Core Viewpoint - New Third Board companies can directly list on NASDAQ without needing to delist first, following the revised Securities Law Implementation Regulations in 2024, which recognizes the New Third Board as a national securities trading venue [1][6]. Group 1: Policy Environment - The 2024 revision of the Securities Law Implementation Regulations clarifies the New Third Board's status, allowing companies to retain their domestic listing while pursuing overseas financing [6]. - The China Securities Regulatory Commission (CSRC) has simplified the overseas listing filing process, with over 96 companies approved in 2024, including 51 for U.S. listings [3][6]. Group 2: Operational Pathways - New Third Board companies must complete the CSRC's overseas listing filing and meet NASDAQ's financial standards, such as a net profit of $750,000 or a valuation of $50 million [3]. - Companies can choose a traditional IPO route if they meet NASDAQ Global Market standards, as demonstrated by Dongyuan Logistics raising $8 million [7]. - The SPAC merger route has gained traction, allowing companies to go public quickly, with valuations typically increasing by 300%-500% [8]. Group 3: Market Effects - Dual-listed companies can create a beneficial cycle of "New Third Board financing + NASDAQ pricing," with a reported 62% year-on-year increase in R&D investment for companies listed on both markets [9]. - The differences in information disclosure between the two markets may lead to increased compliance costs [9].