当前赴美上市市场呈现明显的"分层适配"特征。 数据显示，2025年中美审计底稿协议落地后，虽重启备案窗口，但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，让直接IPO的门槛进一步抬高，仅适合净资产雄厚、盈利稳定的成熟科 技或制造企业，且审核周期长达12-24个月，承销费占募资额的7%-10%。曾风靡一时的SPAC并购模 式，在2025年监管趋严后陷入高赎回率（平均超97%）的困境，融资成本显著攀升，仅适配少数亟需上 市的高成长性赛道企业。 而美国OTC市场凭借"低门槛、强灵活、可进阶"的核心优势异军突起。特别是2025年7月1日实施的市场 改革，将原有三大层级优化为OTCQX、OTCQB、OTCID和Pink Limited Market四个板块，层级划分更 清晰，风险定价更精准。 对于许多需要出海上市，却暂时不满足纳斯达克或纽交所等主板市场严格要求的企业来说，OTC市场提 供了一个最佳的过渡平台。 对于多数中国中小企业而言，OTC市场的挂牌流程兼具高效性与可控性，主要分为两个路径：直接挂牌 与反向并购。 随着美国OTC市场完成近十年最重大的结构性改革，其灵活高效的挂牌机制与明确的转板路径 ...

Core Insights - The OTC market is increasingly becoming a preferred option for small and medium-sized enterprises (SMEs) from China seeking to enter the U.S. capital market due to its shorter listing cycle and lower listing requirements [2][19]. Group 1: Overview of OTC Market - The OTC market, or Over-the-Counter market, is one of the oldest and largest trading markets in the U.S., accounting for 75% of the total trading volume in American securities [4]. - As of now, there are 12,281 companies listed on the OTC market, including 826 Chinese enterprises [4]. Group 2: OTC Market Listing Conditions - The OTC market is divided into three tiers based on company transparency and financial disclosure: OTCQX (highest level), OTCQB, and OTC ID, with progressively relaxed listing requirements [6]. - OTCQX requires companies to meet specific financial standards, such as having a net tangible asset value of $5 million for companies with less than three years of operating history, or an average revenue of $6 million over the past three years [8]. - OTCQB has more lenient financial and governance requirements, making it suitable for startups or companies that do not yet meet the higher standards [9]. - OTC ID has no strict reporting and financial data submission requirements, allowing companies to choose their level of information disclosure [12]. Group 3: OTC Listing Process - The OTC listing process is relatively simpler compared to other exchanges, with companies typically opting for shell acquisitions or direct listings to enter the market [14][16]. Group 4: Advantages of OTC Market - The OTC market offers lower listing costs compared to major exchanges like NASDAQ and NYSE, making it an attractive option for SMEs [19]. - The listing thresholds are lower, and the time required for listing is shorter, allowing companies to meet market requirements more easily [20]. - The flexible listing rules provide companies with more options to tailor their listing strategy to their specific needs [21].