资本市场全球化愈演愈烈，中国企业"走出去"的需求日益迫切，除去纽交所、纳斯达克等高门槛的主流 交易所，机制灵活的美国OTC市场（OTC Markets）成为越来越多中国企业的优选之地。 追溯历史 1913年成立的国家报价居（NQB）到2010年正式命名为OTCMarketsGroup，2025年市场层级改革变为 OTCQX（最佳市场）、OTCQB（创业市场）、OTCID（基础市场）和PinkLimited（粉单市场）就此形 成了我们熟知的美国OTC市场。从最初的信息零散到如今的监管规范，美国OTC市场始终以服务中小企 业为核心，逐步成长为全球规模最大的场外交易市场。 发展现状 如今的美国OTC市场已形成成熟的生态体系，三级分层体系各有侧重：OTCQX作为最高层级，汇聚了 阿迪达斯等跨国企业，挂牌标准比肩主板；OTCQB定位成长型企业，是转板主流通道；OTCID面向披 露基本信息的公司。 更值得关注的是，转板机制日益顺畅，2024年有24家企业从OTC转板纳斯达克或纽交所，为企业实现资 本升级提供了明确路径。 核心优势 相较于主板市场，美国OTC市场的核心优势在于其包容性与灵活性，精准匹配中国成长期企业的需求。 ...

Core Insights - The article discusses the successful listing of Xingfu Electronics, a subsidiary of Xingfa Group, on the Sci-Tech Innovation Board, highlighting the synergy between the main board and "hard tech" enterprises in China's multi-tiered capital market [1][2] - The year 2025 is anticipated to be significant for further reforms in the multi-tiered capital market, with the establishment of the Sci-Tech Growth Layer and the introduction of new listing standards for innovative companies [1][2] - The reforms aim to enhance the capital market's service capabilities for the real economy, particularly through the deepening of the Sci-Tech Board and the Growth Enterprise Market [1][2][3] Multi-Tiered Capital Market Structure - The reforms have led to a clearer structure of a multi-tiered equity market, with the Sci-Tech Growth Layer serving as an incubator for "hard tech" companies [1][2] - Different market segments, including the main board, Sci-Tech Board, Growth Enterprise Market, and Beijing Stock Exchange, are designed to complement each other, catering to various types of enterprises [2][3] Full Lifecycle Services - The article emphasizes the importance of full lifecycle services and interconnectivity mechanisms in activating the capital market, which supports enterprises from inception through growth [3][4] - Key institutional innovations have improved the capital market's ability to serve diverse types of enterprises, enhancing the matching of financing support throughout their lifecycle [3][4] Connectivity Between Market Segments - There is an increasing connectivity between different market segments, allowing companies to transition smoothly based on their development stage and needs [4][5] - The establishment of a "green channel" for companies to access different markets demonstrates the effectiveness of this connectivity [4] Future Reforms and Enhancements - Ongoing reforms are expected to focus on deepening the Growth Enterprise Market and normalizing the transfer mechanism between market segments [5][6] - Recommendations include enhancing the adaptability of listing standards to better meet the financing needs of emerging industries and improving the overall efficiency and inclusivity of the capital market [5][6]

Group 1 - The core viewpoint of the article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, focusing on the coordination of investment and financing functions [1][4][6] - The "15th Five-Year Plan" outlines the long-term development direction of the capital market, with key reform tasks aimed at promoting high-quality economic development and technological innovation [1][2] - The capital market has seen over 90% of new listings being technology-related companies, with the technology sector now accounting for over 25% of the A-share market capitalization [2][4] Group 2 - The China Securities Regulatory Commission (CSRC) is set to deepen reforms in the ChiNext board and enhance the multi-tiered market system to better cater to emerging industries [3][4] - There is a call for a balanced development of investment and financing to improve the inherent stability of the capital market, with a focus on quality over quantity [4][5] - The article highlights the importance of building a multi-tiered investor system and increasing the participation of long-term capital in the market [5][6] Group 3 - The article discusses the need for innovation in financial tools to better serve the real economy, including the development of equity, bond financing, and derivatives [6][7] - It mentions the current status of the derivatives market in China, which has 157 listed futures and options, but notes the need for further development and inclusivity [6][7] - Suggestions include enhancing asset securitization and supporting innovative financing tools for various industries, particularly in infrastructure and advanced manufacturing [7]