上市前奏：为何券商选择至关重要 而一旦选错辅导券商，企业将面临诸多严重后果。上市失败风险首当其冲，若券商无法有效应对 SEC 问询、不能准确把握上市规则，企业上市申请很可能被否决，前期投入的大量人力、物力、财力付诸东 流。上市成本也会大幅增加，由于进程拖延，企业需支付更多的中介费用、时间成本，甚至可能因错过 最佳上市窗口，在后续融资中处于不利地位。 一、火眼金睛：审视券商资质与经验 在选择纳斯达克上市辅导券商的漫漫长路上，资质与经验无疑是企业首先要仔细考量的关键因素，它们 如同企业上市旅程中的基石与灯塔，缺一不可。 （一）必备资质大盘点 纳斯达克上 市辅导杨老师（+yaprt9） 对于渴望在纳斯达克上市的企业来说，选择一家合适的辅导券商，无疑是踏上这场资本征程的关键前 奏，其重要性怎么强调都不为过。这不仅是简单的商业合作，更像是一场决定企业命运走向的关键联 姻。 从流程引导角度看，辅导券商堪称企业上市的 "导航仪"。纳斯达克上市流程复杂繁琐，涉及美国证券 交易委员会（SEC）的严格审查、纳斯达克交易所的各项规则遵循，以及海量文件的准备与提交 。以 提交注册文件为例，需准备招股说明书（S-1 表格），其中涵盖企 ...

Core Viewpoint - The article outlines the process and requirements for companies to go public on NASDAQ, emphasizing the importance of proper accounting practices and compliance with U.S. standards to avoid complications during the IPO process [1][3]. Group 1: Listing Requirements - Companies can list on NASDAQ if they have a net profit of $500,000 after tax or a net asset exceeding $5 million [1]. - The article aims to share the entire operational process for listing under the new policy [1]. Group 2: Accounting Practices - Companies must adhere to U.S. accounting standards, especially for Chinese companies that often follow different accounting principles [3]. - Many small and medium-sized enterprises in China face challenges with financial management, leading to discrepancies in their financial statements [3][4]. - Issues such as improper revenue recognition and non-compliant invoicing practices are common, which can complicate the listing process [3][4]. Group 3: Importance of Professional Accounting - Engaging a professional accounting team is crucial to eliminate potential issues before the audit process begins [4]. - U.S. auditors require clean financial statements without reservations; otherwise, the reports may not be accepted by NASDAQ and the SEC [5]. - A clean audit report is essential for gaining recognition from investment banks during the IPO process [5]. Group 4: IPO Process and SEC Review - The IPO process consists of 13 steps, with the initial accounting phase being critical as it influences the number of SEC review rounds [5][9]. - The first round of SEC questions often involves financial matters, which can lead to multiple rounds of review if not addressed properly [6][8]. - Companies may face significant delays if they receive numerous financial questions in the first round, potentially extending the IPO timeline from one year to two years [5][9].

Core Viewpoint - The trend of small and unprofitable companies, such as Monkey Tree Investment, seeking to list on NASDAQ highlights the exchange's leniency towards such firms, raising questions about the criteria for listing [2][5]. Group 1: Company Examples - Monkey Tree Investment, a Hong Kong-based company with only 3 full-time employees, has submitted its IPO application to the SEC for NASDAQ listing [2]. - Yimutian Inc, despite reporting net losses of 1.06 billion and 0.35 billion for 2023 and 2024 respectively, successfully listed on NASDAQ in August 2023 [2][3]. - MIBEE Aviation Technology Holding Limited, with just 15 employees, announced its NASDAQ listing plan in August 2025, aiming to raise $1.7 million [4]. - New Junyang Cashmere, a company with only 4 employees, successfully listed on NASDAQ in July 2025 [4]. Group 2: NASDAQ Listing Requirements - NASDAQ has relatively lenient financial requirements for listing, allowing companies to meet one of several criteria, including public float and market capitalization [5]. - The exchange emphasizes the completeness and transparency of information disclosure, permitting companies that are not yet profitable to list, particularly those in high-growth sectors [6]. - NASDAQ's flexible listing rules attract innovative and growth-oriented companies, providing them with opportunities for financing and market presence [6][7]. Group 3: Valuation and Shareholder Benefits - NASDAQ offers higher valuation opportunities for emerging and high-tech companies, which can lead to increased market value post-IPO [7]. - A successful NASDAQ listing can enhance a company's market value, facilitating future financing and improving negotiation power in mergers and acquisitions [7]. - The flexible listing requirements and lack of strict profitability criteria on NASDAQ align well with the characteristics of many emerging Chinese companies, providing them with a pathway to enhance global brand recognition and market competitiveness [7].

Group 1: Core Characteristics of NASDAQ Market - NASDAQ is the largest electronic stock trading market globally and is the fastest-growing among major stock markets [1] - The market allows unprofitable companies to list, focusing on growth potential, market space, and technological barriers, particularly valuing tech innovation firms [1][2] - Institutional investors dominate, showing a willingness to pay premiums for long-term growth narratives [1] Group 2: Challenges for Chinese Companies - Chinese companies face unique challenges such as geopolitical risks, stringent audit regulations, and potential valuation discounts [3][4] Group 3: IPO Strategy Analysis - Two main strategies exist: "develop strong before listing" and "list before developing" [5] - The first option is suitable for capital-intensive sectors requiring significant funding for R&D or infrastructure, allowing companies to capitalize on market opportunities [5][6] - The second option is ideal for companies with validated technology and clear profitability paths, leading to higher valuations and reduced risks of stock price drops [8][9] Group 4: Key Decision Factors for NASDAQ Listing - Companies must assess if their business data supports a growth narrative, focusing on revenue growth, gross margins, and customer retention rates [12][13] - The ability to bear compliance costs, estimated at $2-5 million annually, is crucial [14] - Companies should prepare to counter short-selling risks, especially if their business models have flaws [15] - Contingency plans for geopolitical issues, such as potential secondary listings in Hong Kong or Singapore, are recommended [16] Group 5: Practical Recommendations for NASDAQ Pathway - Companies should adopt phased strategies based on their growth stages, from focusing on private financing in early stages to considering IPOs when growth metrics are met [17][18] - The conclusion emphasizes that unless in capital-intensive sectors with high technological barriers, "develop strong before listing" is generally the better choice [18] Group 6: Foundations for Chinese Companies Listing in the U.S. - Essential foundations include robust financial systems compliant with US GAAP, strong corporate governance, risk isolation through compliant VIE structures, and clear investor narratives [19][20]