IPO Requirement 

Stock exchange of Toronto (TSX) And start an undertaking in the exchange in Toronto  (TSXV) 

Toronto Stock exchange and Toronto risk investment exchange are belong to TSX group, the Toronto stock exchange is the third largest exchange in North America, also the seventh major stock exchange in the world too. Because Canada has a longer mining industry develops history, so its form very complete and advanced company's financing system of mining industry. According to statistics, two listed companies of mining industry that there are exchanges under TSX reach 1089, financing its hopeless the majority of amount of money use development, mining industry of Company for, this is driven and pointed for the first time in every large world exchange. Besides company of mining industry, the company of such resources as petroleum and natural gas, etc., occupies certain proportion in two exchanges.  Another characteristic of the exchange is the financing of the high-tech enterprise with starting an undertaking in Toronto in the stock exchange of Toronto, according to the figure in 2003, there are 135 biological scientific & technical corporations listed on these two exchanges, market value is 179.6 hundred million dollars, the amount of money of financing is 8.38 hundred million U.S. dollars, can be rated as the second largest biological capital market of scientific & technical corporation in the world. Because two exchanges belong to a group to manage, so the listed company can graduate and upgrade from level to the stock exchange of Toronto with higher level than the low risk investment exchange, strive for more financing chances. Another characteristic of the Canadian stock market is that two grades split up more obvious. The large-scale financial institutions and companies about 10 account for a major part of market value on all stock markets; the one left is numerous small-scale companies. 

The capital market of Canada shows slightly for Chinese company strangely, but seen from distinct characteristic had by it, the Company of mining industry of China and Hi-Tech Company should consider Canada carries on the possibility of capital financing. Besides basic listing demand, the stock exchange of Toronto divides listed company into three different classifications with the risk investment exchange of Toronto: Ordinary trade, mining industry, petroleum and natural gas, have listed the detailed demand respectively. The following forms form has introduced the demand for going on the market in two exchanges briefly. 

The quality of listed company is required: 

  
多倫多創業交易所上市公司財務標準︰

Whether Toronto start an undertaking the financial standard of listed company of the exchange. 

  
多倫多證交所 (TSX) 上市公司財務標準︰

Stock exchange of Toronto (TSX) Financial standard of listed company: 

  
  
美國證券交易所 AMEX

American Stock Exchange AMEX 

American Stock Exchange in the U.S.A. the second largest field, it and New York card hand in all more than similar place very. Just because this kind is similar, make the development of the American stock exchange receive certain restriction. The scale of company listed on American stock exchange is not very large, make its far lag behind stock exchange and NASDAQ of New York in turnover. One of the greatest characteristics of American stock exchange is the trade of the financial derived product, exchange trade fund of the name that for example burns  (exchange trade fund)  Centre in here and conclude the business. In order to strengthen the competition with other stock exchanges, American stock exchange is introducing the new service constantly too, include each company that is list on American stock exchange will get one executive that stock exchange appoint especially is it help company carry on some specific investor brainstorm plan to responsible for. Advisory service of the respect of managing etc. that this executive will also offer stock exchange, company for listed company.  In addition, American stock exchange is making great efforts to attract the foreign corporation to come here to list and trade too, China is one of the markets which the American stock exchange expands especially. 

Listing standard of American stock exchange: 

Standard of the stock price: 

The American stock exchange is 3 dollars to the minimum demand of issue price of listed company, this clause is listed on the aforesaid 101a, 101b and 101d in the standard suitably, as to applying for the listing company according to 101a standard, the minimum demand that the public holds a whiff of total value is  300 ten thousand dollars 

Trade system of NASDAQ 

Americans have only inner feelings to the feeling of the oak, a lot of stories related to oak spread among the people. Have such an interesting article: There are a stretch of rubber woods in Silicon Valley of U.S.A., numerous risk investors all squat on the tree. As someone goes to the rubber woods to shout, I have a good project. Can always shake and leave several risk investors. After getting support from risk investment, project these turn products into finally, make risk investor and developer of project earn basin full all over earthen bowl. This is true portrayal that the American risk investor of lively period of Hi-Tech and scientific and technological enterprise cooperated with each other at that time. NASDAQ played an important role in promoting this kind of circulation, and because high-tech enterprise increases constantly drive one's own development, become the second major securities trading system of world following stock exchange of New York. 

In 1961, U.S. Securities & Exchange Commission was entrusted by US Congress in the over-the-counter market of the investigation. The result that the American stock exchange committee investigates thinks, the over-the-counter market of U.S.A. is incoherent, the person who advises professional develops to automation, urge the American dealer in securities association (NASD) Responsible for promoting implementation.  1971, 500 of U.S.A. make computer, city of trader link with central computer of NASDAQ, formal operation of automatic quotation of NASDAQ of the persons who mark.  1975, the listing standard of NASDAQ regulation, make it distinguish with other over-the-counter markets. 

NASDAQ one electronic quotation system in fact, it is whom we understand traditionally that have regular trade exchange of place. To the stock exchange of New York, the requisition for listed company of NASDAQ is relatively low, suitable for relatively little scale those, is it grow up the listing financing of scientific & Technical Corporation of period to in still. The Internet firms in China's concept share are all listed on here. NASDAQ has two trade markets, one is NASDAQ national trade market (NASDAQ National Stock Market)  With NASDAQ small-scale gang of trade markets  (NASDAQ Smallcap Stock Market)  ,Such polymorphous structure offers very great flexibility, can respond to the request that not with listed company of the type. Having adopted the market-making system too in NASDAQ, but the one different from stock exchange of New York is, listed company in NASDAQ can have many person become city trader, and New York company that stock exchange is list can only have one make city trader. NASDAQ has introduced the electronic trade platform (electronic communication network) Declaration form way, what has been made stock exchange of mobility greatly it improve. Make forms and arrange the listing standard of national market and small-scale stock market of NASDAQ separately. Apply for the demand that the company needs reaching while not merely emphasizing the common hair for the first time in NASDAQ, proved at the same time the listed company is in order to be listed the demand needing to reach continuously. 

A shareholder means that it is here to hold share in integer Shareholder of more than 100 shares 

 (Note: A shareholder means the shareholder holding share above 100 shares in integer, other clauses have more detailed explanation, these materials can all be found on websites of NASDAQ)

Stock exchange of New York

1790, the American federal government established newly is authorized by the Congress to issue the stock of 80 million yuan in order to raise war funds. Because there was not a regular trade place at that time, the trade of the stocks mostly went on in the coffee house. On May 17, 1790, 24 traders agree on every day and assemble under a Chinese parasol tree in Wall Street concluding the business, having made the trade rule, there were regular trade places after this. Born in the largest exchange in the world at present here - -Stock exchange of New York.  The stock exchange of New York has the stocks of 2800 companies that do a deal at present, among them 458 companies come from foreign countries, the market value of all companies is summed up and up to 20,000 billion. Still there are exchanges of regular place traditionally in the stock exchange of New York, trade of stock adopt set compete the price (auction market) The system, have unique making a city trader of North America (market specialist) Mechanism. Making the appearance in Shang of the city is for improving the mobility of the market, make the price of the stock more reasonable, thus achieve the goal of protecting investors. Making the function of Shang of the city is selling single and too many, when there is no buyer, serve as the buyer. And is checking too many, when there are no sellers, serve as the seller. Realize the purpose of level and smooth marketing like this. All companies listed on stock exchange of New York will select one and make a city trader. The ones that need pointing out are, it regards making profits as object too to make a city trader, not a real thunder peak. At the same time, a trader is a characteristic in US stock market to make the city, his existence is legal. This and handle the stock price on purpose on Chinese market but the banker who seeks sudden huge profits has essential differences.  With the emergence of NASDAQ, the stock exchange of New York is revising one's own listing regulations constantly too, it benefit some come here to list. We, through making the listing demand for listing the stock exchange of New York of form. Company reach these is it possess qualification just to demand, can is it is it depend on the concrete conditions of the case even to begin to merchandize to succeed in finally.

*A shareholder is here in order to hold share for the integer  Shareholder of more than 100 shares 
 ** Management cash flow vacancies to be filled that the cash flow hits for company's cash flow report form 

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