Group 1 - The core viewpoint of the article is that Nasdaq has revised its listing standards, increasing the IPO thresholds for companies, particularly those from China, to ensure better market liquidity and eliminate speculative firms [2][5][7] - The new minimum public float market value for new stocks listed on Nasdaq is set at $15 million [2] - Companies with listing deficiencies and a market value below $5 million will face expedited delisting procedures [2] - For companies primarily operating in China, the minimum fundraising requirement for initial public offerings (IPOs) is now $25 million [2] Group 2 - Nasdaq's revised rules indicate that all companies seeking to list must meet stricter non-restricted public float market value (MVUPHS) standards, excluding resale shares from the calculation [5][7] - The new regulations aim to ensure that companies not only pass valuation tests but also have substantial market value for their freely tradable shares at the time of listing, effectively eliminating speculative companies that rely on "book value" [7]

Group 1 - The core viewpoint of the article is that Miami International Holdings (MIAX) has successfully launched its IPO on the New York Stock Exchange, marking one of the largest listings for an exchange operator in U.S. history [1] - MIAX's IPO raised $345 million by selling 15 million shares at a final pricing of $23, which was above the initial price range of $19 to $21 [1] - The company has been preparing for this IPO since it filed a confidential application in 2022, and it is notable that few exchange operators have gone public in the U.S. since the early 2000s [1] Group 2 - MIAX operates nine exchanges covering multiple asset classes, with a significant portion of its revenue derived from options trading [1] - As of the first half of 2025, MIAX is projected to hold a 16% market share in the U.S. options market, ranking just behind NYSE, Nasdaq, and Cboe [1] - The company has expressed interest in expanding into cryptocurrency futures if opportunities arise, indicating a willingness to collaborate with partners in the crypto space [2]

Misconceptions about US IPOs - Misconception 1: US IPOs guarantee higher valuations. The truth is that Chinese concept stocks often face valuation discounts of 20%-40% compared to US peers due to geopolitical factors, regulatory uncertainties, and cultural differences. Valuation is primarily driven by the company's fundamentals, profitability, industry outlook, and market sentiment, rather than the listing location itself [2][3]. - Misconception 2: US IPOs always secure more funding. The reality is that IPO financing amounts are determined by market supply and demand, and many Chinese concept stocks have raised less than expected in recent years, with most 2023 IPOs raising under $100 million. While US markets offer more flexible refinancing options, the initial fundraising capability is not guaranteed [3][4]. - Misconception 3: US listing requirements are significantly lower than those in A-shares or Hong Kong. Although the US may have more lenient profitability requirements (e.g., Nasdaq allows unprofitable companies to list), the information disclosure requirements are extremely stringent. Compliance costs can exceed expectations, and any misstep can lead to lawsuits or regulatory penalties [4][5]. - Misconception 4: Stocks listed in the US have inherently good liquidity. The US market is highly segmented, with popular Chinese concept stocks experiencing active trading, while many smaller stocks face liquidity challenges, including low average trading volumes and wide bid-ask spreads. Illiquid "zombie stocks" can severely restrict shareholder exits and future capital operations [5][6]. - Misconception 5: Chinese reports are sufficient; English communication is not a major issue. Proficiency in English is essential, as official disclosure documents must be in English, and all significant communications, including roadshows and earnings calls, require fluent English. Communication barriers can directly impact investor confidence and valuations [6][7]. - Misconception 6: Successful listing means minimal regulatory pressure. In reality, going public initiates a period of ongoing regulatory scrutiny, including strict SEC oversight, risks from short-sellers, complex litigation environments, and cross-border regulatory cooperation. Recent years have seen increased regulatory pressure on Chinese concept stocks, with delisting risks remaining a concern [7][9]. Essence of US IPOs - The essence of going public in the US is not the end goal but the beginning of integration into the global capital market. The core values include: - Connecting with international capital: Attracting global long-term funds and optimizing shareholder structure [9]. - Enhancing brand credibility: Strict regulatory oversight boosts international reputation [9]. - Improving corporate governance: Forces companies to establish international governance and compliance systems [9]. - Incentivizing talent mechanisms: The flexible equity incentives in US markets are more attractive [9]. Conclusion - Listing in the US is akin to embarking on a voyage; while it offers access to broader markets, it also presents challenges. Companies must navigate these complexities with a clear understanding of the potential pitfalls and make strategic decisions that align with their development goals [10].