ME Message, December 13 (UTC+8), Nasdaq has been granted greater discretion to reject IPO applications that pose a risk of manipulation. This new rule was immediately approved by the U.S. Securities and Exchange Commission (SEC) on Friday. The new rule authorizes Nasdaq to refuse a company's listing under the following circumstances: the company's business location does not cooperate with U.S. regulatory reviews; underwriters, brokers, lawyers, or auditing firms have previously participated in problematic transactions; there are doubts about the integrity of management or major shareholders. This move aims to address the issue of significant price drops following the listings of many small IPOs in recent years. Over the past year, half of Nasdaq's IPO fundraising amounts were less than $15 million, with most stock prices falling over 35% within a year. (Source: ME)