{"id":17665,"date":"2026-05-19T14:00:13","date_gmt":"2026-05-19T06:00:13","guid":{"rendered":"https:\/\/www.sw-hk.com\/?p=17665"},"modified":"2026-05-19T16:00:22","modified_gmt":"2026-05-19T08:00:22","slug":"nasdaqs-new-listing-rules-for-chinese-companies-how-high-quality-enterprises-can-seize-opportunities-in-the-new-regulatory-landscape","status":"publish","type":"post","link":"https:\/\/www.sw-hk.com\/zh\/nasdaqs-new-listing-rules-for-chinese-companies-how-high-quality-enterprises-can-seize-opportunities-in-the-new-regulatory-landscape\/","title":{"rendered":"\u7eb3\u65af\u8fbe\u514b\u5c31\u4e2d\u56fd\u516c\u53f8\u7684\u65b0\u4e0a\u5e02\u89c4\u5219\uff1a\u9ad8\u54c1\u8d28\u4f01\u4e1a\u5982\u4f55\u628a\u63e1\u65b0\u76d1\u7ba1\u5e38\u6001\u4e0b\u7684\u673a\u9047"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.sw-hk.com\/wp-content\/uploads\/2026\/05\/20260519_C-1.png\" \/><!--more--> <span class=\"ellipsis\" id=\"ellipsis-511086332\" style=\"opacity: 0; position: absolute; z-index: -1;\">&#8230;<\/span><span class=\"rmwp-button-wrap\" id=\"rmwp-button-wrap-511086332\" style=\"display: none;\"><button name=\"read more\" type=\"button\" onclick=\"rmwpButtonAction( '511086332', 'Read More', 'Read Less' )\">Read More<\/button><\/span><\/p>\n<div class=\"rmwp-toggle \" id=\"rmwp-toggle-511086332\" style=\"display: none\">\n<p>2026\u5e745\u670814\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u6b63\u5f0f\u6279\u51c6\u7eb3\u65af\u8fbe\u514b\u63d0\u4ea4\u7684\u7ecf\u7b2c3\u53f7\u4fee\u6b63\u6848\u4fee\u8ba2\u7684SR-NASDAQ-2025-069\u63d0\u6848\uff0c\u5c31\u4e3b\u8981\u8fd0\u8425\u5728\u4e2d\u56fd\uff08\u5305\u62ec\u9999\u6e2f\u548c\u6fb3\u95e8\u7279\u522b\u884c\u653f\u533a\uff09\u7684\u516c\u53f8\u5f15\u5165\u989d\u5916\u7684\u9996\u6b21\u4e0a\u5e02\u6807\u51c6\u3002\u8be5\u89c4\u5219\u5c06\u5728\u6279\u51c6\u540e30\u5929\u751f\u6548\u3002<\/p>\n<p>\u8fd9\u4e00\u4e3e\u63aa\u5e76\u975e\u7b80\u5355\u63d0\u9ad8\u95e8\u69db\uff0c\u800c\u662f\u7eb3\u65af\u8fbe\u514b\u5728\u6295\u8d44\u8005\u4fdd\u62a4\u4e0e\u5e02\u573a\u6d3b\u8dc3\u5ea6\u4e4b\u95f4\u5bfb\u6c42\u5e73\u8861\u7684\u79ef\u6781\u4fe1\u53f7\u3002\u5bf9\u4e8e\u9ad8\u54c1\u8d28\u3001\u5177\u5907\u5f3a\u52b2\u7ecf\u8425\u6839\u57fa\u548c\u5408\u89c4\u610f\u8bc6\u7684\u4e2d\u56fd\u4f01\u4e1a\u800c\u8a00\uff0c\u65b0\u89c4\u63d0\u4f9b\u4e86\u66f4\u6e05\u6670\u7684\u8def\u5f84\uff0c\u5e2e\u52a9\u5b83\u4eec\u5728\u5168\u7403\u8d44\u672c\u5e02\u573a\u8131\u9896\u800c\u51fa\uff0c\u5438\u5f15\u66f4\u591a\u4f18\u8d28\u6295\u8d44\u8005\uff0c\u5b9e\u73b0\u957f\u671f\u4ef7\u503c\u63d0\u5347\u3002<\/p>\n<p><strong>\u65b0\u589e\u4e0a\u5e02\u6807\u51c6\u7684\u80cc\u666f<\/strong><\/p>\n<p>\u8fd1\u5e74\u6765\uff0c\u4e2d\u56fd\u4f01\u4e1a\u8d74\u7f8e\u4e0a\u5e02\u70ed\u60c5\u9ad8\u6da8\uff0c2024\u81f32025\u5e74\u8fbe\u5230\u65b0\u9ad8\u3002\u4e2d\u56fd\u5728\u65b0\u5174\u5e02\u573a\u6307\u6570\u4e2d\u6743\u91cd\u663e\u8457\uff0c\u662f\u5168\u7403\u6295\u8d44\u8005\u914d\u7f6e\u7684\u91cd\u8981\u90e8\u5206\u3002\u7136\u800c\uff0c\u90e8\u5206\u5c0f\u578b\u6216\u6d41\u52a8\u6027\u4e0d\u8db3\u7684\u4e0a\u5e02\u6848\u4f8b\u4e5f\u5f15\u53d1\u4e86\u76d1\u7ba1\u5173\u6ce8\uff0c\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u6f5c\u5728\u7684\u64cd\u7eb5\u98ce\u9669\u3001\u5ba1\u8ba1\u900f\u660e\u5ea6\u53ca\u8de8\u5883\u6267\u6cd5\u6311\u6218\u3002<\/p>\n<p>\u7eb3\u65af\u8fbe\u514b\u6b64\u6b21\u65b0\u89c4\u805a\u7126\u300c\u4e2d\u56fd\u53d1\u884c\u4eba\uff08China-based Issuers\uff09\u300d\uff0c\u901a\u8fc7\u91cf\u5316\u6807\u51c6\u63d0\u5347\u4e0a\u5e02\u8d28\u91cf\uff0c\u65e8\u5728\u786e\u4fdd\u8db3\u591f\u6d41\u52a8\u6027\u3001\u6295\u8d44\u8005\u57fa\u7840\u548c\u516c\u5e73\u6709\u5e8f\u4ea4\u6613\uff0c\u540c\u65f6\u56de\u5e94\u56fd\u4f1a\u3001\u5dde\u8d22\u653f\u5b98\u5458\u53ca\u5e02\u573a\u5404\u65b9\u7684\u5173\u5207\u3002<\/p>\n<p><strong>IPO<\/strong><strong>\u6700\u4f4e\u52df\u8d44\u989d<\/strong><strong>\u8981\u6c42<\/strong><\/p>\n<p>\u4e2d\u56fd\u53d1\u884c\u4eba\u8fdb\u884cIPO\u65f6\uff0c\u5fc5\u987b\u91c7\u7528\u300c\u5305\u9500\u627f\u8bfa\u627f\u9500\uff08Firm Commitment Offering\uff09\u300d\u65b9\u5f0f\uff0c\u5728\u7f8e\u56fd\u5411\u516c\u4f17\u6301\u6709\u4eba\u53d1\u884c\u8bc1\u5238\uff0c\u4e14\u516c\u53f8\u83b7\u5f97\u7684\u603b\u52df\u8d44\u989d\u4e0d\u4f4e\u4e8e2500\u4e07\u7f8e\u5143\u3002\u8fd9\u4e00\u8981\u6c42\u9ad8\u4e8e\u7eb3\u65af\u8fbe\u514b\u8d44\u672c\u5e02\u573a\u5e38\u89c4\u76841500\u4e07\u7f8e\u5143\u300c\u4e0d\u53d7\u9650\u516c\u4f17\u6301\u80a1\u4ef7\u503c\uff08Market Value of Unrestricted Publicly Held Shares\uff0cMVUPHS\uff09\u300d\u95e8\u69db\u3002<\/p>\n<p><strong>\u4e1a\u52a1\u5408\u5e76\uff08<\/strong><strong>\u4f8b<\/strong><strong>\u5982<\/strong>\u300c<strong>\u7279\u6b8a\u76ee\u7684\u6536\u8cfc\u516c\u53f8<\/strong><strong>(SPAC<\/strong><strong>)<\/strong>\u300d<strong>\u5408\u5e76\uff09<\/strong><strong>\u6700\u4f4e\u516c\u4f17\u6301\u80a1\u4ef7\u503c\u8981\u6c42<\/strong><\/p>\n<p>\u4e3a\u9632\u6b62\u89c4\u907fIPO\u89c4\u5219\uff0c\u901a\u8fc7\u4e1a\u52a1\u5408\u5e76\u4e0a\u5e02\u7684\u4e2d\u56fd\u53d1\u884c\u4eba\uff0c\u5176MVUPHS\u5fc5\u987b\u8fbe\u5230\u6216\u8d85\u8fc72500\u4e07\u7f8e\u5143\u3002 \u8fd9\u4e00\u8981\u6c42\u786e\u4fdd\u5408\u5e76\u540e\u5b9e\u4f53\u5177\u5907\u8db3\u591f\u516c\u5f00\u6d41\u901a\u80a1\u4efd\uff0c\u51cf\u5c11\u6295\u673a\u6027\u4ea4\u6613\u98ce\u9669\u3002<\/p>\n<p><strong>\u300c\u76f4\u63a5\u4e0a\u5e02\uff08Direct 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