Nasdaq stock market is the fastest growing market among the major stock markets in the world and the first electronic stock market. More than half of the stocks that change hands every day in the American market are traded on Nasdaq, and the securities of nearly 5,400 companies are listed on this market. In recent years, the total number of listed companies in the Nasdaq stock market in the United States has not increased, but has decreased slightly on the premise of maintaining stability. It is not a bad thing for listed companies to reduce their holdings. For those listed companies that have been abandoned by investors, there is no need to stay in this market. The mechanism of survival of the fittest in the market is the guarantee to maintain the benign and stable development of Nasdaq market.
The delisting system of mature markets-Nasdaq's delisting system
1. delisting criteria: according to the relevant regulations of Nasdaq, the listing conditions are divided into initial listing requirements and continuous listing requirements. After listing, because the situation of listed companies will change, they may not always be in the initial state, but they must meet a minimum requirement, that is, the so-called continuous listing requirement, otherwise they will be delisted by Nasdaq.
Take the Nasdaq small capital market as an example, and its continuous listing criteria include:
1, and the tangible net assets shall not be less than USD 2 million;
2. The market value shall not be less than $35 million;
3. The net income of the last fiscal year or two of the last three fiscal years is not less than 500,000 dollars;
4. The public holds no less than 500,000 shares; 5) The market value of public shareholding is not less than $6,543,800,000;
6. The lowest bid price shall not be less than $65,438+0;
7. The number of market makers shall not be less than 2;
8. The number of shareholders shall not be less than 300.
If listed companies fail to meet these requirements for continuous listing, they will not be able to retain their listing qualifications. As far as the minimum purchase price is concerned, the Nasdaq market also stipulates that if the share price of a listed company is less than one dollar and this state lasts for 30 trading days, the Nasdaq market will issue a loss warning, and the warned company will be announced to stop trading if it still cannot take corresponding measures to change its share price within 90 days after the warning is issued. This is the so-called "one dollar delisting rule". "One dollar" is the market standard for Nasdaq to judge whether a listed company is losing money, not the actual operating conditions of the company. But this market standard also objectively reflects the real intrinsic value of listed companies.