一、上市核心条件（以主板为例） NYSE对拟上市公司设定了多套财务标准，满足其一即可申请上市。主要标准包括： 纽约证券交易所（NYSE）作为全球历史最悠久、流动性最强的证券交易所之一，其IPO上市规则严谨且体系化。以下是其核心 要点的梳理，涵盖上市条件、公司治理、信息披露、流程及特殊主体要求等关键维度： 1. 盈利测试（Profit Test） 2. 市值/收入/现金流测试（Market Capitalization/Revenue/Cash Flow Test） 3. 市值/收入测试（Market Capitalization/Revenue Test） 4. 资产/权益测试（Asset/Equity Test，适用于特定行业如银行） 其他关键指标： 二、公司治理要求 NYSE对董事会、委员会及内部控制有严格要求，核心包括： 1. 董事会构成 累计盈利：最近3个财年累计税前利润≥1,000万美元（其中最近2年每年≥200万美元，或最近1年≥450万美元）； 收入：最近3年每年收入≥1,000万美元（可选条件，非强制）； 市值与现金流：无强制要求（但需结合其他指标）。 三、信息披露与注册流程 1. 招股说明书 ...

东京证券交易所（Tokyo Stock Exchange, TSE）作为全球主要证券交易所之一，其IPO上市规则体系严谨，注重企业的可持续 性、透明度和投资者保护。以下是其核心要点的系统梳理： 一、市场板块划分 TSE将上市板块分为三个层级，适配不同发展阶段的企业需求，各板块上市标准差异显著： 1. Prime市场（主板） 定位为"全球领先企业"板块，吸引高盈利、高稳定性的大型企业。 2. Standard市场 面向中等规模、盈利稳定的企业，侧重本土及区域龙头企业。 3. Growth市场（原Mothers市场） 聚焦高增长潜力企业（如科技、创新行业），降低盈利门槛，强调未来增长性。 二、公司治理要求 核心标准（满足其一即可）： 盈利测试：最近3个财年累计净利润≥10亿日元（约700万美元），且最近财年净利润≥5亿日元；或最近财年营收≥100亿日 元且经营现金流≥20亿日元。 市值/收入/研发测试（针对创新型企业）：市值≥500亿日元，最近财年营收≥100亿日元，且研发费用≥营收的10%（科技/ 医药等行业适用）。 纯市值测试：市值≥1000亿日元，且最近财年营收≥100亿日元（适用于高估值但盈利暂未达标的企 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Hong Kong Exchanges and Clearing Limited (HKEX) unchanged, with a target price of HKD 465, indicating an 11% upside potential based on projected P/E ratios [1] Group 1: Earnings Forecast and Performance - HKEX is expected to report a 2Q25 revenue of HKD 6.87 billion, reflecting a year-on-year increase of 27% and a quarter-on-quarter flat performance, with core fee income projected to rise by 30% year-on-year [1] - For the first half of the year, total revenue and profit are anticipated to increase by 29% and 34% respectively, reaching HKD 13.73 billion and HKD 8.20 billion [1] Group 2: Trading Activity Insights - The report highlights sustained high activity in spot and commodity trading, with a marginal decline in derivatives trading; 2Q average daily turnover (ADT) is expected to be HKD 238.1 billion, up 96% year-on-year [2] - The number of IPOs in 2Q reached 27, raising HKD 88.4 billion, marking a significant increase of 932% year-on-year [2] Group 3: Investment Income and Market Conditions - Investment income is projected to grow by 15% year-on-year to HKD 1.39 billion, driven by a favorable margin environment despite a decline in HIBOR rates [3] - The report notes that the decline in short-term interest rates may enhance margin income, supported by increased collateral requirements in a high-volatility market [3] Group 4: Long-term Growth Potential - The dual resonance of "assets + funds" is expected to enhance HKEX's mid-to-long-term value, with potential increases in market capitalization from "A+H" listings and the return of Chinese concept stocks [4] - If the average daily turnover reaches HKD 210 billion by 2025, HKEX's profit could grow by 18% to HKD 15.4 billion, with a projected CAGR of 14% for ADT over the next decade [4]