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中国公司在海外上市方式及流程详解中国企业海外上市的途径虽然非常多，但归纳起来无外乎两大类：直接上市与间接上市。
一、境外直接上市境外直接上市即直接以国内公司的名义向国外证券主管部门申请发行的登记注册，并发行股票（或其它衍生金融工具），向当地证券交易所申请挂牌上市交易。
即我们通常说的H股、N股、S股等。
H股，是指中国企业在香港联合交易所发行股票并上市，取Hongkong第一个字“H”为名；N股，是指中国企业在约纽交易所发行股票并上市，取New York第一个字“N”为名，同样S股是指中国企业在新加坡交易所上市。
通常，境外直接上市都是采IPO（首次公开募集）方式进行。
程序较为复杂，因为需经过境内、境外监管机构审批，成本较高，所聘请的中介机构也较多，花费的时间较长。
但是，IPO有三大好处：公司股价能达到尽可能高的价格；公司可以获得较大的声誉，股票发行的范围更广。
所以从公司长远的发展来看，境外直接上市应该是国内企业境外上市的主要方式。
境外直接上市的主要困难在于是：国内法律与境外法律不同，对公司的管理、股票发行和交易的要求也不同。
进行境外直接上市的公司需通过与中介机构密切配合，探讨出能符合境内、境外法规及交易所要求的上市方案。
二、境外间接上市由于直接上市程序繁复，成本高、时间长，所以许多企业，尤其是民营企业为了避开国内复杂的审批程序，以间接方式在海外上市。
即国内企业境外注册公司，境外公司以收购、股权置换等方式取得国内资产的控股权，然后将境外公司拿到境外交易所上市。
间接上市主要有两种形式：买壳上市（反向收购）和造壳上市（SPAC“特殊目的并购投资公司）。
其本质都是通过将国内资产注入壳公司的方式，达到拿国内资产上市的目的，壳公司可以是已上市公司，也可以是拟上市公司。
间接上市的好处是成本较低，花费的时间较短，可以避开国内复杂的审批程序。
海外间接上市流程详解２.1买壳上市（反向收购）壳公司：是指一个没资产、没有负债的上市公司，因为种种原因已经没有业务的存在，但仍保持着上市公司的身份及资格；有的壳公司股票仍在市场上交易、有的已经没有交易了，但均为壳公司的一种。
上市公司的股票需满足哪些交易所的要求？一、纳斯达克交易所要求纳斯达克交易所是全球最大的电子证券交易所之一，其上市要求严格，旨在保护投资者的权益。
上市公司需符合以下要求：1. 公司市值：上市公司的市值至少要达到5000万美元，以确保公司经营稳定且有相应的规模。
2. 股票价格：公司股票的最低交易价格不能低于1美元，以保证股票的流动性和投资者的关注度。
3. 股本结构：上市公司的股本结构必须合理，不存在太高的股权集中度，以维护股东的利益和市场公平性。
4. 盈利历史：公司需有连续两年的盈利历史，且每年至少有一笔净利润超过1百万美元，以证明公司的经济实力和持续发展能力。
5. 资产负债表：上市公司的资产负债表必须稳定，有足够的资金支撑和偿付能力，以应对未来发展和风险的挑战。
二、纽约证券交易所要求纽约证券交易所是全球最大的股票交易所，拥有较高的上市门槛，以确保上市公司的质量和可靠性。
上市公司需满足以下要求：1. 公司规模：上市公司必须有较大的市值和一定的规模，公司市值通常要达到2亿美元以上。
2. 盈利能力：公司需有盈利记录，并能提供至少两年的完整财务报告，证明公司的财务状况良好。
3. 股票价格：上市公司的股票价格必须达到一定水平，通常要维持在5美元以上，以确保股票的流动性和市场关注度。
4. 公司治理：上市公司需建立健全的公司治理结构，包括设立独立董事会、独立审计委员会等，以提高公司的透明度和管理水平。
5. 市场声誉：上市公司需有良好的市场声誉和业界口碑，在行业内具备一定的知名度和竞争力。
三、香港交易所要求香港交易所是亚洲最大的股票交易所之一，其上市要求相对灵活，为企业提供了更多的机会。
上市公司需满足以下要求：1. 盈利能力：上市公司需有良好的盈利记录，连续两年保持盈利，且每年净利润不低于5000万港元。
2. 公司治理：上市公司需建立健全的公司治理结构，设立独立董事会、审计委员会等，确保公司运营规范和透明度。
3. 资本实力：公司需有足够的资本实力，确保公司业务的正常开展和未来发展的可持续性。
NASDAQ上市方案一、背景介绍NASDAQ是美国纳斯达克证券交易所的简称，是全球最大的电子证券交易市场之一。
在NASDAQ上市，对企业来说具有诸多优势，如提高知名度、增加融资渠道、提升企业价值等。
本文将详细介绍NASDAQ上市方案的标准格式。
二、准备工作1. 公司概述：提供公司的基本信息，包括公司名称、成立时间、注册资本、主要业务领域等。
2. 公司财务状况：提供最近三年的财务报表，包括资产负债表、利润表和现金流量表。
3. 公司治理结构：介绍公司的组织结构、董事会成员、高级管理团队等。
4. 公司竞争优势：分析公司在行业中的竞争地位、核心竞争力和市场前景。
三、上市申请流程1. 首次接触：与NASDAQ的上市顾问进行初步接触，了解上市要求和流程。
2. 上市准备：制定上市计划，包括财务报表审计、公司治理结构完善、法律事务处理等。
3. 提交申请：准备上市申请文件，包括上市申请表、财务报表、公司章程等，并提交给NASDAQ。
4. 审核与反馈：NASDAQ对申请文件进行审核，并提出反馈意见，公司需根据反馈意见进行补充和修改。
5. 上市辅导：与NASDAQ的上市顾问进行沟通，完善上市材料，包括招股说明书、公司介绍等。
6. 上市宣布：NASDAQ宣布公司获准上市，并确定上市日期。
四、上市后工作1. 上市仪式：举行上市仪式，包括敲钟仪式、发布上市公告、举办上市庆典等。
2. 股票交易：公司股票在NASDAQ上市交易，股票代码将被分配。
3. 定期报告：按照NASDAQ的规定，公司需定期披露财务报表和经营情况。
4. 投资者关系：建立健全的投资者关系部门，与投资者保持沟通，回答投资者的问题和关切。
5. 公司治理：加强公司治理，提高透明度和规范性，保护股东权益。
五、上市费用上市过程中会产生一定的费用，包括上市顾问费、法律顾问费、审计费、交易所费用等。
具体费用根据公司规模和上市需求而定。
六、风险提示上市过程中存在一定的风险，包括审核不通过、市场风险、股票价格波动等。
美国创业板上市条件美国创业板上市条件纳斯达克市场全称为全美证券商协会自动报价系统(National Association of Securities Dealers Automated Quotations，简称NASDAQ)。
它是美国证券交易委员会为规范场外交易(over-the counter,简称OTC)而建立，1971年2月8日正式开始运作。
作为全球第一个电子交易市场，纳斯达克市场没有集中交易场所或交易大厅，它是利用先进的通讯设备(如通过计算机网络)进行证券交易的无形市场。
标准一：(1)股东权益达1500万美元;(2)最近一个财政年度或者最近3年中的两年中拥有100万美元的税前收入;(3)110万的公众持股量;(4)公众持股的价值达800万美元;(5)每股买价至少为5美元;(6)至少有400个持100股以上的股东;(7)3个做市商;(8)须满足公司治理要求。
标准二：(1)股东权益达3000万美元;(2)110万股公众持股;(3)公众持股的市场价值达1800万美元;(4)每股买价至少为5美元;(5)至少有400个持100股以上的.股东;(6)3个做市商;(7)两年的营运历史;(8)须满足公司治理要求。
标准三：(1)市场总值为7500万美元;或者，资产总额达及收益总额达分别达7500万美元;(2)110万的公众持股量;(3)公众持股的市场价值至少达到2000万美元;(4)每股买价至少为5美元;(5)至少有400个持100股以上的股东;(6)4个做市商;(7)须满足公司治理要求。
企业想在纳斯达克上市，需符合以下三个条件及一个原则：先决条件经营生化、生技、医药、科技〈硬件、软件、半导体、网络及通讯设备〉、加盟、制造及零售连锁服务等公司，经济活跃期满一年以上，且具有高成长性、高发展潜力者。
消极条件有形资产净值在美金五百万元以上，或最近一年税前净利在美金七十五万元以上，或最近三年其中两年税前收入在美金七十五万元以上，或公司资本市值(Market Capitalization) 在美金五千万元以上。
纳斯达克上市的注意事项纳斯达克（NASDAQ）是全球最大的电子交易市场之一，也是美国最重要的股票交易所之一、纳斯达克上市是许多公司梦寐以求的目标，但是要在纳斯达克上市并不容易，需要遵守一系列的注意事项。
本文将为您详细介绍纳斯达克上市的注意事项。
首先，公司必须符合纳斯达克的上市标准。
纳斯达克上市标准包括财务标准、股票价格和流通量、公司治理和上市规则等方面。
公司需要满足财务标准，包括连续两个财年中净利润总额超过1000万美元，或者连续三个财年中净利润总额超过2000万美元。
此外，公司的股票价格必须超过每股1美元，并且至少有一百万股流通量。
其次，公司需要遵守纳斯达克的公司治理要求。
纳斯达克要求上市公司设立独立的董事会，并设立一系列的委员会，如审计委员会、薪酬委员会和监管委员会等。
公司还需要遵守纳斯达克的伦理准则和行为规范，包括公平竞争、信息披露和内幕交易等方面。
第三，公司需要制定完善的信息披露政策。
纳斯达克要求上市公司及时披露与公司业务相关的重大信息，包括财务报告、业绩预告和重大交易等。
公司需要建立健全的内部控制和财务报告制度，确保准确、及时地披露信息。
此外，公司还需要制定投资者关系管理政策，与投资者保持良好的沟通和互动。
第四，公司需要进行上市申请流程。
纳斯达克上市的申请过程相对繁琐，需要提交一系列的文件和资料，如上市申请表、财务报告、风险披露和公司章程等。
申请材料需要经纳斯达克的审核，符合要求后才能进入上市程序。
公司还需要聘请专业的顾问和律师，协助完成上市申请过程。
最后，公司需要了解纳斯达克的上市规则和交易机制。
纳斯达克的交易时间是周一至周五的9:30-4:00，交易过程采用电子交易系统，即纳斯达克交易所系统（NASDAQOMX）。
公司需要熟悉交易规则和机制，了解市场交易的风险和规则。
纳斯达克上市对公司来说是一个重大的里程碑，但也需要公司付出一定的努力和成本。
公司应该在决定上市之前，认真评估自身的实力和条件，确保能够符合纳斯达克的上市标准和要求。
Nasdaq 全国板市场上市及维持标准一.上市标准（一）：1) 上市公司在最近一个财政年度或最近三个财政年度中的两年,税前年度毛收入应不低于100万美元；2) 至少110万公众股；3) 公众股市值不低于800万美元；4) 每股发行价不低于5美元；5) 上市公司净资产不低于600万美元；6) 上市公司至少有400个百股持股人；7) 至少三家有效注册的证券经纪公司。
二.上市标准（二）:1) 上市公司净资产不低于1800万美元；2) 至少110万公众股；3) 公众股市值不低于1800万美元；4) 每股发行价不低于5美元；5) 至少三家有效注册的证券经纪公司；6) 上市公司已有两年经营期；7) 至少400个百股持股人。
三.上市标准（三）:(以此为上市标准的公司不需遵从Nasdaq初次上市标准)1) 至少110万公共股；2) 公共股市值不低于2000万；3) 每股发行价不低于5美元；4) 至少四家有效注册的证券经纪公司；5) 至少400个百股持股人；6) 上市公司应具备：市值7500万美元或最近一个财政年度或最近三个财政年度中的两年，其总资产及收入均不低于7500万美元。
四.维持上市标准（一）：1) 75万公众股；2) 公众股市值不低于500万美元；3) 上市公司净资产至少400万美元；4) 400个百股持股人；5) 每股发行价至少1美元。
五.维持上市标准（二）：1) 上市公司应具备；2) 市值5000万美元或最近一个财政年度或最近三个财政年度中的两年,其总资产及总收入均不低于5000万美元；3) 110万公众股；4) 公众股市值1500万美元；5) 每股发行价不低于5美元；6) 400个百股持股人。
中国企业纳斯达克上市流程1.引言1.1 概述中国企业纳斯达克上市是指中国企业选择在纳斯达克交易所进行首次公开发行（IPO）的过程。
纳斯达克交易所作为全球最大的电子股票交易市场之一，对于中国企业来说，能够在该交易所上市具有重要的意义和影响。
中国企业纳斯达克上市的意义主要体现在以下几个方面。
首先，纳斯达克交易所具有国际化的特点，上市后能够提供更广阔的融资渠道。
相比于国内的交易所，纳斯达克上市可以吸引更多的国际投资者，为中国企业提供更多的资金支持和发展机会。
其次，纳斯达克交易所对创新型企业和高科技企业的支持较为明显。
纳斯达克交易所成立于1971年，长期以来一直专注于科技和新兴产业的企业，并有着丰富的经验和资源。
对于中国企业来说，选择纳斯达克上市可以更好地利用其创新能力和科技优势，在全球市场中获得更多的认可和机会。
此外，纳斯达克交易所对信息披露和透明度要求相对较高，这有助于提升中国企业的治理水平和信誉度。
上市后，中国企业需要遵守纳斯达克交易所的相关规定，包括及时披露财务报告、重大事项等信息，这有助于增加投资者对企业的信任度，并提高企业的竞争力。
总之，中国企业纳斯达克上市是一项具有重要意义的决策。
它为企业提供了更广阔的融资渠道，加强了创新能力和科技优势的发挥，提升了企业的治理水平和信誉度。
随着中国企业与全球市场的不断接轨，纳斯达克上市将为中国企业的发展带来更多的机遇和挑战。
文章结构部分的内容可以按照以下方式进行编写：文章结构：本文主要分为引言、正文和结论三个部分。
引言部分将概述中国企业纳斯达克上市流程的重要性，并介绍文章的结构和目的。
正文部分将详细探讨中国企业纳斯达克上市的意义，并介绍纳斯达克上市的基本流程。
结论部分将总结纳斯达克上市对中国企业的影响，并对整篇文章进行总结。
引言部分将从整体上介绍中国企业纳斯达克上市流程的重要性，以及本文探讨的目的。
首先，启用纳斯达克上市的中国企业可以获得更大范围的投资者关注，为企业的发展提供了更多资金来源。
`Listing Standards & Fees July 2010TABLE OF CONTENTSNASDAQ GLOBAL SELECT MARKET® (1)INITIAL LISTING (1)FINANCIAL AND QUALITATIVE REQUIREMENTS (1)LIQUIDITY REQUIREMENTS (3)NASDAQ® INTERMARKET TRANSFERS (4)CONTINUED LISTING (5)ENTRY FEES (5)ANNUAL FEES (6)FEES FOR LISTING A NEW CLASS OF SECURITIES (7)FORMS (7)NASDAQ GLOBAL MARKET® (8)INITIAL LISTING (8)CONTINUED LISTING (9)ENTRY FEES (9)ANNUAL FEES (10)FEES FOR LISTING A NEW CLASS OF SECURITIES (11)FORMS (11)NASDAQ CAPITAL MARKET® (12)INITIAL LISTING (12)CONTINUED LISTING (13)ENTRY FEES (13)ANNUAL FEES (14)FEES FOR LISTING A NEW CLASS OF SECURITIES (14)FORMS (15)DUAL LISTINGS (16)LISTING REQUIREMENTS (16)ENTRY FEES (16)ANNUAL FEES (16)LISTING OF ADDITIONAL SHARES FEES (16)FORMS (16)OTHER SECURITIES (17)LISTING REQUIREMENTS (17)FEES (18)FORMS (19)CLOSED-END FUNDS (20)LISTING REQUIREMENTS (20)ENTRY FEES (20)ANNUAL FEES (20)FORMS (21)CORPORATE GOVERNANCE REQUIREMENTS (22)OTHER LISTING REQUIREMENTS (26)LISTING OF ADDITIONAL SHARES (28)FEES (28)STOCK SPLITS, DIVIDENDS AND RIGHTS OFFERINGS (29)FEES (29)CHANGE IN COMPANY RECORD (30)SUBSTITUTION LISTING EVENTS (31)WRITTEN INTERPRETATION OF NASDAQ LISTING RULES (32)NASDAQ GLOBAL SELECT MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the three financial standards and the applicable liquidity requirements below.FINANCIAL AND QUALITATIVE REQUIREMENTSNASDAQ Global Select Market Initial Listing Requirements11 These requirements apply to all companies, other than closed-end management investment companies. A closed end management investment company, including a business development company, is not required to meet the financial requirements of Rule 5315(f)(3). If the common stock of a company is included in The NASDAQ Global Select Market, any other security of that same company, such as other classes of common or preferred stock, which qualifies for listing on The NASDAQ Global Market shall also be included in The NASDAQ Global Select Market. A company whose business plan is to complete an initial public offering and engage in a merger or acquisition with one or more unidentified companies within a specific period of time, as described in IM-5101-2, is not eligible to list on The NADAQ Global Select Market.2 In calculating income from continuing operations before income taxes for purposes of Rule 5315(f)(3)(A), NASDAQ will rely on a company’s annual financial information as filed with the Securities and Exchange Commission (SEC) in the company’s most recent periodic report and/or registration statement. If a company does not have three years of publicly reported financial data, it may qualify under Rule 5315(f)(3)(A) if it has: (i) reported aggregate income from continuing operations before income taxes of at least $11 million and (ii) positive income from continuing operations before income taxes in each of the reported fiscal years. A period of less than three months shall not be considered a fiscal year, even if reported as a sub period in the company’s publicly reported financial statements.3 In calculating cash flows for purposes of Rule 5315(f)(3)(B), NASDAQ will rely on the net cash provided by operating activities reported in the statements of cash flows, as filed with the SEC in the company’s most recent periodic report and/or registration statement, excluding changes in working capital or in operating assets and liabilities. A period of less than three months shall not be considered a fiscal year, even if reported as a stub period in the company’s publicly reported financial statements.4 In the case of a company listing in connection with its initial public offering, compliance with the market capitalization requirements of Rules 5315(f)(3)(B) and 5315(f)(3)(C) will be based on the company’s market capitalization at the time of listing.5 The bid price requirement is not applicable to a company listed on The NASDAQ Global Market that transfers its listing to The NASDAQ Global Select Market.6 A company that also satisfies the requirements of Rule 5405(b)(1) or 5405(b)(2) is required to have three market makers. Otherwise, the company is required to have four market makers. An electronic communications network (ECN) is not considereda market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.LIQUIDITY REQUIREMENTSCompanies must meet all of the criteria in their specific category. The charts below are presented in two separate groups: (i) new company listings and (ii) closed-end management investment companies.NASDAQ Global Select Market Initial Listing Requirements1 Companies affiliated with another company listed on The NASDAQ Global Select Market. For purposes of Rule 5315, a company is affiliated with another company if that other company, directly or indirectly though one or more intermediaries, controls, is controlled by, or is under common control of the company. For purposes of these rules, control means having the ability to exercise significant influence. Ability to exercise significant influence will be presumed to exist where the parent or affiliated company directly or indirectly owns 20% or more of the other company’s voting securities, and also can be indicated by representation on the board of directors, participation in policy making processes, material intercompany transactions, interchange of managerial personnel, or technological dependency.2 Round lot and total shareholders include both beneficial holders and holders of record.3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.1 As defined by the Investment Company Act of 19402 Round lot and total shareholders include both holders of beneficial interest and holders of record.3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.NASDAQ INTERMARKET TRANSFERSEach October, NASDAQ will review the qualifications of all securities listed on The NASDAQ Global Market that are not included in The NASDAQ Global Select Market. Any security that meets the requirements for initial listing on The NASDAQ Global Select Market contained in Rule at the time of this review will be transferred to the Global Select Market the following January, provided it meets 5315 the continued listing criteria at that time. An issuer will not owe any application or entry fees in connection with such a transfer.At any time, an issuer may apply to transfer a security listed on The NASDAQ Global Market to The NASDAQ Global Select Market. Such an application will be approved and effected as soon as practicable if the security meets the requirements for initial listing contained in Rule 5315. An issuer will not owe any application or entry fees in connection with such a transfer.At any time, an issuer may apply to transfer a security listed on The NASDAQ Capital Market to The NASDAQ Global Select Market. Such an application will be approved and effected as soon as practicable if the security meets the requirements for initial listing contained in Rule 5315. An issuer transferring from The NASDAQ Capital Market to The NASDAQ Global Select Market generally will not owe any applicable or entry fees in connection with such transfer.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Global Select Market Continued Listing Requirements11 Companies must meet the bid price and total shareholders requirements as set forth in Rule 5450(a) and at least one of the Standards in Rule 5450(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Total shareholders include both holders of beneficial interest and holders of record.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Global Select Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts (ADRs) issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Global Select Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000. However, notwithstanding this fee cap, applications are subject to the $25,000 non-refundable fee.• NASDAQ does not charge application or entry fees for any company transferring from The NASDAQ Global Market to The NASDAQ Global Select Market.• NASDAQ does not charge application or entry fees for a company that transfers its listing from The NASDAQ Capital Market to The NASDAQ Global Select Market provided that the company listed on The NASDAQ Capital Market prior to January 1, 2007 or the company listed on The NASDAQ Capital Market on or after January 1, 2007 and did not qualify for The NASDAQ Global Select Market at the time of its initial listing on The NASDAQ Capital Market. Any other issuer must pay the entry fees for the Global Select Market, less the entry fees (but not the application fee) the company previously paid in connection with its listing on the Capital Market. The company is not required to pay the application fee in connection with the application to transfer its listing.• A company that submits an application to list on The NASDAQ Capital Market, but prior to listing, revises its application to seek listing on The NASDAQ Global Select Market, is not required to pay an additional application fee in connection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market®.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Global Select Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Global Select Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Global Select Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issues, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Global Select Market from The NASDAQ Capital Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Global Select Market are based on the number of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s mostrecent periodic report required to be filed with the i ssuer’s appropriate regulatory authority or in morerecent information held by NASDAQ as of December 31st.NASDAQ Global Select Market Annual Fees**For issuers except ADRs, “other securities”, portfolio depository receipts, trust issued receipts, index fund shares and closed-end funds. For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Global Select Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Global Select Market, it is assessed a variable fee based on the total number of shares outstanding of the newclass of securities at the time of initial listing. Entry fees paid by a company for all classes of securities listed on the Global Select Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000.Fees are assessed on the date of entry in The NASDAQ Global Select Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application. The company will also be assessed a pro-rated annual fee.FORMSApplications, listing agreements and payment forms are located at /about/listing_information.stm.NASDAQ GLOBAL MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the four standards below.NASDAQ Global Market Initial Listing Requirements11 Companies must meet the bid price, publicly held shares, and round lot holders requirements as set forth in Rule 5405(a) and at least one of the Standards in Rule 5405(b).2 Seasoned companies (those companies already listed or quoted on another marketplace) qualifying only under the Market Value Standard must meet the market value of listed securities and the bid price requirements for 90 consecutive trading days prior to applying for listing.3 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”4 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.5 Round lot holders are shareholders of 100 shares or more. The number of beneficial holders is considered in addition to holders of record.6 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Global Market Continued Listing Requirements11 Companies must meet the bid price and total shareholders requirements as set forth in Rule 5450(a) and at least one of the Standards in Rule 5450(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Total shareholders include both holders of beneficial interest and holders of record.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Global Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Global Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000. However, notwithstanding this fee cap, applications are subject to the $25,000 non-refundable fee.• NASDAQ does not charge application or entry fees for a company that transfers its listing from The NASDAQ Capital Market to The NASDAQ Global Market provided that the company listed on The NASDAQ CapitalMarket prior to January 1, 2007 or the company listed on The NASDAQ Capital Market on or after January 1, 2007 and did not qualify for The NASDAQ Global Market at the time of its initial listing on The NASDAQ Capital Market. Any other issuer must pay the entry fees for the Global Market, less the entry fees (but not theapplication fee) the company previously paid in connection with its listing on the Capital Market. The company is not required to pay the application fee in connection with the application to transfer its listing.• A company that submits an application to list on The NASDAQ Capital Market, but prior to listing, revises its application to seek listing on The NASDAQ Global Market, is not required to pay the application fee inconnection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Global Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Global Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Global Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issuers, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported .in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Global Market from The NASDAQ Capital Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Global Market are based on the number of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s most recent periodic report required to be filed with the issuer’s appropriate regulatory authority or in more recent information held by NASDAQ as of December 31st.NASDAQ Global Market Annual Fees** For issuers except ADRs, “other securities”, portfolio depository receipts, trust issued receipts, index fund shares and closed-end funds. For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Global Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Global Market, it is assessed a variable fee based on the total number of shares outstanding of the new class of securities at the time of initial listing. Entry fees paid by a company for all classes of securities listed on the Global Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000.Fees are assessed on the date of entry in The NASDAQ Global Market, except for $25,000, which represents anon-refundable application fee. This fee must be submitted with the company’s application. The company will also be assessed a pro-rated annual fee.FORMSApplications, listing agreements and payment forms are located at /about/listing_information.stm.NASDAQ CAPITAL MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Capital Market Initial Listing Requirements11 Companies must meet the bid price, publicly held shares, round lot holders, and market makers requirements as set forth in Rule 5505(a) and at least one of the Standards in Rule 5505(b).2 Seasoned companies (those companies already listed or quoted on another marketplace) qualifying only under the Market Value of Listed Securities Standard must meet the market value of listed securities and the bid price requirements for 90 consecutive trading days prior to applying for listing.3 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”4 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company. In the case of ADRs, at least 400,000 shall be issued.5 Round lot holders are shareholders of 100 shares or more. The number of beneficial holders is considered in addition to holders of record.6 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Capital Market Continued Listing Requirements11 Companies must meet the bid price, publicly held shares, market value of publicly held shares, public holders, and market makers requirements as set forth in Rule 5550(a) and at least one of the Standards in Rule 5550(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Public holders of a security include both beneficial holders and holders of record, but does not include any holder who is directly or indirectly an executive officer, director, or the beneficial holder of more than 10% of the total shares outstanding.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Capital Market, except for $5,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Capital Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $75,000. However, notwithstanding this fee cap, applications are subject to the $5,000 non-refundable fee.• A company that submits an application to list on The NASDAQ Global Select Market or The NASDAQ Global Market, but prior to listing, revises its application to seek listing on The NASDAQ Capital Market, is not required to pay the application fee in connection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Capital Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Capital Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Capital Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issuers, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Capital Market from The NASDAQ Global Select Market or Global Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Capital Market are based on the aggregate number of all classes of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s most recent periodic report required to be filed with the issuer’s appropriate regulatory authority or in more recent information held by NASDAQ as December 31st.NASDAQ Capital Market Annual Fees** For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Capital Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Capital Market, it is assessed a variable fee based on the total number of shares outstanding of the new class of。
