Nasdaq, as a world-renowned stock exchange, is a hub for high-tech, high-growth and innovative enterprises. World tech giants including Apple, Microsoft, Amazon, Google's parent company Alphabet, NVIDIA, Tesla, Meta and others are all listed here, and it also attracts enterprises from many emerging industries such as biotechnology, financial services, retail, communications and so on. To meet the listing needs of enterprises at different development stages and of different sizes, Nasdaq has established a three-tiered market structure, with each tier corresponding to different listing standards. The new rules to raise listing thresholds proposed by Nasdaq in September 2025 officially took effect after being approved by the U.S. Securities and Exchange Commission (SEC) in December of the same year. Below are the latest listing requirements for each tier of Nasdaq as of January 2026. Each of Nasdaq's three-tiered market structure has a clear positioning, and all have independent financial and liquidity requirements. An enterprise only needs to meet any one of the standards corresponding to the tier to apply for listing on that tier. 1. Nasdaq Global Select Market: It has the highest listing standards, focuses on global large-cap blue-chip enterprises and star enterprises, and is the most stringent market among Nasdaq's tiers. 2. Nasdaq Global Market: It is positioned for mid-sized growth enterprises, and is specially designed for mid-sized companies in their growth stage. 3. Nasdaq Capital Market: It is targeted at small start-up enterprises, and tailored for smaller enterprises in their early growth stage. An enterprise must meet any one of the following four standards, while complying with the corresponding liquidity requirements. The core financial indicator requirements for each standard are as follows: - Profitability Standard: The aggregate pre-tax profit from continuing operations over the most recent three fiscal years shall be no less than US$11 million, and the pre-tax profit shall be positive for each of the three fiscal years, with each of the most recent two fiscal years having pre-tax profit of no less than US$2.2 million. The minimum bid price is US$4. - Market Capitalization + Cash Flow Standard: The aggregate cash flow from continuing operations over the most recent three fiscal years shall be no less than US$27.5 million, and the cash flow shall be positive for each year. The average market capitalization over the past 12 months shall be no less than US$550 million, and the revenue in the most recent fiscal year shall be no less than US$110 million. The minimum bid price is US$4. - Market Capitalization + Revenue Standard: The average market capitalization over the past 12 months shall be no less than US$850 million, and the revenue in the most recent fiscal year shall be no less than US$90 million. - Assets + Equity Standard: The market capitalization shall be no less than US$160 million, total assets shall be no less than US$80 million, and shareholders' equity shall be no less than US$55 million. The minimum bid price is US$4. The number of non-affiliate round lot shareholders shall be at least 450, or the total number of shareholders shall be at least 2,200; alternatively, there shall be at least 550 shareholders and the average monthly trading volume over the past 12 months shall be 1.1 million shares. The number of publicly held shares not held by affiliates shall be no less than 1.25 million shares. The market value of publicly held shares not held by affiliates shall be no less than US$45 million, or no less than US$100 million with shareholders' equity of US$110 million. In addition, direct listing companies shall obtain independent third-party valuation, with the market value of publicly held shares no less than US$250 million. An enterprise may meet any one of the following four standards, with the core indicators and general requirements unified as follows, and the minimum bid price is uniformly US$4: - Revenue Standard: For the most recent one fiscal year or any two of the most recent three fiscal years, the pre-tax profit from continuing operations shall be no less than US$1 million, shareholders' equity shall be no less than US$15 million, and the market value of publicly held shares not held by affiliates shall be no less than US$15 million. - Equity Standard: Shareholders' equity shall be no less than US$30 million, with two years of operating history, and the market value of publicly held shares not held by affiliates shall be no less than US$18 million. - Market Capitalization Standard: The market capitalization of listed securities shall be no less than US$75 million, and the market value of publicly held shares not held by affiliates shall be no less than US$20 million. - Assets/Revenue Standard: For the most recent one fiscal year or any two of the most recent three fiscal years, total assets and total revenue shall each be no less than US$75 million, and the market value of publicly held shares not held by affiliates shall be no less than US$20 million. The number of publicly held shares not held by affiliates shall be no less than 1.1 million shares, and the number of non-affiliate round lot shareholders shall be no less than 400. Regarding the number of market makers, 4 market makers are required for the Market Capitalization and Assets/Revenue Standards, and 3 market makers are required for the Revenue and Equity Standards. An enterprise may meet any one of the following three standards. The core indicators of each standard are as follows, with uniform requirements: the market value of publicly held shares not held by affiliates shall be no less than US$15 million, the number of publicly held shares not held by affiliates shall be no less than 1 million shares, the number of non-affiliate round lot shareholders shall be no less than 300, and 3 market makers are required for all standards: - Equity Standard: Shareholders' equity shall be no less than US$5 million, with two years of operating history, and the minimum bid price is US$4 or the closing price is US$3. - Listed Securities Market Capitalization Standard: Shareholders' equity shall be no less than US$4 million, the market capitalization of listed securities shall be no less than US$50 million, and the minimum bid price is US$4 or the closing price is US$2. - Net Income Standard: Shareholders' equity shall be no less than US$4 million, and for the most recent one fiscal year or any two of the most recent three fiscal years, the net profit from continuing operations shall be no less than US$750,000. The minimum bid price is US$4 or the closing price is US$3. In addition to the above core requirements for each tier, Nasdaq also has additional requirements for specific situations, applicable to enterprises applying for listing across all tiers, as detailed below: 1. If an enterprise's securities have been traded on the U.S. over-the-counter market as of the listing application date, it shall meet the requirement that the average daily trading volume over the 30 trading days prior to listing is no less than 2,000 shares (including the trading volume of the underlying securities corresponding to American Depositary Receipts (ADRs) on their primary market), and the number of trading days in the 30 trading days exceeds half. If an enterprise lists through a firm commitment public offering of at least US$15 million, this trading volume requirement may be waived, and the market value requirement for publicly held shares not held by affiliates may only be satisfied through the proceeds from the offering. 2. For enterprises whose main business operations are primarily in restricted markets applying for an initial public offering, they shall conduct a firm commitment public offering of securities to the U.S. public, and meet the requirement that the total proceeds are no less than US$25 million, or the issued shares account for 25% of the market capitalization of listed securities after listing (whichever is lower). If such enterprises list through a business combination, the market value of publicly held shares not held by affiliates after the combination shall be no less than US$25 million, or account for 25% of the market capitalization of the combined enterprise's securities (whichever is lower). © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same controlling shareholder. Both companies share the same controlling shareholder, are managed under the same China-based governance framework, and comply with the laws of Hong Kong and the mainland of China.