纳斯达克拟收紧上市规则，重点针对中国企业

Nasdaq Proposes Tighter Listing Rules, Focusing on Chinese Firms
纳斯达克拟收紧上市规则，重点针对中国企业

Nasdaq submitted stricter listing rules to the SEC, aiming to implement them quickly upon approval. The rules include higher minimum public float for new listings and faster suspension/delisting of thinly traded firms. Notably, Chinese-operated firms must raise at least $25 million in public offerings to list, reviving a “restrictive markets” threshold. This comes as more Chinese firms seek US listings this year—drawn by better valuations amid tough domestic rules, despite US-China tensions and scrutiny. The SEC earlier pushed for more disclosures from Chinese hopefuls.
纳斯达克已向美国证券交易委员会（SEC）提交更严格的上市规则提案，计划在获批后立即实施。新规包括提高部分新上市企业的最低公众持股量，以及加快对交投清淡企业的停牌和退市流程。值得注意的是，主要在中国运营的企业若想在纳斯达克上市，公开募股所得需至少达到 2500 万美元，这一门槛重启了此前针对 “限制性市场” 发行方的要求。当前，尽管中美关系动荡且监管审查严格，但受国内严苛规则及赴美上市估值更高的吸引，今年寻求在美上市的中国企业数量创下纪录，纳斯达克此次新规提案恰逢此时。此前，美国证交会也曾要求拟在美上市的中国企业增加信息披露。

纳斯达克