近年来，越来越多的亚洲企业将目光投向美国资本市场，其中一条常见路径是首先登陆美国OTC市场，再寻求转板至纳斯达克。然而，进入OTC市场仅是 起步，真正的挑战在于如何系统规划、成功跨入主板市场。 在进入OTC前，确保财务报告体系符合美国证监会（SEC）标准； 积极提升股票流动性与市值，吸引机构投资者关注； 全面满足纳斯达克的上市指标，包括市值、营收和股东人数等； 提交纳斯达克上市申请并通过审核流程。 路径优势与挑战： 本文将梳理转入纳斯达克的主要路径，分析各类企业适配的上市方式，并探讨提升转板成功率的关键准备。 壹、两条主流转板路径：从OTC到纳斯达克 （一）OTC 培育转板路径：稳扎稳打，逐步升级 此路径适合已实现稳定盈利，并希望在转板前进一步提升估值的企业。这类公司通常具备较为清晰的美国市场拓展计划，并有能力承担更严格的财务与合 规要求。 企业需完成的关键步骤： 提升股票交易活跃度，维持市场流动性； 制定清晰的转板计划，为后续升级至纳斯达克铺路。 路径优势与挑战： RTO最大优势在于速度，整个流程最快可在3–6个月内完成，操作复杂度也低于传统IPO。但需警惕部分壳公司质量不佳，可能存在隐藏风险；此外，并 购 ...

Core Viewpoint - The article outlines the process and requirements for companies to go public on NASDAQ, emphasizing the importance of proper accounting practices and compliance with U.S. standards to avoid complications during the IPO process [1][3]. Group 1: Listing Requirements - Companies can list on NASDAQ if they have a net profit of $500,000 after tax or a net asset exceeding $5 million [1]. - The article aims to share the entire operational process for listing under the new policy [1]. Group 2: Accounting Practices - Companies must adhere to U.S. accounting standards, especially for Chinese companies that often follow different accounting principles [3]. - Many small and medium-sized enterprises in China face challenges with financial management, leading to discrepancies in their financial statements [3][4]. - Issues such as improper revenue recognition and non-compliant invoicing practices are common, which can complicate the listing process [3][4]. Group 3: Importance of Professional Accounting - Engaging a professional accounting team is crucial to eliminate potential issues before the audit process begins [4]. - U.S. auditors require clean financial statements without reservations; otherwise, the reports may not be accepted by NASDAQ and the SEC [5]. - A clean audit report is essential for gaining recognition from investment banks during the IPO process [5]. Group 4: IPO Process and SEC Review - The IPO process consists of 13 steps, with the initial accounting phase being critical as it influences the number of SEC review rounds [5][9]. - The first round of SEC questions often involves financial matters, which can lead to multiple rounds of review if not addressed properly [6][8]. - Companies may face significant delays if they receive numerous financial questions in the first round, potentially extending the IPO timeline from one year to two years [5][9].