Several new NASDAQ rules are taking effect in batches recently. One key revision regarding liquidity requirements for newly listed companies will take effect on April 11, 2025. Another, stricter revision concerning raising IPO thresholds, accelerating delisting procedures, and targeting Chinese companies listed in the US, was submitted for proposal on September 3, 2025, and will take effect after SEC approval. It focuses on raising the minimum public float market capitalization standard and closing loopholes in the resale of existing shares, aiming to strengthen the supervision of Chinese companies listed in the US. 

The portion already in effect (from April 11, 2025):

For new companies: The main changes are to the NASDAQ Global Market and NASDAQ Capital Market requirements for Market Value of Unrestricted Publicly Held Shares (MVUPHS), and it is explicitly stated that shares sold by existing shareholders during the offering cannot be included in MVUPHS, thus blocking the possibility of meeting listing requirements through 'resale of existing shares'. 

Proposed new rule (submitted September 3, 2025, pending SEC approval):

1. Raising the bar: For companies listing based on net profit standards, the minimum MVUPHS requirement has been raised from $5 million to $15 million (capital markets).

2. Enhanced Delisting: For companies with a market capitalization below $5 million that do not meet the continued listing standards, expedited suspension and delisting procedures will be implemented. Companies failing to maintain a minimum share price of $1 will have their shares traded over-the-counter (OTC) during the appeal period if they still fail to meet the standard after the second compliance period (180 days) until a hearing decision is made. Companies that fail to meet the $1 share price requirement during the delisting resumption period and have previously conducted reverse stock splits will be immediately delisted to protect investors and maintain market quality. Companies with a share price below $0.10 for 10 consecutive trading days will be immediately delisted.

3. Chinese companies: For IPOs primarily operating in China, the minimum amount of funds raised is required to be US$25 million.

4. Effective Date: The new rules will take effect immediately upon approval by the U.S. Securities and Exchange Commission (SEC), with a short transition period. 

Other important changes (approved on January 17, 2025):

The compliance period and appeal process for companies that fail to meet the stock price requirements have been revised. Companies that still fail to meet the requirements after a reverse stock split will no longer be granted a compliance period, thus shortening the potential delisting time. 

Purpose and Impact of the New Regulations

1. Purpose: To improve market quality, enhance investor protection, and prevent risks.

2. Impact: It will be more difficult for Chinese companies listed in the US to go public, putting pressure on companies that do not meet financial requirements or have compliance issues. 

These new rules, which will be introduced and implemented successively starting in 2025, aim to adapt to market changes and improve the overall standards and transparency of NASDAQ listings. 

This is a recent new regulation that has a significant impact on companies seeking to list in the US, especially Chinese companies.