USA securities trading market

--The New York stock market(NYSE)

America has the longest history, the largest and most famous of the securities market,So far208Years of history, the listed stock more than3600Kind of. About the stock exchange about3000With a total market capitalisation of $1700Trillion dollar enterprise listing for sale,Under a total400Or so member companies,Every day about3000People in the trade field work20A deal in place together400Multiple trading position. The New York stock exchange trading is the same with the traditional market,Is to take the bargaining mode,The stock brokers will be opened according to the customer's trading conditions, in the trading hall open to find the buyer the seller,Then for a supply of sth. after completion of the transaction. The New York Stock Exchange listing requirements more stringent,Think of listing company also did not make money not to enter the New York stock exchange.

The New York Stock Exchange listing requirements for USA Domestic Company:

 

1Recently a year pre tax profits of not less than250Million dollars;

2The public owned stock in the company of not less thanL10Million shares;

3The company has at least2000Investors, each investor owned100Shares of the stock;

4Common stock issuance according to market price case is not less than4000 Million dollars;

5The company's net tangible assets of not less than4000Million dollars.

The New York Stock Exchange on America foreign companies listed on the condition of:

1  The number of shares held by the public is not less than250Million shares;

2  Yes100Not less than the number of shareholders of the above5000Name;

3  CompanyThe stock market capitalisationNo less than1Billion dollars;

4  The company must be in recently3Fiscal year profit, and not less than in the last year250Million dollars, two years ago, every year not less than200Thousand dollars or less than in the last year450Million dollars,3Years of not less than650Million dollars;

5  The company's net tangible assets of not less than1Billion dollars;

6  A number of management and operation company's requirements;

7  (Appendix: other relevant factors, such as the industries of the company's relative stability, in the industry position, the company product market situation, the company's prospects, the public interest in the shares of the company.)

The New York stock exchange program:

1    The listing application. The issuer has since received notification date listed suitability6May at any time to make a formal application for listing to the New York stock exchange months. The New York Stock Exchange on receipt of all the application materials after3~5Week, to make quasi not issuers listing decision and notice.

2    Sign a listing agreement. The issuer received permission notice can be listed, with the New York Stock Exchange listed agreement signed.

3    The issuer commitment. In addition to listing agreement, the issuer shall sign a commitment and declaration file, ensure the issuer burden sustainable information disclosure obligation;Accept USA legal policy for the company regulation;Ensure that there are at least two independent directors on behalf of the public shareholders in the company directors; commitment as long as the company is still in accordance with the Listing Rules of the New York stock exchange, the company will not in shareholders' ordinary resolution to the exchange move, but the stock ownership in accordance with legal reasons shall be suspended on the shares of the company.

4    Prospectus disclosure and registration. After the above procedures,If the issuing and listing of the issuer's stock has been approved China securities regulators, according to national requirements can be issued the procedures and methods of the prospectus and the relevant prospectus disclosure, and reportSECAnd the stock exchange registered.

5    Arrange the listing and trading of. Issuance of shares and equity after the completion of the registration, the exchange arrangement of stock market.

 

--Nasdaq stock market(NASDAQ)

All the known USA technology stocks trading center,Founded in1971Years. The electronic trading market is not as New York Market,It is not a fixed place,But a way through the electronic trading,By the securities traders use computer, telephone, and telegraph network direct negotiation and completion of each transaction. As an electronic system,It was early trading is not active,But many of today's large enterprises,The establishment of early may not immediately on the New York Stock Exchange listing,In the NASDAQ listing will become the second best choice. The NASDAQ listed company about4100Several,While nearly2000Home is a high tech company. In USA listed Network Inc,Most of them are listed in nasdaq. It is related with computer and telecommunications companies accounted for a large number of nasdaq. The biggest of all America5Company,The NASDAQ has Intel(Intel),Microsoft(Microsoft),CISCO(Cisco)Three home.

Listed on the Nasdaq Stock Exchange three standard:

Standard:

1  Shareholders of1500Million dollars;

2  The latest financial year or the most recent3Have a year in two years100Million pre tax income;

3  110Public float million;

4  The value of public ownership800Million dollars;

5  The purchase price per share at least5The dollar;

6  At least400Holding100Stocks than the shareholders;

7  3A market maker;

8  To meet the requirements of corporate governance.

Standard two:

1  Shareholders of3000Million dollars;

2  110Million shares held by the public;

3  The market value of shares held by the public1800Million dollars;

4  The purchase price per share at least5The dollar;

5  At least400Holding100Stocks than the shareholders;

6  3A market maker;

7  Two years of operating history;

8  To meet the requirements of corporate governance.

Standard three:

1  The market value of7500Million; or, the total assets amounted respectively and yield7500Million dollars

2  110Public float million;

3  Public ownership market value at least2000Million dollars;

4  The purchase price per share at least5The dollar;

5  At least400Holding100Stocks than the shareholders;

6  4A market maker;

7  To meet the requirements of corporate governance.

The Nasdaq stock exchange conditions and principles:

Precondition

Biochemistry, biotechnology, medicine, business, technology, software, semiconductor 'hardware, network and communications equipment', join, manufacturing and retail chain services company, the economically active expired more than a year, and has the advantages of high growth, high growth potential.

 

Negative conditions

Net tangible assets at more than $five million, or last year net profit in more than $seven hundred and fifty thousand, or the most recent three years two pre tax income in more than $seven hundred and fifty thousand, market capitalization or company(Market Capitalization) In the more than $fifty million.

Positive conditions

　　SECAnd NASDRAfter the examination, must have300More public ownership(NON-IPOSet up a holding company in foreign countries, the original shareholders and shall be more than300People)To the listing, the so-called public ownership in USA sec Handbook(SEC Manual)Points out, public shareholders holding shares in whole strands, and American whole shares is the basic units of currency100Shares.

The principle of good faith

The NASDAQ is a popular slang: "Any company can be listed, but time will tell the tale"(Any company can be listed, but time will prove everything). Mean, as long as the application of the company uphold the principle of good faith, listing is sooner or later, but time and integrity will decide everything.

 

The Nasdaq Stock Exchange program:

1  To the relevant departments for approval;

2  The company held a board meeting for the first time, submit the proposed listing, get approval, sorted out at least three years of financial records, in accordance with international accounting standards America or Hongkong made in the financial statements, audit;

3  Organize an underwriting syndicate: including accountants, lawyers, investment bankers and a neutral financial advisor or Consultants Co;

4  Roadshow;

5  The signing of the underwriting agreement, the price and quantity issued recommendations and came into effect, by the underwriter in the formal pre-sale registration;

 

 

--America Stock Exchange(AMEX)

USA stock exchange is USA second major stock exchanges, more than1131Stocks listed in this. USA stock exchange trading venues and transactions generally and the New York stock exchange, but here in the listed company for the medium and small enterprises, so stock prices lower, trading volume, liquidity is low. In the absence of the Nasdaq stock market before, some now well-known enterprises as capital, money is not enough, can not reach the standard of the New York Stock Exchange listing, the listed on the American exchanges, like oil company Ai KesenExxonAnd General MotorsGeneralMotorsHere are the length of large enterprises, only to the New York stock exchange listed. USA Stock Exchange1998The Nasdaq stock market is purchased, but at present the two securities markets are still independent business.

America stock exchange America Domestic Company listed conditions:

1  There should be at least500000The number of shares owned by the public shares in the market;

2  There should be at least800Name of shareholder(Each shareholder must have100Share the above);

3  The following conditions are met one:

　　 -The last three years of pre tax operating profit total not less than1BillionThe dollarRecently2Years of pre tax operating profit total not less than2500Million dollars.

　　 -Recently12A monthly income of not less than1Billion, recently3Years of operating cash inflow totals less than1Billion, the last two years operating cash flows per year are not less than2500Million dollars, the circulation market value of not less than5Billion dollars.

　　 -The circulation market value of not less than7.5Billion, a recent annual income of not less than7500Million dollars.

 

 

 

 

 

 

 

America stock exchange America foreign companies listed conditions:

Financial criteria

 

Project	Usual standard	Alternative criteria
Pre tax income	$750000	-(the previous fiscal year or in the last three years of the two year)
Public stock market value	$3000000	$15000000
Price	$3,00	$3,00
Operation period	-	3Years
Shareholders' equity	$4000000	$4000000

 

　  Allocation rules(for normal and replace the standard)

 

	Scheme1	Scheme2	Scheme3	Scheme4
The public shares (public stock market at least3000000)	500000	1000000	500000	1000000
The public shares (shares100Share the above)	800	400	400	800
The average daily turnover	-	-	2000	-

 

 

 

 

 

 

 

 

 

 

1Over-the-counter market(Over-the-Counte)

Over-the-counter market,Refers to the Nasdaq stock market.It's called the OTC market, therefore it is different from traditional trade mode of the stock exchange, stock exchange transactions by brokers in the trading floor for customers to buy and sell stocks, but the OTC market transactions, through the computer system is huge to, investors want trading OTC stock, need through sit in the cabinet behind the professional brokers make use of computer to carry out, it is known as the OTC market isOTCBB.OTCBBBy the stock exchange NASDAQ management, listed companies stock on this system, obtained initial development funds, through a period of expansion accumulation, listing requirements to NASDAQ or New York stock exchange after the upgrade to the market.

Over-the-counter market.OTCBBThe listed conditions):

 

1     Net assets400Million dollars,

2     Over the years the profit after tax75Thousand dollars or market value5000Million dollars,

3     Shareholders in300People above, the stock price per share4The dollar, can be directly into the Nasdaq market.

4     Net assets600Million, gross margin reached100Million more than the stock also can be directly into the NASDAQ national market.

The characteristics of the OTC market:

 

1    Belongs to the otc. There is no unified organization and trading places, also does not have a system transaction procedures and trading rules, but over the counter or by telecommunications facilities to complete the transaction;

2    Its main trading securities for bonds and not in the Stock Exchange listed shares;

3    The prices of securities trading by securities trading agreement effectiveness.

4    The OTC market participants including dealers, store, membership, stock exchange, securities brokers and individual investors.

The OTC market has accelerated the securities issue, improve the stock liquidity, promote the prices of securities trading fair and other advantages, but the OTC market a lack of unified organization and management, easy disputes.