2025.11. 14 本文字数：2499，阅读时长大约4分钟 作者 | 第一财经 韦薇 近期，全球IPO复苏进程引发关注，纳斯达克交易所无疑在聚光灯下。今年9月，纳斯达克拟修改规 则，提高上市企业的最低募资要求。 11月9日，纳斯达克副董事长兼全球资本主管鲍勃·麦库伊（Bob McCooney）在全美华人金融协会 （TCFA）年会期间接受了第一财经的采访。 麦库伊表示，今年IPO市场的复苏由多层因素推动。从地区分布来看，亚洲继续成为国际业务最主要 的增长动力，"今年以来仍有66家中国企业在纳斯达克IPO，虽规模多集中在600万~700万美元，但 作为全球第二大经济体，中国企业的上市需求仍将持续。" 麦库伊称，在今年于纳斯达克上市的中国企业中，医疗健康领域仍保持较高上市意愿，生物科技企业 在中国香港市场表现亮眼，但部分仍会选择赴美上市。此外，部分中国企业通过SPAC合并、直接上 市等多元路径登陆纳斯达克，去年年末也有小马智行（Pony.ai）、文远知行（WeRide）等企业成 功挂牌。 相对于纽交所，纳斯达克一直对上市企业的财务要求更低、周期短。其科技股的定位，对科技股溢价 显著，能给予AI、自动驾驶、新能源 ...

Core Insights - Asia continues to be the primary growth driver for Nasdaq's international business, with 66 Chinese companies going public this year, primarily in the $6 million to $7 million range, indicating sustained listing demand from China as the world's second-largest economy [1][2] - The IPO market is recovering, with significant contributions from sectors such as healthcare, fintech, cryptocurrency, and AI, highlighting Nasdaq's appeal for tech-oriented companies [2][3] - Nasdaq aims to attract more AI companies, with OpenAI rumored to be considering an IPO in the near future, emphasizing Nasdaq as the ideal listing venue for such firms [4][5] Asian Market Dynamics - Asian regions, particularly Japan and Korea, are emerging as fast-growing IPO markets, with Japan's IPO count nearly doubling this year and stable interest from Korean companies [2][3] - The healthcare sector remains a strong area for Chinese companies looking to list, with some opting for SPAC mergers and direct listings on Nasdaq [3] Competitive Landscape - Nasdaq is competing with global exchanges like Hong Kong and Tokyo for IPOs, focusing on enhancing liquidity, service quality, and technology to attract companies [5][6] - Recent regulatory changes proposed by Nasdaq aim to tighten listing standards, including raising the minimum public float to $15 million and adjusting fundraising requirements for companies primarily operating in China [6]