Core Viewpoint - Chinese companies planning to go public are facing unprecedented compliance challenges due to systemic restructuring of global capital market access rules and a shift in regulatory focus from "formal compliance" to "substantive risk" penetration [3] Group 1: Capital Market Regulatory Trends - Nasdaq has significantly raised financial and liquidity thresholds for Chinese companies seeking to list, with a minimum IPO requirement set at $25 million and a public holding market value requirement increased from $5 million to $15 million [4] - The calculation of "non-restricted public share market value" has been tightened to combat inflated listings, compelling companies to issue sufficient new shares to create genuine market liquidity [4] - Regulatory logic has shifted from "checklist compliance" to "risk assessment," allowing Nasdaq to reject listing applications based on potential market manipulation risks, even if all formal requirements are met [5] Group 2: Compliance Risk Factors for IPO Companies - Companies must focus on four interrelated core risk factors: 1. Intellectual Property Risk: Questions regarding ownership clarity, potential disputes, and the robustness of the intellectual property portfolio [10] 2. Data Compliance and Cybersecurity Risk: Compliance with data protection laws and the legality of data processing activities, especially for tech companies [11] 3. Cross-Border Operations and Corporate Governance Risk: Concerns regarding the legality and stability of VIE structures and the independence of corporate governance [12] 4. Information Disclosure Consistency Risk: Any inconsistencies in disclosures can trigger regulatory scrutiny, necessitating coherent and well-supported information across all documents [14] Group 3: Compliance Management Framework - Companies are encouraged to adopt international standards such as GB/T 29490-2023 for intellectual property compliance management and ISO 37301:2021 for compliance management systems to enhance their governance capabilities [15][16] - The establishment of a robust compliance management system is essential for companies to demonstrate their governance maturity and long-term investment value [9] Group 4: Implementation Path for Compliance Management - The compliance management system should follow a "Plan-Do-Check-Act" (PDCA) cycle, typically taking 6-12 months to implement [19] - Key phases include strategic diagnosis and planning, system construction and documentation, system operation and internal auditing, and certification verification [20][24][26][30] - Third-party certification can enhance the credibility of compliance management claims and improve communication with regulatory bodies [31] Group 5: Future Implications - The evolving regulatory landscape necessitates a profound compliance revolution for Chinese companies, particularly in hard tech and cross-border operations, where the ability to construct and validate a forward-looking compliance framework will be critical for successful listings and future valuations [32]