NEW YORK: Nasdaq Inc is set to unveil new restrictions on initial public offerings , a move that will make it more difficult for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday.
Nasdaq also unveiled some restrictions on listings last year, seeking to curb IPOs by small Chinese companies. Their shares often trade thinly because most stay in the hands of a few insiders. Their low liquidity makes them unattractive to many large institutional investors, to whom Nasdaq is seeking to cater.
The new rules will require companies from some countries, including China, to raise US$25 million in their IPO or, alternatively, at least a quarter of their post-listing market capitalization, the sources said.This is the first time Nasdaq has put a minimum value on the size of IPOs. The change would have prevented several Chinese companies currently listed on the Nasdaq from going public.
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