The Initial Public Offering (IPO) Introduction

Going public is a monumental decision for any company. It forever changes how a company goes about doing business. A public company has access to more, and often deeper, sources of capital than a private company. The actual process of going public can be time-consuming and presents certain unique challenges that a company should be […]

US OTC (Over-The-Counter) Market

What is an ‘Over-The-Counter Market’ 什么是 OTC市场? A decentralized market, without a central physical location, where market participants trade with one another through various communication modes such as the telephone, email and proprietary electronic trading systems. An over-the-counter (OTC) market and an exchange market are the two basic ways of organizing financial markets. In an OTC […]


OTC市场(over the counter)既场外市场。以权益类证券为例,OTC市场有两个主要的报价媒介,OTCBB(OTC Bulletin Board) 和 OTC Link(也是我们比较熟悉的 OTC Market)。

OTC市场、NASDAQ 和转板上市的误区

美国有 16 家获得 SEC 批准的全国性证券交易所,但知名度,认可度较高的只有纽约股票交易所(简称 NYSE),美国股票交易所(2008 年被纽约证交所集团收购,但保持独立牌照,沿袭习惯简称为 NYSE AMEX),纳斯达克股票交易所(简称NASDAQ)。这三家交易所包揽了美国绝大多数的上市公司和市值(也是国内所说的主板市场)。本文将以 NASDAQ 为例重点分析OTC 公司转板上市的情况。

Nasdaq – USA

NASDAQ上市规则 Market Tiers The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market®, The Nasdaq Global Market® and The Nasdaq Capital Market®. Applicants must satisfy certain financial, liquidity and corporate governance requirements to be approved for listing on any of these market tiers. The initial financial and liquidity requirements for the Nasdaq […]


NASDAQ 对非美国公司提供可选择的上市标准 选择权一:财务状况方面要求有形净资产不少于400万美元;最近一年(或最近三年中的两年)税前盈利不少于70万美元,税后利润不少于40万美元,