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NDAQ

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BEIJING — The Nasdaq stock exchange in the U.S. is planning listing requirements that will make it harder for small Chinese companies to list in New York, after a flood of tiny initial public offerings.

As part of proposed changes, companies operating primarily in China will need to raise at least $25 million in initial public offerings to list on the exchange, Nasdaq said late Wednesday local time.

The move comes as tensions between the U.S. and China simmer, and as the Nasdaq faces broader financial market issues.

"It will be more difficult for small Chinese companies to go IPO [on the] Nasdaq under the new rule," said Winston Ma, adjunct professor at NYU School of Law. "The new rule reacts to some IPO cases o

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