1. 为什么在美国上市？Why Go Public in the U.S.?
国际品牌和拓展需求
在美国上市能够极大提升公司的国际品牌形象，使企业在全球市场上更具知名度。这对于希望扩展国际市场的公司来说，是一个不可多得的机会。美国作为全球经济的中心，其市场环境能帮助企业吸引更多国际合作伙伴，并加快其在其他地区的业务发展。
International Branding and Expansion
Going public in the U.S. can significantly enhance a company’s international brand image, increasing its visibility in the global market. For companies aiming to expand internationally, this is a rare opportunity. As the center of the global economy, the U.S. market environment helps companies attract more international partners and accelerate business growth in other regions.
全球最安全、最流动的市场
美国拥有全球最成熟的金融市场之一，其高流动性和稳定性使投资者更愿意进行资本配置。这意味着公司在美国上市后，不仅可以轻松吸引大量投资者，还能确保股价的稳定，减少因市场波动带来的风险。稳健的市场环境也让投资者更具信心，促进公司资金的持续流入。
The World’s Most Secure and Liquid Market
The U.S. hosts one of the most mature financial markets globally, with high liquidity and stability that encourage investors to allocate capital. After listing, companies can easily attract a large number of investors and maintain stock price stability, mitigating risks from market fluctuations. A strong market environment also boosts investor confidence and ensures continuous capital inflows.
全球资本和投资者的获取途径
美国市场聚集了来自全球的投资者和资本，企业能够通过美国上市接触到全球范围内的潜在投资者。公司不仅可以获得更大规模的融资机会，还能吸引来自其他地区的资本支持，进一步推动公司发展壮大。
Access to Global Capital and Investors
The U.S. market gathers investors and capital from around the world, enabling companies to reach a broader range of potential investors through a U.S. listing. This access offers greater fundraising opportunities, attracting international capital to further drive company growth.
透明的上市和监管流程
美国证券市场以透明和严格监管著称，为投资者提供了高度的信任保障。公司在美国上市后，将接受公开且严格的审核，这不仅有助于提升公司的信誉，还能增强投资者对公司的信心。透明的监管体系有助于防范各种风险，保护投资者利益，进一步巩固企业的市场地位。
Transparent Listing and Regulatory Processes
The U.S. securities market is known for its transparency and strict regulations, providing a strong foundation of trust for investors. Listed companies are subject to public and rigorous reviews, which not only enhance corporate credibility but also boost investor confidence. A transparent regulatory framework helps mitigate risks and protects investors’ interests, further strengthening the company’s market position.
2. 我应该选择在哪里上市？ Where Should I List?
纽约证券交易所（NYSE）
纽约证券交易所历史悠久，知名度高，代表着稳定性和权威性。上市公司通常是规模较大、拥有稳健财务基础和较长历史的企业。如果您的公司规模较大，追求长期稳定增长，并希望吸引更多传统投资者，NYSE是理想选择。这里聚集了众多全球大型蓝筹公司，股票交易量大，流动性强。
New York Stock Exchange (NYSE)
The NYSE is one of the oldest and most prestigious stock exchanges, symbolizing stability and authority. Listed companies are typically large with strong financial foundations and long operational histories. If your company seeks long-term stable growth and aims to attract more traditional investors, the NYSE would be an ideal choice. It hosts many global blue-chip companies and offers high liquidity.
纳斯达克股票市场（Nasdaq）
纳斯达克以科技和创新型公司闻名，适合高速增长行业，如科技、互联网、生物技术等。许多知名的科技巨头如苹果、微软和谷歌都在纳斯达克上市。纳斯达克更适合成长潜力大的中小型企业，交易系统先进，成本较低，交易速度快，适合追求创新和灵活融资环境的企业。
Nasdaq Stock Market
Nasdaq is known for its focus on technology and innovative companies, making it ideal for high-growth sectors like tech, internet, and biotechnology. Many tech giants like Apple, Microsoft, and Google are listed on Nasdaq. It is particularly suitable for small to mid-sized growth companies, offering advanced electronic trading systems, lower costs, and faster transaction speeds, providing an innovative and flexible environment.
3. 上市条件 Listing Requirements
纳斯达克资本市场（Nasdaq Capital Market）
纳斯达克资本市场专为小型成长型企业设计。最低股东权益要求为500万美元，最低公开发行股数为100万股，股票发行价至少4美元。市值需达到至少1500万美元。公司需有稳定的收入来源，并具有一定的盈利或良好的股东权益结构。
Nasdaq Capital Market
The Nasdaq Capital Market is designed for small growth companies. It requires a minimum shareholder’s equity of $5 million, at least 1 million publicly held shares, and a minimum stock price of $4. The minimum market capitalization must be at least $15 million. Companies must have a stable revenue base and either demonstrate profitability or maintain solid shareholder equity.
纽交所泛美交易所（NYSE American）
NYSE American主要面向成长型企业，要求最低股东权益为400万美元，最低公开发行股数为100万股，股票发行价一般不低于3美元。市值通常要求在5000万美元以上，具体根据企业财务状况而定。对于快速增长或在行业内具备领先地位的创新型企业，标准可能更加灵活。
NYSE American
NYSE American targets growth-oriented companies. It requires a minimum shareholder’s equity of $4 million, at least 1 million publicly held shares, and a minimum stock price typically no less than $3. Companies usually must have a market capitalization of at least $50 million, depending on their financial situation. Standards may be more flexible for companies with rapid growth or industry leadership.
4. 监管机构 Regulatory Authorities
证监会（SEC）审核
公司上市需接受美国证券交易委员会（SEC）的审核，包括公司法律结构重组、业务描述、风险因素披露、独立审计报告、详细财务报表及附注，以及由律师出具的法律意见书。SEC审核强调透明性、合规性和投资者保护。
SEC Review
Companies must undergo the U.S. Securities and Exchange Commission (SEC) review process, which includes restructuring the corporate legal framework, detailed business descriptions, disclosure of risk factors, submission of audited financial reports, comprehensive financial statements and notes, and a legal opinion from counsel. The SEC emphasizes transparency, compliance, and investor protection.
交易所审核（NYSE或Nasdaq）
交易所审核重点关注上市标准的符合性，包括市值、股价、股东人数、业务可行性、管理层背景和与美国市场的联系。交易所还会评估公司的估值合理性及发行条款。
Exchange Review (NYSE or Nasdaq)
Exchanges focus on ensuring that companies meet listing standards such as market capitalization, stock price, number of shareholders, business viability, management background, and connections to the U.S. market. They also evaluate the reasonableness of valuations and offering terms.
金融业监管局（FINRA）审查
FINRA主要审核承销商报酬、承销协议条款及投资者信息，确保发行过程符合投资者保护法律及行业标准。
FINRA Review
FINRA primarily reviews underwriter compensation, final underwriting agreements, and investor information to ensure that the offering process complies with investor protection laws and industry standards.
5. 专业人员 Professional Teams
律师团队
包括美国法律顾问、本地法律顾问、离岸法律顾问，协助公司合规上市及文件准备。
Legal Counsel
Includes U.S. legal advisors, local legal counsel, and offshore counsel to assist with compliance and document preparation for the IPO.
会计师团队
包括审计师、预审计会计师、首席财务官及审计委员会主席，负责财务审计、报表编制及监管沟通。
Accounting Team
Comprises auditors, pre-audit accountants, Chief Financial Officer (CFO), and Audit Committee Chair responsible for financial auditing, reporting, and regulatory communication.
承销商及承销律师
投资银行家、银团成员及其法律顾问，负责市场推广、发行定价及承销安排。
Underwriters and Underwriters’ Counsel
Investment bankers, syndicate members, and their legal counsel responsible for marketing, pricing the offering, and underwriting arrangements.
其他服务提供商
包括公司顾问、投资者关系公司、EDGAR印刷公司、转账代理、市场研究机构和法定送达代理等。
Other Service Providers
Includes corporate advisors, investor relations firms, EDGAR printers, transfer agents, market research agencies, and statutory agents.
6. 成功关键因素 Key Success Factors
选对项目负责人
选择一位能够协调内部外部资源、经验丰富且具备全局观的项目负责人至关重要。
Choose the Right Project Leader
It is crucial to appoint a project leader who can coordinate internal and external resources, possesses rich experience, and has a broad strategic vision.
合作合适的专业服务机构
选择了解行业、具备丰富上市经验的律师、会计师及承销商，有助于提高上市效率和成功率。
Work with the Right Professional Firms
Selecting experienced lawyers, accountants, and underwriters familiar with the industry can significantly enhance IPO efficiency and success.
与律师和投行保持持续沟通
保持与律师的坦诚沟通，及时讨论潜在问题；同时与投行密切对接估值与市场动态。
Maintain Open Communication with Lawyers and Investment Banks
Maintain transparent communication with lawyers to address potential issues early, and stay closely aligned with investment banks regarding valuation and market conditions.
制定可执行的时间表并获得团队承诺
设定实际可行的上市时间表，并确保团队全员承诺执行，推动项目按时推进。
Develop a Realistic Timeline and Secure Team Commitment
Set a realistic IPO timeline and ensure full commitment from all team members to drive the project forward.
充足且准确的信息披露
全面、及时且透明的信息披露是赢得投资者信任和上市成功的基础。
Comprehensive and Accurate Disclosure
Full, timely, and transparent disclosures are fundamental to gaining investor trust and achieving a successful IPO.
免责声明 Disclaimer
本文仅供一般信息参考，不构成法律建议。因法律因地区不同且可能随时变更，本文不应作为处理法律事务的唯一依据。接收本文信息并不建立律师与客户之间的关系。如对本文有任何疑问，请随时致电 909.861.6880 或发送电子邮件至 info@libinlaw.com 联系我们。
This article is for general informational purposes only and is not intended as legal advice. It should not be the sole resource for addressing legal matters, as laws differ by jurisdiction and are subject to change. Receiving this information does not establish an attorney-client relationship. If you have any questions regarding this article, please feel free to reach out to us at 909.861.6880 or info@libinlaw.com.
