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Nasdaq Proposes Tighter Rules Targeting Chinese Small-Cap Listings

Loeb & Loeb Capital Markets senior counsel Jane Tam is featured in Nikkei Asia, highlighting the impact of Nasdaq’s proposed stricter listing requirements on Chinese companies seeking to go public in the U.S.

Nasdaq announced proposed rules on Sept. 3, 2025, requiring Chinese companies to raise at least $25 million in a public offering to qualify for listing. The proposal also calls for a quicker suspension and delisting process for companies with listed securities valued below $5 million, along with other measures addressing listing deficiencies.

“Companies that have already taken substantial steps to list under the current rules should still have some time to complete the process,” Jane said, adding that there will be a noticeable decline of small-cap Chinese firms listing this year. “But of course, getting CSRC's [China Securities Regulatory Commission] approval for a U.S. listing poses another challenge these days.”

For more information, please see Nikkei Asia’s website (subscription may be required).