https://www.straitstimes.com/business/companies-markets/nasdaq-cr...

https://www.straitstimes.com/business/companies-markets/nasdaq-cracks-down-on-ipos-of-small-chinese-companies?cx_testId=20&cx_testVariant=cx_1&cx_artPos=11#cxrecs_s

Will this derail FLC's attempt to dual list in the US? Think not because of FLC's unique position. FLC certainly has shareholder links to the US.

"Nasdaq also said in June that it may delay the US listing of a company that does not demonstrate a strong enough nexus to the US capital markets, including having no shareholders, operations, management or board members with links to the United States.

Small Chinese firms pursue these IPOs because they allow their founders and backers to cash out, rewarding them with US dollars they cannot easily access because of China's capital controls. The companies also use their Nasdaq-listed status to convince lenders in China to fund them and often get subsidies from Chinese local authorities for becoming publicly traded."