在中概股探索赴美上市的多元路径中，OTC场外交易市场正逐渐成为一条值得关注的替代通道。与纳斯达克、纽交所等主流交易所相比，OTC市场以其更 为包容的上市条件和灵活的规则，为许多尚处于成长期的企业提供了登陆美国资本市场的可行入口。 盈利要求差异显著 纳斯达克（以全球精选市场为例）设有严格的盈利门槛，例如要求企业最近三年累计税前收入不低于1100万美元，且最近两年每年不低于220万美元。这 对于许多高研发投入、尚未盈利的科技或生物医药企业构成较高障碍。 相比之下，OTC市场并无硬性盈利要求，使仍处于研发或市场拓展阶段的企业也能获得上市机会，凭借创新潜力与技术优势吸引早期投资者。 市值与现金流要求灵活 纳斯达克全球市场通常要求企业市值不低于7500万美元，并满足一定的现金流标准。而OTC市场对此类指标没有统一硬性规定，为规模尚小、现金流不稳 定但具备成长潜力的企业提供了进入资本市场的通道。 贰、股权结构与股东分布条件更具弹性 为何OTC被视为中概股的"机会之窗"？核心在于其与纳斯达克等市场在上市条件上的显著差异，主要体现在以下几个方面： 壹、财务条件更为宽松 纳斯达克的信息披露要求严格、报告格式复杂且频率高，合规成 ...

近年来，中美资本市场监管框架持续调整，既为中国企业跨境融资保留了窗口，也抬高了传统上市路径 的准入门槛。 3.OTC场外市场上市 作为门槛最低的路径，其核心价值在于"跳板属性"——通过分层市场实现阶梯式发展，成为中小企业的 优选。 以OTCQB挂牌为例：总周期6-9个月 基础搭建（2-3周）：注册美国主体，明确股权架构； 随着纳斯达克拟提高流通市值要求、SEC强化VIE架构与数据安全审查，直接IPO的高门槛让多数中小 企业望而却步；SPAC并购模式虽曾以"快速上市"为亮点，却在2025年监管趋严后陷入高赎回率、融资 成本高企的困境。 在此背景下，美国OTC（场外交易）市场凭借低门槛、强灵活性的"跳板属性"，逐渐成为中小企业切入 国际资本市场的务实选择。下面分析赴美上市三大主流路径的核心差异，为不同发展阶段的中国企业提 供跨境上市决策参考，助力企业在合规前提下实现国际资本布局。 1.直接IPO（纽交所/纳斯达克） 作为传统路径，其优势在于融资规模大（拟募资门槛将提至2500万美元）、流动性强且品牌背书效应显 著，适合成熟型科技或制造业企业。但劣势同样突出：SEC审核需耗时12-24个月，承销费占募资额的 7%- ...

Core Viewpoint - The OTC market serves as a vital platform for small and medium-sized enterprises (SMEs) to access financing and transition to larger exchanges like NASDAQ and NYSE, acting as a "fast track" for companies aiming for higher market visibility and capital access [2]. PART.1: Current Status of OTC Markets - Since 2007, OTC Markets Group has restructured the OTC market into four tiers: OTCQX, OTCQB, OTC ID, and Pink Limited, enhancing the organization and transparency of the market [4]. PART.2: Financing Methods for Chinese Enterprises in the OTC Market - OTC market listings can facilitate financing, similar to China's New Third Board, although the extent of financing depends on the enterprise's value [10]. - Pre-listing equity financing is crucial for companies before they list on the OTC market, with underwriters playing a key role in developing effective equity plans [11]. - Companies listed in the OTC ID and Pink markets can raise funds through the issuance of new shares, leveraging their OTC status to attract domestic investors [12]. - Effective market capitalization management can enhance investor confidence and drive stock price appreciation, facilitating further fundraising opportunities [13]. PART.3: Trading Mechanisms in the OTC Market - The trading process in the OTC market is similar to that of U.S. stock exchanges, with prices reflecting market supply and demand [15]. - The OTC market operates on a dealer network system, where market makers provide liquidity by continuously buying and selling securities [16]. - Transactions are conducted through brokers, allowing for negotiation between parties to achieve optimal trading outcomes [17]. PART.4: Retail Shareholders and OTC Shell Companies - Domestic retail shareholders can register as shareholders of OTC shell companies, as there is no limit on the number of shareholders, allowing for free trading in the secondary market [18].

Core Mechanism - The OTC market operates without a central trading hall and relies on market maker quotes [10] - Market makers are essential to the OTC trading process, holding inventory and providing buy and sell quotes [10] Trading Process - Investors place buy or sell orders for OTC stocks through their brokerage accounts [2] - If the brokerage has a market-making department, it may attempt to internally match client buy and sell orders [2] - Orders are typically routed to market makers or accessed through the OTC Link ECN [2][7] - The transaction price is determined by the market maker's quoted price, not the investor's limit price unless the limit is better than the market maker's quote [4] Electronic Platform - OTC Link ATS is the core electronic trading platform operated by OTC Markets Group, connecting hundreds of market makers and brokerages [5] - Market makers update their quotes in real-time through OTC Link [6] Important Characteristics - OTC stocks tend to have higher price volatility due to lower liquidity and potentially insufficient company information [8] - Trading hours align with major exchanges, operating from 9:30 AM to 4:00 PM Eastern Time, with possible pre-market and after-hours trading [9] - The settlement cycle is consistent with the U.S. stock market standard of T+2 [9] Investor Steps - Investors must choose a brokerage capable of OTC trading and complete account registration [11] - Funds can be deposited into the trading account via bank cards or third-party payment methods [11]