美元或3美元，见下图)，与纳斯达克相关标准保持一致。 当地时间1月8日，NYSE American向美国证券交易委员会(SEC)提交了一份拟议规则修改文件，计划提高其首次上市标准。此前，SEC刚批准了纳斯达克上 市规则修订提案，详情请见：纳斯达克新规落地：上市门槛全面提升 还有一项针对中国公司更严标准正在审查中 此次主要修订内容 第一，重新定义"公众持股量"计算标准。 新规将引入"非受限公众持股股份"概念，明确排除受转售限制的股票(如私募股份、锁定期股票等)，要求企业仅以自由流通股市值满足流动性门槛。此举确 保上市初期具备充足可交易股票，防范因流通盘过小导致的异常波动和操纵风险。 第二，提高IPO及公开发行门 槛。 通过IPO或包销发行上市的公司，其非受限公众持股市值须达1500万美元，且必须完全来自新股发行募集资金。纽交所指出，依赖既有公众股满足要求的公 司上市首日波动性显著更高，新规将强化初始流动性的真实性与稳定性。 | | Option 1 | Option 2 | Option 3 | | ...

Core Viewpoint - The approval of new IPO liquidity thresholds by the SEC marks a significant tightening of the regulatory framework for companies seeking to list in the U.S., particularly affecting Chinese enterprises, with new rules set to take effect on January 17, 2026 [1][6]. Summary by Relevant Sections - **Increased Listing Requirements** - The minimum requirement for companies listing under the "net income standard" has increased from $5 million to $15 million, a 200% increase [2][3]. - For companies listing under the revenue standard, the minimum requirement has risen from $8 million to $15 million, an increase of 87.5% [3][8]. - **Regulatory Changes and Market Impact** - The SEC's new rules exhibit a "dual-track" feature, raising listing standards for all companies on the Nasdaq and global markets, aimed at enhancing the quality of listed companies and market stability [3][8]. - The SEC has initiated project review procedures that impose restrictions on IPOs, reverse mergers, and direct listings for specific regional enterprises, including a minimum public float market value of $25 million for IPOs or reverse mergers [3][8]. - **Discretionary Powers of Nasdaq** - A significant rule revision grants Nasdaq the discretion to reject listing applications even if companies meet all written requirements if there are factors suggesting potential market manipulation, shifting the regulatory focus from technical compliance to substantive risk assessment [4][9]. - Companies are advised to proactively disclose legal and regulatory environments and consider third-party assessments to enhance transparency [4][9]. - **New Delisting Conditions** - Nasdaq has proposed new conditions that could lead to immediate delisting or suspension of trading for listed companies that fail to meet one or more ongoing listing requirements, including trading price and public float market value, if their market value does not maintain at least $5 million for 10 consecutive trading days [5][10]. - **Competitive Landscape** - The New York Stock Exchange has stated it does not plan to implement similar changes, maintaining its "platinum standard" in listing requirements [5][10].