ナスダック、中国企業の上場基準の改正を提案
2025年9月3日、ナスダックは中国（香港・マカオを含む）を主な事業拠点とする企業向けに、追加の上場基準を採用することを提案しました。
背景
SECやナスダックを含む米国の資本市場規制当局は長年にわたり、中国企業への投資リスクについて声高に警告してきました。その主な理由は、不十分な情報開示や開示管理にあります。2020年12月には外国企業責任法（HFCA）が採択され、外資系発行体は、PCAOBが過去3年以内に特定の報告書を監査し、監査法人を検査できたことを証明することが義務付けられました。もしPCAOBが3年連続で企業の会計監査法人を検査できない場合、その企業の証券は国内証券取引所での取引が禁止されます。HFCAに関する私の3部構成のブログ記事は を参照 および を参照。
HFCAにもかかわらず、SECは中国企業に関する開示内容の質、特に特定リスクに関して依然として懸念を示しています。2023年7月には、SECは市場関係者に対し、中国企業が登録届出書や定期報告書に含めるべき情報の種類を示すサンプルコメントレターを公開しました – を参照。それ以前の2022年末には、中国企業に関連する取引が一時的にナスダックの小型株IPO市場を事実上停止させる事態も発生しました – を参照。
しかし、これらの規制にもかかわらず、中国企業のIPO市場は勢いを失っていません。実際、2020年以降、中国企業による米国上場の動きは急増しており、2024年には過去最多となる企業数が上場を目指し、2025年もそのペースが継続しています。規制当局は、中国企業の米国株式市場へのアクセスが投資家や国家安全保障に与えるリスクについて依然として懸念を示しています。例えば、2025年5月には、23州の財務担当者がSECのアトキンス委員長に対し、中国企業の上場に関する懸念を指摘する書簡を送っています。
ナスダックも、中国に本社を置く、または主な事業を中国で運営する企業の取引に関して懸念を抱いています。例えば、ナスダック上場企業のうち中国企業は全体の10％未満に過ぎませんが、ナスダックがSECやFinraに照会する案件の約70％は、これらの中国企業に関連しています。
ナスダックは、これらの企業の証券に流動性が欠けていることを大きな問題点と考えています。中国企業がナスダックにIPO（新規株式公開）や小規模な株式公開を伴う事業統合を通じて上場する場合、発行株数や公開株式比率が低いと、市場の注目を集められず、十分な公開株数、投資家層、取引関心を形成できず、公正かつ秩序ある取引に必要な市場の厚みや流動性が確保されない可能性があります。具体的にはナスダックは次のように述べています。「その結果、証券は取引頻度が低く、価格変動が大きく、買値と売値の差（スプレッド）が広くなることがあり、その価格が真の市場価値を反映していない可能性があり、悪意ある行為者による操作の影響を受けやすくなります。このような場合、価格操作、インサイダー取引、コンプライアンスに関する規制当局の調査が妨げられることがあり、投資家保護や救済も制限される可能性があります。これは、米国当局が潜在的に操作的な取引活動に関与する企業や個人に対して訴訟や執行を行う際に直面する障害があるためであり、該当する場合は当該企業や内部関係者にも及びます。」
規則案
IPOs
ナスダックは、中国を拠点とする企業がIPOを完了するためには、米国における確定引受けの公募で最低2,500万ドルの証券を発行することを求める規則を提案しています。ナスダックはまた、de-SPAC取引、直接上場、現在OTC市場や他のナショナル証券取引所で取引されている企業に対しても、同様の変更を採用することを提案しています。
ナスダックは新ルール5210(1)を提案しており、本社または設立が中国（香港・マカオを含む）にある企業、あるいは事業の主要運営がこれらの管轄地域で行われている企業に適用されます。企業の事業が特定の管轄地域で主要に運営されているとみなされる条件は以下の通りです：(i) 企業の帳簿および記録がその管轄地域に所在すること；(ii) 企業資産の少なくとも50％がその管轄地域に所在すること；(iii) 企業の収益の少なくとも50％がその管轄地域から得られること；(iv) 企業取締役の少なくとも50％がその管轄地域の市民であるか居住していること；(v) 企業役員の少なくとも50％がその管轄地域の市民であるか居住していること；(vi) 企業従業員の少なくとも50％がその管轄地域に所在すること；(vii) 企業がその管轄地域の市民である、居住している、または事業の本社、設立、主要運営がある個人や団体により支配されている、もしくは共通支配下にあること。
規則5210(1)は、中国企業が米国での確定引受け公募において、少なくとも2,500万ドルの総収入をもたらす最低額の証券を公開投資家に提供することを義務付けます。公開投資家には、役員、取締役、または10％以上の株式を保有する株主は含まれません。
提案規則には明記されていませんが、ナスダックの発表文では、中国投資家の参加状況や内部関係者による重要な所有権の保持も考慮されることが明示されています。
事業統合
ナスダックは、中国企業が事業統合を通じて上場を目指す場合にも同様の懸念を抱いています。事業統合は株式公開を伴わない場合があるため、ナスダックは新たな規則5210(1)(ii)の導入を提案しており、事業統合後の非制限公開株式の時価総額が少なくとも2,500万ドルであることが求められています。
直接上場
ナスダックは、新たな規則5210(1)(iii)を提案しています。この規則では、中国企業はナスダック・グローバル・セレクト・マーケット（NGS）の適用上場要件とIM-5315-1の追加要件、またはナスダック・グローバル・マーケット（NGM）の適用上場要件とIM-5405-1の追加要件をすべて満たすことが求められます。さらに、この新規則は、中国に拠点を置く企業が直接上場に関連してナスダック・キャピタル・マーケットに上場することを禁止します。
OTC市場からの上場およびNYSEからの移行
ナスダックは、OTC市場や他のナショナル証券取引所に初めて上場した中国企業が、短期間でナスダックに上場を移行する場合、IPOと同様に米国投資家にリスクをもたらす可能性があると考えています。そこで、ナスダックは新規則5210(1)(iv)を提案しており、OTC市場または他のナショナル証券取引所から上場を移行する中国企業は、ナスダックに上場する資格を得る前に、まず当該市場で少なくとも1年間取引されていることを求めています。さらに、これらの企業は非制限公開株式の時価総額が少なくとも2,500万ドルであることが要求されます。
著者
ローラ・アンソニー弁護士
設立パートナー
アンソニー、リンダー＆カコマノリス
企業法務および証券法務事務所
証券弁護士ローラ・アンソニー氏とその経験豊富な法律チームは、中小規模の非公開企業、上場企業、そして上場予定の非公開企業に対して継続的な企業顧問サービスを提供しています。ナスダック、NYSEアメリカン、または店頭市場（例えばOTCQBやOTCQX）で上場を目指す企業も対象です。20年以上にわたり、Anthony, Linder & Cacomanolis, PLLC（ALC）は、迅速でパーソナライズされた最先端の法的サービスをクライアントに提供してきました。当事務所の評判と人脈は、投資銀行、証券会社、機関投資家、その他の戦略的提携先への紹介など、クライアントにとって非常に貴重なリソースとなっています。当事務所の専門分野には、1933年証券法の募集・販売および登録要件の遵守（レギュレーションDおよびレギュレーションSに基づく私募取引、PIPE取引、証券トークン・オファリング、イニシャル・コイン・オファリングを含む）が含まれますが、これに限定されません。規制A/A+オファリング、S-1、S-3、S-8フォームの登録申請、S-4フォームによる合併登録、1934年証券取引法の遵守（フォーム10による登録、フォーム10-Q、10-K、8-Kおよび14C情報・14A委任状報告書）、あらゆる形態の株式公開取引、合併・買収（リバースマージャーおよびフォワードマージャーを含む）、ナスダックやNYSEアメリカンを含む証券取引所のコーポレートガバナンス要件への申請および遵守、一般企業取引、一般契約および事業取引が含まれます。アンソニー氏と当事務所は、合併・買収取引において、買収対象企業と買収企業の双方を代理し、合併契約、株式交換契約、株式購入契約、資産購入契約、組織再編契約などの取引文書を作成します。ALC法務チームは、公開企業が連邦および州の証券法やSROs要件に準拠することを支援しており、15c2-11申請、社名変更、リバース・フォワードスプリット、本拠地変更などにも対応しています。アンソニー氏はまた、中堅・中小企業向けの業界ニュースのトップ情報源であるSecuritiesLawBlog.comの著者であり、企業財務に特化したポッドキャスト『LawCast.com: Corporate Finance in Focus』のプロデューサー兼ホストでもあります。当事務所は、ニューヨーク、ロサンゼルス、マイアミ、ボカラトン、ウェストパームビーチ、アトランタ、フェニックス、スコッツデール、シャーロット、シンシナティ、クリーブランド、ワシントンD.C.、デンバー、タンパ、デトロイト、ダラスなど、多くの主要都市でクライアントを代理しています。
アンソニー氏は、Crowdfunding Professional Association（CfPA）、パームビーチ郡弁護士会、フロリダ州弁護士会、アメリカ弁護士会（ABA）および連邦証券規制やプライベート・エクイティ・ベンチャーキャピタルに関するABA委員会など、さまざまな専門団体のメンバーです。パームビーチ郡およびマーティン郡のアメリカ赤十字社、スーザン・コーメン財団、オポチュニティ社（Opportunity, Inc.）、ニュー・ホープ・チャリティーズ、フォー・アーツ協会（Society of the Four Arts）、ノートン美術館、パームビーチ郡動物園協会、クラヴィス・パフォーミング・アーツ・センターなど、複数の地域社会慈善団体を支援しています。
アンソニー氏はフロリダ州立大学ロースクールを優秀な成績で卒業しており、1993年から弁護士として活動しています。
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NASDAQ Proposes To Modify Listing Standards For China Based Companies
On September 3, 2025, Nasdaq proposed to adopt additional listing criteria for companies primarily operating in China, including Hong Kong and Macau.
Background
Over the years U.S. capital markets regulators, including the SEC and Nasdaq, have been vocal about the risks in investing in China based companies due to poor disclosures and disclosure controls. In December 2020 the Holding Foreign Companies Accountable Act (“HFCA”) was adopted requiring foreign-owned issuers to certify that the PCAOB has been able to audit specified reports and inspect their audit firm within the last three years. If the PCAOB is unable to inspect the company’s public accounting firm for three consecutive years, the company’s securities are banned from trading on a national exchange. For my three part blog on the HFCA see HERE; HERE and HERE.
Despite the HFCA, the SEC has remained concerned about the quality of disclosures, including specific risks, involved with China based companies. Back in July 2023, the
Introducing The OTCID
OTC Markets has announced the launch of a new market tier. Effective July 2025, Pink Current will become the OTCID, a basic reporting market requiring companies to meet minimal current information disclosures and provide management certifications. OTC Markets will still maintain the Pink Limited and Expert Market tiers for companies that do not qualify for the OTCID. OTC Markets has not yet published all of the requirements for the OTCID, but I suspect they will be similar to the existing Pink Current, with the addition of the management certifications.
I support the change and new branding opportunity. OTC Markets have struggled in recent years, primarily as a result of an inability for OTC Markets traded companies to obtain institutional financing or underwriter/placement agent banker support. Forever the optimist, the change could be just what is needed to revitalize the OTC Markets as a venture market place for U.S. micro-cap companies.
OTCID
Currently, the OTC Markets divides issuers into
NASDAQ Amends Rule 5210 – Listing Prerequisites
In March 2024, the Nasdaq Stock Market quietly amended Rule 5210 requiring that all lead underwriters on an IPO must be Nasdaq members or limited underwriting members as a prerequisite to applying for a listing. The new rules also created the “limited underwriting member” class and accompanying rules applicable to the group and its associates including eligibility, application process and ongoing requirements. Although the amendment garnered little attention at the time, now that it has become effective, it is loudly impacting the small cap IPO market.
Rule 5210 – Background
Nasdaq Rule 5210 sets forth the prerequisites for a company to apply for a Nasdaq listing. Until October 2023, the Rule had 12 subparts with new Rule 5210(l) being added in October 2023 and new Rule 5210(m) being added in March 2024. Rule 5210(l) requires that any company listing on Nasdaq comply with the recovery of erroneously awarded compensation (Clawback) rules. For more on the Clawback rules see HERE.
SEC Publishes New Sample Comment Letter To China Based Companies
Continuing its concerns over the quality of disclosures from companies based in or with a majority of their operations in the People’s Republic of China, in July 2023, the SEC’s Division of Corporation Finance published yet another sample comment letter to China-based companies.
Back in April 2020, former SEC Chairman Jay Clayton and a group of senior SEC and PCAOB officials issued a joint statement warning about the risks of investing in emerging markets, especially China, including companies from those markets that are accessing the U.S. capital markets (see HERE). Before that, in December 2018, Chair Clayton, SEC Chief Accountant Wes Bricker and PCAOB Chairman William D. Duhnke III issued a similar cautionary statement, also focusing on China (see HERE).
The Holding Foreign Companies Accountable Act (“HFCA”) was adopted on December 18, 2020, requiring both the SEC and the PCAOB to adopt rules and procedures implementing its provisions. The HFCA requires foreign-owned issuers to certify that the PCAOB
The SEC Drafts Strategic Plan For Fiscal Years 2022-2026
On August 24, 2022, the SEC released its draft strategic plan for the fiscal years 2022 to 2026 and sought public comment on same. The three primary goals set forth in the plan include: (i) protecting working families against fraud, manipulation, and misconduct; (ii) developing and implementing a robust regulatory framework that keeps pace with evolving markets, business models, and technologies; and (iii) supporting a skilled workforce that is diverse, equitable, inclusive, and is fully equipped to advance agency objectives.
To achieve these goals, the SEC intends to use of market and industry data to prevent, detect, and prosecute improper behavior. The SEC also seeks to modernize design, delivery, and content of disclosures to investors so they can access consistent, comparable, and material information while making investment decisions.
These statements are very broad, but even at face value, the different focus of the SEC as compared to the last plan published in 2018 is clear. In 2018 the three primary
SEC Chair Gary Gensler Testifies To Senate Banking Committee
On September 15, 2022, SEC Chairman Gary Gensler gave his yearly testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs highlighting his priorities for the SEC. This year Mr. Gensler kept his testimony extremely short, allowing more time for questions and answers.
Last year, Chair Gensler gave lengthy testimony on his four key priorities: (i) market structure; (ii) predictive data analytics; (iii) issuers and issuer disclosure (including SPACs); and (iv) funds and investment management (see HERE).
This year Gensler again focused on market structure as a priority, noting that many aspects of the national market system rules have not been updated since 2005. Though not using the same topic subtitles as last year, SPACs, insider trading and investment funds remain top of list, as does crypto. Other priorities include shorting the settlement cycle to T+1, increasing central clearing in the treasury markets (rules were recently proposed), cybersecurity, and private funds.
Repeating his mantra, Chair
Final Rules On The Foreign Companies Accountable Act; PCAOB Reached Deal WIth China And Hong Kong – Part III
The Holding Foreign Companies Accountable Act (“HFCA”) was adopted on December 18, 2020, requiring both the SEC and the PCAOB to adopt rules and procedures implementing its provisions. The HFCA requires foreign-owned issuers to certify that the PCAOB has been able to audit specified reports and inspect their audit firm within the last three years. If the PCAOB is unable to inspect the company’s public accounting firm for three consecutive years, the company’s securities are banned from trading on a national exchange.
As part of the HFCA’s implementation, on November 5, 2021, the SEC approved PCAOB Rule 6100 establishing a framework for the PCAOB’s determination that it is unable to inspect or investigate completely registered public accounting firms located in foreign jurisdictions because of a position taken by an authority in that jurisdiction (see HERE) On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA (see HERE) and
Final Rules On The Foreign Companies Accountable Act; PCAOB Reached Deal WIth China And Hong Kong – Part II
The Holding Foreign Companies Accountable Act (“HFCA”) was adopted on December 18, 2020, requiring both the SEC and the PCAOB to adopt rules and procedures implementing its provisions. The HFCA requires foreign-owned issuers to certify that the PCAOB has been able to audit specified reports and inspect their audit firm within the last three years. If the PCAOB is unable to inspect the company’s public accounting firm for three consecutive years, the company’s securities are banned from trading on a national exchange.
As part of the HFCA’s implementation, on November 5, 2021, the SEC approved PCAOB Rule 6100 establishing a framework for the PCAOB’s determination that it is unable to inspect or investigate completely registered public accounting firms located in foreign jurisdictions because of a position taken by an authority in that jurisdiction (see HERE.) On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA and published a sample
SEC Proposed Mandatory Climate Disclosure Rules – Part 7
On March 21, 2022, the SEC proposed rules that would require publicly reporting companies to include certain climate-related disclosures in their registration statements and periodic reports. Among other information, the new disclosures would require information about greenhouse gas emissions (GHG), climate-related risks that are reasonably likely to have a material impact on a company’s business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to its audited financial statements.
The proposed rules are enormous in scope, complexity, and ramifications with a polarizing comment response largely along party lines. The comment period ended June 17, 2022, after a relatively short, but necessary extension by the SEC. Despite the controversy, there is no doubt that the rules, even if somewhat modified, will be passed and public companies need to start preparing now. The recently published Reg Flex Agenda indicates we should see final rules in October 2022. The rules will require compliance with extraordinarily
China Based Companies Continue To Face US Capital Market Scrutiny
On March 24, 2021, the SEC adopted interim final amendments to implement the congressionally mandated submission and disclosure requirements of the Holding Foreign Companies Accountable Act (HFCA Act). Following adoption of the HFCA, on July 30, 2021, SEC Chairman Gary Gensler issued a statement warning of risks associated with investing in companies based in China. Although the statement has a different angle, it joins the core continued concerns of the SEC top brass and Nasdaq expressed over the years.
In June 2020 Nasdaq published proposed rules which would make it more difficult for a company to list or continue to list based on the quality of its audit, which could have a direct effect on companies based in China (see HERE). In September 2020, the SEC instituted proceedings as to whether to approve or deny the proposed rule change. As of the date of this blog, the proposal has not been ruled upon by the SEC.
However, the
SEC Further Comments On Emerging Markets
On April 21, 2020, the SEC Chairman Jay Clayton and a group of senior SEC and PCAOB officials issued a joint statement warning about the risks of investing in emerging markets, especially China, including companies from those markets that are accessing the U.S. capital markets. On July 9, 2020, the SEC held an Emerging Markets Roundtable where Chair Clayton reiterated his concerns about emerging market investment risks. Previously, in December 2018, Chair Clayton, SEC Chief Accountant Wes Bricker and PCAOB Chairman William D. Duhnke III issued a similar cautionary statement, also focusing on China (see HERE).
SEC and PCAOB Joint Statement
On April 21, 2020, SEC Chair Clayton, SEC Chief Accountant Sagar Teotia, SEC Division of Corporation Finance Director William Hinman, SEC Division of Investment Management Director Dalia Blass, and PCAOB Chairman William D. Duhnke III issued a joint public statement warning of the significant disclosure, financial and reporting risks of investing in emerging markets, and the limited remedies
Proposed 2021 U.S. Budget
In February, the Office of Management and Budget released the proposed fiscal 2021 United States government budget. The beginning of the Budget contains a message from President Trump delineating a list of key priorities of the administration including better trade deals, preserving peace through strength, overcoming the opioid crisis, regulation relief and American energy independence. The budget has some notable aspects that directly relate to the capital markets and its participants.
SEC
As the federal government has been doing for all agencies, the 2021 Budget seeks to eliminate agency reserve funds. Specifically regarding the SEC, the Budget cuts the SEC reserve by $50 million. The reduction in reserve fund is thought to increase overall accountability as the SEC would need to go to Congress to ask for additional funds if needed, with an explanation, instead of just accessing a reserve account. Reserve fund cuts are sent to the U.S. Treasury for deficit reduction.
However, the Budget also increases the
OTCQB And OTC Pink Rule Changes
In December 2019 the OTC Markets updated its Pink Disclosure Guidelines and Attorney Letter Agreement and Guidelines. The Pink disclosure guidelines and attorney letter apply to companies that elect to report directly to OTC Markets pursuant to its Alternative Reporting Standard. Furthermore, in January 2020 OTC Markets amended the OTCQB standards related to the disclosure of convertible debt and notification procedures for companies undergoing a change in control. The OTCQB also updated its criteria for determining independence of directors, and added additional transfer agent requirements for Canadian Companies.
The OTC Markets divide issuers into three (3) levels of quotation marketplaces: OTCQX, OTCQB and OTC Pink Open Market. The OTC Pink Open Market, which involves the highest-risk, highly speculative securities, is further divided into three tiers: Current Information, Limited Information and No Information. Companies trading on the OTCQX, OTCQB and OTC Pink Current Information tiers of OTC Markets have the option of reporting directly to OTC Markets under its Alternative
SEC Cautionary Statement on Audits of Public Companies Operating in China
Eight years following the crash of the Chinese reverse merger boom and a slew of SEC enforcement proceedings, the SEC is once again concerned with the financial reporting by U.S. listed companies with operations based in China. In December 2018, the SEC issued a cautionary public statement from SEC Chair Jay Clayton, SEC Chief Accountant Wes Bricker and PCAOB Chairman William D. Duhnke III entitled “Statement on the Vital Role of Audit Quality and Regulatory Access to Audit and Other Information Internationally – Discussion of Current Information Access Challenges with Respect to U.S.-listed Companies with Significant Operations in China.”
Just reading the title reminded me of the boom in China-based reverse mergers around 2009-2010 followed by the trading halts or delistings of at least 50 companies in 2011 and 2012. In the summer of 2010, the SEC launched an initiative to determine whether certain companies with foreign operations—including those that were the product of reverse mergers—were accurately reporting their
The New Auditor Report
In October 2017, the SEC approved a new rule by the Public Company Accounting Oversight Board (PCAOB) requiring significant changes to public company audit reports. Among other additions, an audit report will need to include critical audit matters (CAMs) and disclosure the tenure of the auditor. The new rule and requirements related to audit reports are significant as the audit report is the document in which the auditor itself communicates to the public and investors.
The new standard will require auditors to describe CAMs that are communicated to a company’s audit committee. Critical audit matters are those that relate to material financial statement entries or disclosures and require complex judgment. One of the purposes of the proposed change is to require the auditor to communicate to investors, via the audit report, those matters that were difficult or thought-provoking in the audit process and that the auditor believes an investor would want to know.
The new audit report standard also adds
SEC Chief Accountant Speaks On Financial Reporting
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On June 8, 2017, the SEC Chief Accountant, Wesley R. Bricker, gave a speech before the 36th Annual SEC and Financial Reporting Institute Conference. The speech, which this blog summarizes, was titled “Advancing the Role of Credible Financial Reporting in the Capital Markets.” As usual, I’ve included commentary throughout.
Introduction and Role of the PCAOB
The speech begins with some general background comments and a discussion of the role of the PCAOB. Approximately half of Americans invest in the U.S. equity markets, either directly or through mutual funds and employer-sponsored retirement plans. The ability to judge the opportunities and risks and make investment choices depends on the quality of information available to the public and importantly, the quality of the accounting and auditing information. Mr. Bricker notes that “[T]he credibility of financial statements have a direct effect on a company’s cost of capital, which is reflected in the price that
PCAOB Amends Auditing Standards For Related-Party And Significant, Unusual Transactions
ABA Journal’s 10th Annual Blawg 100
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On October 21, 2014, the SEC approved amendments to certain auditing standards that impact small cap companies that maintain GAAP compliant audits and file reports with the SEC under the Securities Exchange Act of 1934 (“Exchange Act”). The SEC Order approved proposed rule changes that had been submitted to by the Public Company Accounting Oversight Board (the “PCAOB”) regarding the auditing standards for related party transactions and the standards regarding significant unusual transactions.
The amended rules apply to all SEC audits including those for broker-dealers and go into effect for the audits for fiscal year ends beginning on or after December 15, 2014.
Related Party Transactions
The SEC has approved new Auditing Standard No. 18 (AU No. 18) setting forth guidance and procedures for auditors to use in identifying and evaluating related party transactions. AU No. 18 is intended to strengthen requirements for identifying, assessing and responding to the risks of material misstatement
