（纽约4日讯）尽管美国已不断加强对中资公司在美上市的监管力度，但有迹象显示，在很多情况下这些监管措施并不影响中国企业在纽约股市等主板证券交易所以外的美国“场外市场”（over-the-counter,or OTC）上交易融资，公司被摘牌后也仍可在监管十分宽松的美国场外交易网络中买卖股票。
据美国之音报道，目前在纳斯达克、纽约证券交易所和美国纽约证券交易所三大市场上市的中资企业不足250家，但在美国场外交易平台运营商经营的“场外交易市场”（OTC Markets）上中国企业多达511家，是在纽交所等主板挂牌中资公司的两倍多，其中包括已经在纳斯达克被摘牌的中国咖啡连锁运营商瑞幸咖啡。
作为世界最大的场外交易市场，美国“场外交易市场集团”公司经营的“场外交易市场”是美国多元资本市场的重要一部份，年度交易总金额高达6000多亿美元。该市场交易系统显示，目前共有1万7千多家公司在下设的最佳市场（OTCQX），风险市场（OTCQB），和粉单市场（OTC Pink）三个不同的板块交易。
OTC市场接受在美国证券交易委员会（SEC）监督下运作的美国最大的非政府证券业自律机构“美国金融业监管局”（FINRA）的监管，以保护美国的投资人的利益。该市场上的绝大多数公司虽然不能跟纽交所等场内交易所相比，但也不乏有一些很有潜力的公司，目前市场上活跃的很多大公司也都是先从OTC市场开始然后转升到纽交所或纳斯达克等主板交易所。
中国公司2019年开始大批到美国融资。当时，产业链投资整合机构绿野资本集团（Greenfield Capital Group）旗下的赴美上市服务公司格林菲尔德上市道（Greenfield IPO Dao）评论说，OTC市场转主板上市当时已成为中企赴美上市的主流。目前在这一市场上交易的国际大公司包括中国的腾讯、中国国际航空、日本软银集团、巴黎银行、法国时尚品牌公司路易威登、德国运动用品制造商阿迪达斯、豪华车制造商劳斯莱斯、以及汇丰银行等。此外，场外交易市场的记录还显示，银行股中仅来自中国的银行就包括中国银行、中国工商银行、中国建设银行、中国农业银行等多家中国最大的国有银行。
尽管有一些知名大公司，但是场外交易市场上通常都是无法达到在大交易所上市要求的小型企业。美国史蒂文斯理工学院量化金融项目主任卡尔霍恩（George Calhoun）说，对场外交易股票来说，它们没有与交易所上市公司相同的报告要求，在某些类别中，他们也根本没有报告财务报表。他说：“事实上，在大多数情况下，这就是他们的定义，即他们不进行财务报告。”
美国证券交易委员会有关OTC的官方文件指出，许多股票证券、公司债券、政府证券和某些衍生产品都在场外交易市场交易，但是“大多数发行人不符合在全国证券交易所交易的最低上市要求。其中许多公司不向SEC提交定期报告或经审计的财务报表，使公众难以找到有关这些公司的最新、可靠信息。”
卡尔霍恩说，“作为非交易所上市公司，美国上市公司会计监督委员会（PCAOB）的要求也不适用那些公司。”
他说，在此交易大多是投机者，而不是严肃的投资机构。佛罗里达大学这项研究的金融学教授里特（Jay Ritter）说，OTC市场上有合法公司，比如美国的一些社区银行等，但是也不乏一些欺诈性的公司，作为合法和欺诈公司的混合体场外交易市场的名声很差。
他在接受采访时说，OTC市场交易的绝大部份公司都是规模非常小的公司，把在美国OTC出售股票作为国际融资的一种方式。他说，其中的手法之一就是在OTC借壳上市，“他们中也有一些人进行了逆向收购，与一家美国上市公司合并。在许多情况下，这些上市股票没有经营或经营微乎其微，就把这作为一种上市的手段。”
所谓以逆向收购借壳上市就是美国公司向旨在到美国融资的中国公司发行股票，名义上是这家美国壳公司收购了中国公司，实际上是中国股东控制了合并后公司的股份，从而使自己的公司摇身一变成为一家美国公司，打开了在美国融资的渠道，提高了公司在主板交易所上市的可能性。
(New York 4th) Although the United States has continued to strengthen the supervision of Chinese-funded companies in the United States, there are signs that these regulatory measures do not affect Chinese companies in New York stock markets. The US "Overs" (OVER-THE-Counter, Or OTC) outside the motherboard stock exchange is also traded after the resumption of the United States, and the stock market can still be traded in a very relaxed American field trading network.
According to the Voice of America, there are currently less than 25,000 Chinese companies listed in the three major markets of Nasdaq, New York Stock Exchange and the New York Stock Exchange, but "Overseas Transactions" operating in USA Trading Platform Operators Market "(OTC Markets), more than 511 in Chinese enterprises, is twice as many main boards such as New Handling, including Chinese coffee chain operators that have been wounded in Nasdaq.
As the world's largest field trading market, the "Outdoor Trading Market" of the US "Field Trading Market Group" is an important part of the US multi-capital market, with an annual transaction amount of up to 60 billion US dollars. The market trading system shows that there are currently more than 10,000 companies in the best market (OTCQX), the Risk Market (OTCQB), and the Powdered Market (OTC Pink).
The OTC market accepts the supervision of the US Financial Industry Supervision Bureau (FINRA) in the US Securities Exchange Commission (SEC) supervision to protect the interests of US investors. Although most companies in the market cannot compare with the Office of the New House, there is no more potent company, and many large companies in the market are also starting with the OTC market. Turning to the main board exchange such as the New Handling Office or Nasdaq.
Chinese companies have begun to fell a large number of US financing in 2019. At that time, the Greenfield IPO DAO of the Greenfield Capital Group, the Greenfield IPO DAO, the Greenfield IPO DAO, said that the OTC market turned on the mainstream of China and enterprises to go to the United States. . At present, international companies in this market include China Tencent, China International Airlines, Japan Soft Silver Group, Paris Bank, French Fashion Brand Company Louiden, German sportswater manufacturer Adidas, luxury car manufacturer Rolls Royce , And HSBC, etc. In addition, the records of the field trading market also show that banks from China only include Bank of China, Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank, etc. China's largest state-owned banking.
Despite some well-known companies, the field trading market is usually unable to meet small businesses listed on the Exchange. George Calhoun, the quantitative financial project director of the US Stevens Institute of Technology, said that they did not have the same report requirements as the exchange of listed companies in some categories, they did not work in some categories. Report financial statements. He said: "In fact, in most cases, this is their definition, that is, they do not conduct financial reports."
The US Securities and Exchange Board's official documentation that many stock securities, corporate bonds, government securities and certain derivatives are traded outside the field, but "most issuers do not meet the minimum listing requirements of the national stock exchange trading. Many companies do not submit regular reports or audited financial statements to SEC, so that the public is difficult to find the latest, reliable information about these companies. "
Carlhn said, "As the non-exchange listed company, the US listed company accounting supervision committee (PCAOB) is not applicable to those companies."
He said that most of the transaction is speculators, not a serious investment institution. Jay Ritter, a professor of the University of Florida, said that there is a legal company in the OTC market, such as some community banks in the United States, etc., but there are also some fraudulent companies, as a mixed body field of legal and fraud. The reputation of the foreign trade market is very poor.
In an interview, most companies in OTC market transactions are very small companies, and sell stocks in US OTC as international financing. He said that one of them is listed on OTC. A means of listed. "
The so-called reverse acquisition is a US company to issue stocks to Chinese companies aimed at US financing, namely this American shell company acquired Chinese companies, in fact, China's shareholders control the shares of the merger, thus making themselves The company turned into a US company, opened the channels of financing in the United States, raising the possibility of the company's listing in the motherboard exchange.
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