Core Points - Nasdaq has submitted new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) to the SEC aimed at enhancing initial and ongoing listing standards, reinforcing long-term commitments to capital formation, investor protection, and market integrity [1][4] Initial Listing Requirements - Companies seeking to list on Nasdaq Capital Market or Nasdaq Global Market must have a minimum public float market value (MVUPHS) of at least $15 million, up from $5 million for Nasdaq Capital Market and $8 million for Nasdaq Global Market [3] - Nasdaq Capital Market requires companies to meet one of three standards: income, market value, or equity, while Nasdaq Global Market includes a fourth option based on total assets/total revenue [3] - The proposed rules aim to align the income standard's minimum MVUPHS with other listing standards, setting it at $15 million for Nasdaq Capital Market and $18 million for equity standard on Nasdaq Global Market [3] Ongoing Listing Requirements - Companies failing to meet ongoing listing requirements and having a market value below $5 million for 10 consecutive trading days will face immediate suspension and delisting [4][5] - The proposed rules eliminate the compliance period for companies that fall below the market value threshold, indicating that significant issues leading to low market value are not temporary [5] Specific Requirements for Chinese Companies - New rules require Chinese companies to raise at least $25 million through an initial public offering (IPO) to list on Nasdaq, addressing concerns over liquidity and investor protection [5] - Nasdaq noted that 70% of its submissions to the SEC or FINRA since August 2022 have been related to Chinese companies, highlighting ongoing liquidity concerns [5] Implementation Timeline - If approved by the SEC, Nasdaq will implement the changes to initial listing requirements immediately, allowing companies already in the process 30 days to comply with previous standards [6] - Nasdaq plans to implement accelerated procedures for suspension and delisting within 60 days of SEC approval [6]

Group 1 - The U.S. government shutdown has halted IPO activities for the week, but more SPACs and smaller issuers may join later [1] - The SEC's new guidelines are encouraging larger issuers to proceed with listings, with companies like Navan, Exzeo, and BETA Technologies planning to go public by late October or early November [1] - The SEC has limited staff available to address inquiries due to the shutdown, affecting the processing of registration statements and other filings [1] Group 2 - Overall, there is optimism across various industries this quarter, with technology, media, and telecommunications leading, accounting for a quarter of transactions and nearly half of total revenue [2] - The government shutdown may increase market uncertainty, prompting companies to be cautious when providing forward-looking guidance to the SEC [2] - The IPO market has shown signs of recovery, with a 16% year-over-year increase in the number of IPOs in Q2, totaling 50 transactions and raising $8.1 billion [1][2]

在大多数美国政府关门期间进行首次公开募股的公司无需在向市场监管机构提交的文件中列出具体价 格。 随着政府关门持续，美国证券交易委员会（SEC）向陷入监管困境的潜在上市公司提供了一些救济。 根据周四（10月9日）发布的指导意见，在大多数政府部门关门期间进行首次公开募股（IPO）的公司 无需在提交给市场监管机构的文件中列出具体价格。这通常是IPO流程的关键环节，该流程通常涉及 SEC工作人员对文件进行审查，以查找虚假陈述或信息披露不明确之处。 美国证券交易委员会的指导意见警告称，这一特殊程序并不妨碍工作人员后续提出问题或要求公司修改 其财务文件。 旅游软件公司 Navan、税务咨询公司 Andersen Group 和加密货币托管公司 Bitgo Holdings 等公司近期已 申请 IPO，最早可能于本周开始正式推广上市。在最新指导意见发布之前，这些公司必须以特定价格推 广其潜在上市项目。 宏业金融集团美国IPO咨询/辅导顾问服务 首次公开募股(IPO)是公司发展历程中的一个变革性里程碑！作为知名的美国上市咨询辅导机构，宏业 金融集团致力为大中华地区（大陆、香港、台湾）及泛亚太地区公司提供上市辅导咨询服务，帮助 ...

安永在一份报告中表示，上季度美国 IPO 数量和筹资总额均创下 2021 年第四季度以来的最高水平。今 年前九个月，IPO 筹资额增至 330 亿美元，比去年同期增长 21%。安永的数据显示， IPO 总数飙升至 180家，增长了 49%。 安永本周四表示，随着股市反弹以及投资者对全球动荡风险的认识逐渐增强，美国首次公开募股 (IPO) 在第三季度激增，筹集资金达 159 亿美元，几乎是第二季度总额的两倍。 安永全球 IPO 主管 George Chan 在一份声明中表示："投资者越来越多地将地缘政治风险视为'新常 态'的一部分，不再是一种单一的冲击，而是市场动态的持续背景。" 安永表示，对持续通胀的担忧以及全球经济增长前景的不确定性给 IPO 前景蒙上了阴影。 安永表示："由于特殊的经济动态和对财政可持续性日益增长的担忧，长期利率面临上行压力。债券收 益率上升会推高贴现率，降低 IPO 估值的吸引力，并迫使发行人提供清晰的盈利路径，而不仅仅是空 谈。" 此外，"美国政府关门等政治不稳定以及对美联储独立性的担忧提高了风险溢价，"安永表示。 宏业金融集团美国IPO咨询/辅导顾问服务 安永表示，到 2026 年初 ...

Group 1 - The Federal Reserve's interest rate cut has cleared the path for private companies to enter the U.S. IPO market, with many companies expected to file for IPOs in the coming weeks [1][3] - Companies like Neptune Insurance Holdings Inc. and the parent company of the University of Phoenix have submitted applications to U.S. regulators and may begin roadshows soon [1][3] - The current market conditions, including the U.S. stock market nearing historical highs and low volatility, are favorable for IPOs, leading to expectations of more companies conducting roadshows [1][2] Group 2 - As of mid-September, 14 companies have raised $7 billion through U.S. IPOs, marking the highest level for this period since 2020 [2] - If the market remains strong, the number of notable transactions in October may exceed those in September [2] - The beginning of the Federal Reserve's easing cycle is expected to create opportunities for companies seeking to go public, with a need for timely applications to avoid delays until 2026 [3] Group 3 - The fall IPO window has opened, with the number of IPOs reaching or exceeding $250 million, the highest level since October 2021 [3] - Recent IPO performance has been mixed, with some companies like StubHub Holdings Inc. and Gemini Space Station Inc. seeing stock prices fall below their IPO prices, while others like Figure Technology Solutions Inc. and Black Rock Coffee Bar Inc. have seen significant gains [4] - The performance of newly listed companies is crucial for encouraging investor interest in future IPOs, with recent trends prompting a reassessment of market conditions [4]

Group 1 - Since 2020, nearly 200 brokerage firms have closed in Hong Kong, with expectations of more closures due to new allocation rules making it harder for retail investors to participate in popular IPOs [1][3] - According to HKEX data, 23 brokerages have notified the Hong Kong Stock Exchange of their cessation of trading this year, following 39 closures last year and a record 49 in 2022 [1][3] - The number of brokerages has decreased from a peak of 606 in 2019 to 498 as of June 2023, despite new entrants not being sufficient to reverse the trend [3] Group 2 - Small enterprises are facing a shrinking market share, with 400 small companies accounting for only 3.7% of trading volume in June, down from 40% in 2000 [4] - The top 14 companies hold 70.9% of the market share, while 51 mid-sized companies account for 25.4% [5] Group 3 - Small-cap stocks are increasingly opting to list on the Nasdaq rather than in Hong Kong or other markets, due to Nasdaq's tiered market structure that caters to companies at different stages of development [6] - Nasdaq offers various market tiers, including the Global Select Market for large mature companies, the Global Market for mid-sized firms, and the Capital Market designed for small emerging companies with flexible listing requirements [7][8]