One minute to understand what NASDAQ is

Opening up a global perspective, exploring the future of wealth. Hello everyone, welcome to FaShui Mini-Class. I’m Lily. Today, we’ll take a look at NASDAQ. NASDAQ—short for the National Association of Securities Dealers Automated Quotations—is an electronic securities trading facility in the United States, owned and operated by NASDAQ Stock Market, Inc. Founded in 1971, it has since grown into one of the world’s largest stock markets. In February 2006, NASDAQ announced the division of its stock market into three tiers: the NASDAQ Global Select Market, the NASDAQ Global Market, and the NASDAQ Capital Market—further optimizing its market structure and attracting companies of varying scales and maturity levels to list. For a company to list on NASDAQ, it must meet the following three conditions and one overarching principle: Prerequisite Condition: Business operations must fall within sectors such as biotechnology, biomedicine, pharmaceuticals, technology, franchising, manufacturing, or retail chain services; the company must have been actively operating for at least one year and demonstrate high growth potential and strong developmental prospects.

How exactly does a company go about listing on NASDAQ?

Hello everyone, I’m Brother Dabiao of the Nasdaq Index. Starting today, we’re launching a new series: [The Nasdaq-100 Component Stocks Journey]. This is because the Nasdaq ETFs we dollar-cost-average invest in are fundamentally built upon the underlying stocks comprising the Nasdaq-100 Index. Understanding these components more deeply will help us develop a richer, more three-dimensional understanding of Nasdaq ETFs. In this series, we’ll walk through the entire process—from a company’s IPO listing on the Nasdaq Stock Exchange, to its inclusion in the Nasdaq-100 Index, to its annual review and possible removal—offering you an immersive, experiential understanding of Nasdaq-100 constituents. We all know the famous ‘Nasdaq Seven Sisters,’ but few ever consider how other Nasdaq-100 constituents—and other companies—enter the index. Let’s run through a simplified simulation. Take Pinduoduo (PDD), for example—the only remaining Chinese-American listed stock currently in the Nasdaq-100. Suppose, as enthusiastic ‘spiritual shareholders,’ we now have an internet e-commerce company named ‘Pinxixi.’ After several years of effort, Pinxixi’s operations are thriving across the board—and it now aims to list on NASDAQ. Exactly what procedures must it follow? What hurdles must it clear? Let’s follow Brother Dabiao and embark together on the journey toward preparing for a NASDAQ listing! Step One: Filing the Application—Submitting Your ‘Household Ledger’ The first step toward listing is not networking—it’s formal filing. Pinxixi must truthfully disclose its full ‘household ledger’ to both NASDAQ and the U.S. Securities and Exchange Commission (SEC), with zero concealment. Three specific tasks must be completed: 1. Hire ‘helpers’: Engage an investment bank (e.g., Goldman Sachs or JPMorgan), a law firm, and an accounting firm—the ‘iron triangle’ of IPO advisors. The investment bank assists with valuation and investor outreach; the law firm ensures regulatory compliance; and the accounting firm conducts financial audits to guarantee data authenticity. 2. Complete the ‘registration form’: Compile and submit all core documentation to both the SEC and NASDAQ—including corporate equity structure (e.g., major shareholders, nominee shareholding arrangements), business model (e.g., low-price e-commerce, group-buying), audited financial statements for the past three years, future development plans, and even potential risks (e.g., supply-chain vulnerabilities, competitive threats). 3. Await ‘acceptance’: After submission, the SEC and NASDAQ first verify whether all required materials are complete. If so, they formally accept the application; if not, they return it for supplementation. Pinxixi’s role here is to cooperate fully in revisions until all documentation meets standards. Key point: Integrity is paramount at this stage—no hiding losses or inflating revenues. Any discovery of falsified information results in immediate termination of the application—and severely hampers any future listing attempts. Step Two: Passing the Review—Meeting Both Financial and Non-Financial Criteria Great—we’ve assembled our ‘iron triangle’ and submitted our documents. Once the filing is accepted, the process enters the most critical phase: the official review. NASDAQ rigorously evaluates the company along two dimensions—financial and non-financial. Only candidates satisfying *both* sets of criteria advance to the next stage—making this the highest attrition step in the entire process. 1. Financial Requirements (choose one of four; Pinxixi qualifies under these two):

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