AsianFin -- The Nasdaq Stock Exchange on Wednesday proposed updates to its listing standards, including a requirement that new listings for companies principally operating in China must raise at least $25 million in public offering proceeds. The proposal also includes two additional listing requirements, the exchange said.

Chinese experts criticized the move, saying it appears to single out Chinese firms and could be seen as discriminatory. They warned the changes might create additional hurdles for Chinese companies seeking U.S. listings and undermine confidence in the fairness of U.S. markets.

The proposal builds on rules initially suggested in May 2020 and approved in October 2021, which set similar minimum public offering thresholds—$25 million or 25% of securities value—for companies from “restrictive markets,” predominantly China, according to Nasdaq.