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title: "股票升级的运作方式：从场外市场到纳斯达克或纽约证券交易所"
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description: "$Luckin Coffee(LKNCY.US) The process of uplisting stocks has become increasingly prevalent in recent years, with more established companies aiming to gain the advantages of trading on higher-tier exchanges, like..."
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# 股票升级的运作方式：从场外市场到纳斯达克或纽约证券交易所

$Luckin Coffee(LKNCY.US)

The process of uplisting stocks has become increasingly prevalent in recent years, with more established companies aiming to gain the advantages of trading on higher-tier exchanges, like the Nasdaq or New York Stock Exchange (NYSE). That’s because these transitions bring organizations increased market visibility, improved credibility, and the opportunity to engage with institutional investors on a larger scale. However, the excitement of surging stock prices may be short-lived; companies can quickly fall from fame and be delisted as quickly as they were uplisted. So, what should company leaders watch out for, and what’s the catch?  
近年来，股票上市的过程变得越来越普遍，越来越多的老牌公司希望获得在纳斯达克或纽约证券交易所（NYSE）等更高级别交易所进行交易的优势。这是因为这些转变为组织带来了更高的市场知名度、更高的可信度以及更大规模与机构投资者互动的机会。然而，股价飙升的兴奋可能是短暂的；公司可能会像上市一样迅速失名并退市。那么，公司领导应该注意什么，有什么问题呢？

**The Basics of Uplisting Stocks**  
**股票上市的基础知识**

A company’s uplisting event is sometimes referred to as a second [initial public offering (IPO)](https://foundershield.com/raising-capital/ipo-roadmap/). But really, it is when a stock upgrades from an alternative stock exchange to a major one. For example, a stock may move from the over-the-counter (OTC) markets — broker-dealer networks that allow people to trade stocks directly — or a small international exchange to the Nasdaq or NYSE.  
公司的上市活动有时被称为第二次首次公开募股（IPO）。但实际上，这是一只股票从另类证券交易所升级为主要证券交易所的时候。例如，股票可能从场外交易（OTC）市场（允许人们直接交易股票的经纪交易商网络）或小型国际交易所转移到纳斯达克或纽约证券交易所。

Uplisting to a higher-tier exchange is typically a positive development for businesses, as they can attract a larger pool of investors and potentially benefit from increased trading volume. A total of [17 companies](https://d1io3yog0oux5.cloudfront.net/_8af7f67c31c4ad2a8e09fa0abf46ec2e/lucbro/db/956/8923/pdf/LucBro+Uplisting+Q2+2022+Report+%281%29.pdf) operating in 8 different sectors uplisted in Q2 of 2022 — and many more businesses are raring to go.  
对于企业来说，在更高级别的交易所上市通常是一个积极的发展，因为它们可以吸引更多的投资者，并可能从交易量的增加中受益。 2022 年第二季度，共有 17 家在 8 个不同行业运营的公司挂牌上市，还有更多的企业迫不及待地想要上市。

However, this doesn’t come without challenges: Businesses may face increased regulatory scrutiny, heightened investor expectations, and increased competition. For the process to begin, a company’s stock must comply with exchanges’ listing rules, like Nasdaq uplisting requirements and the [Securities & Exchange Commission (SEC)](https://foundershield.com/blog/sec-compliance-for-startups/). These requirements may include minimum share price thresholds, financial performance criteria, and corporate governance standards.  
然而，这并非没有挑战：企业可能面临更严格的监管审查、投资者期望的提高以及竞争的加剧。要开始这一流程，公司的股票必须遵守交易所的上市规则，例如纳斯达克上市要求和证券交易委员会（SEC）。这些要求可能包括最低股价门槛、财务业绩标准和公司治理标准。

**Reasons Companies Uplist Stocks**  
**公司股票上市的原因**

A company may transfer to a larger, official exchange for many reasons. For example, Enterprises that meet the NYSE requirements cite moving their stock there for increased visibility and liquidity. Plus, the OTC markets have a lower trading volume than standard exchanges, making their stocks more volatile.  
出于多种原因，公司可能会转移到更大的官方交易所。例如，满足纽约证券交易所要求的企业将其股票转移到那里以提高可见性和流动性。此外，场外交易市场的交易量低于标准交易所，导致其股票波动更大。

Take one real-life example: [FuboTV](https://www.zenger.news/2023/01/20/fubotv-stock-at-its-highest-since-the-covid-19-market-crash-in-a-thriving-streaming-service/), an American streaming video business. At the beginning of 2020, FuboTV had shares trading at $9.58. When the market crashed during the COVID-19 outbreak, FuboTV shares dropped. Then, they started to rebound, and the stocks reached $22 per share in May. Therefore, to increase the company’s visibility and regain the momentum of the broader market, FuboTV uplisted from the OTC to the NYSE in October 2020, and the stock skyrocketed. So, uplisting aligned with FuboTV’s growth strategy and ambitions to differentiate itself from competitors and improve liquidity.  
举一个现实生活中的例子：FuboTV，一家美国流媒体视频公司。 2020 年初，FuboTV 的股价为 9.58 美元。当 COVID-19 爆发期间市场崩溃时，FuboTV 股价下跌。然后，它们开始反弹，5 月份股价达到每股 22 美元。因此，为了提高公司知名度，重拾大盘动力，FuboTV 于 2020 年 10 月从 OTC 升至纽交所，股价暴涨。因此，上市符合 FuboTV 的增长战略以及从竞争对手中脱颖而出并提高流动性的雄心。

Another example is Hertz, a car rental company. In the summer of 2021, the company officially exited bankruptcy after leveraging summer holiday demand for rental vehicles and the return to domestic travel. Such quick success was unheard of, and investors flocked to the OTC stock, hoping to see an uplisting. The OTC stock swelled nearly 600% in a year. So, by summer 2021, Hertz had uplisted its stock to the Nasdaq. Hertz had outgrown the OTC markets and wanted to perpetuate further growth by having access to a larger pool of investors.  
另一个例子是赫兹，一家汽车租赁公司。 2021 年夏天，该公司借力暑假租车需求以及国内出行回归后，正式退出破产保护。如此迅速的成功是闻所未闻的，投资者纷纷涌向场外交易股票，希望看到股票上涨。 OTC 股票一年内上涨近 600%。因此，到 2021 年夏天，赫兹将其股票在纳斯达克上市。赫兹的发展已经超出了场外交易市场的规模，并希望通过接触更多的投资者来实现进一步的增长。

**Uplisting From OTC to Nasdaq**  
**从 OTC 上升到纳斯达克**

So, what happens when a company moves from OTC to Nasdaq? It takes around four to six weeks to process a company’s uplisting application, which includes a listing agreement, a $25,000 application fee and corporate governance certification, among other requirements.  
那么，当一家公司从场外交易市场转移到纳斯达克市场时会发生什么？处理公司的上市申请大约需要四到六周的时间，其中包括上市协议、25,000 美元的申请费和公司治理认证等要求。

**Nasdaq Uplisting Requirements**  
**纳斯达克上市要求**

Also, the Nasdaq exchange doesn’t allow any company to trade on its exchange without fulfilling the [minimum criteria](https://www.investopedia.com/ask/answers/nasdaq-listing-requirements/):  
此外，纳斯达克交易所不允许任何公司在不满足最低标准的情况下在其交易所进行交易：

1.  1,250,000 publicly traded shares outstanding on the listing, without including shares held by the directors or officers of the company  
    1,250,000 股上市时已发行的公开交易股份，不包括公司董事或高级管理人员持有的股份
2.  Company’s stock listed at a price of at least $4.00 a share  
    公司股票的上市价格至少为每股 4.00 美元
3.  At least 100 shares and 550 shareholders  
    至少 100 股和 550 名股东
4.  Cash flow of at least $27.5 million in the last three fiscal years  
    过去三个财年的现金流至少为 2750 万美元
5.  Aggregate pre-tax earnings in the prior three years of at least $11 million or pre-tax earnings in the previous two years of at least $2.2 million  
    前三年税前总收益至少为 1100 万美元，或前两年税前收益至少为 220 万美元

**NYSE Uplisting Requirements**  
**纽约证券交易所上市要求**

On the other hand, NYSE requires newly listed companies to have 1.1 million publicly held shares, a minimum of 2,200 shareholders, a solid board of directors, and a collective market value of at least $100 million.  
另一方面，纽约证券交易所要求新上市公司拥有 110 万股公众持股、至少 2200 名股东、坚实的董事会以及至少 1 亿美元的集体市值。

NYSE and Nasdaq require the companies to follow corporate governance standards and may require an Independent Compensation Committee, for example. Also, the listing fees range from $125,000 to $295,000.  
例如，纽约证券交易所和纳斯达克要求公司遵守公司治理标准，并可能要求成立独立薪酬委员会。此外，上市费用从 125,000 美元到 295,000 美元不等。

It is important to note that some companies can list on an exchange organically without the need to complete a simultaneous underwritten public offering. In contrast, other companies partner with an investment banker to achieve the uplist.  
值得注意的是，一些公司可以在交易所有机上市，而无需同时完成承销公开发行。相比之下，其他公司则与投资银行家合作以实现上升。

**Risk Considerations for Uplisting Companies**  
**上市公司的风险考虑**

Not all public companies successfully uplist: Sometimes firms have to involuntarily move to a different exchange if they can’t meet financial or regulatory requirements. For NYSE and Nasdaq, there is a minimum stock price: A business may be delisted if any stocks fall below $1 for 30 consecutive days. For example, Long Blockchain Corp., the poster child of crypto-investment excesses, had its shares [delisted by US regulators](https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze#xj4y7vzkg) after failing to file financial reports for years.  
并非所有上市公司都能成功上市：有时，如果企业无法满足财务或监管要求，它们就不得不不自觉地转移到其他交易所。纽交所和纳斯达克有最低股价规定：如果任何股票连续 30 天跌破 1 美元，企业可能会被摘牌。例如，加密货币过度投资的典范 Long Blockchain Corp. 在多年未提交财务报告后，其股票被美国监管机构摘牌。

Businesses may face challenges meeting new requirements, like minimum share prices, financial reporting deadlines, robust reporting practices, or governance standards. Failure to comply with these reporting obligations could result in delisting or even legal disputes. Companies may also face pressure to deliver consistent results, meet growth targets, and satisfy the demands of investors. But at the end of the day, organizations uplisting face the [same risks as other public companies](https://foundershield.com/blog/de-risk-ipo-journey/): management liability, new exposures, and public scrutiny.  
企业可能面临满足新要求的挑战，例如最低股价、财务报告截止日期、稳健的报告实践或治理标准。不遵守这些报告义务可能会导致除名甚至法律纠纷。公司还可能面临交付一致业绩、实现增长目标和满足投资者需求的压力。但归根结底，上市公司面临着与其他上市公司相同的风险：管理责任、新风险和公众监督。

As a result, OTC-listed companies considering uplisting must have [directors and officers (D&O) insurance](https://foundershield.com/coverage/directors-and-officers-insurance/). This insurance is non-negotiable. Shareholders, competitors, and investors can sue an organization’s directors and officers, putting personal assets at stake. But D&O insurance safeguards a company’s leadership from personal financial loss and lawsuits alleging leaders of wrongful acts or inefficient management of corporate assets.  
因此，考虑升级上市的场外交易公司必须购买董事及高级管理人员 (D&O) 保险。该保险是不可协商的。股东、竞争对手和投资者可以起诉组织的董事和管理人员，从而使个人资产面临风险。但 D&O 保险可以保护公司领导层免受个人财务损失和指控领导层不当行为或公司资产管理效率低下的诉讼。

Uplisting from OTC to Nasdaq, for example, can provide numerous benefits. But the road to transition can be nuanced and potholed. While many companies successfully uplist without seeking help, the process can be expensive and lengthy. It is critical to do adequate research and planning before making a move so you are well-versed about what coverage your company needs.  
例如，从场外交易到纳斯达克上市可以带来很多好处。但转型之路可能是微妙且崎岖的。虽然许多公司在没有寻求帮助的情况下成功升级，但这个过程可能既昂贵又漫长。在采取行动之前进行充分的研究和规划至关重要，这样您才能充分了解公司需要哪些保险。

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