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Boustead’s Dan McClory and Former Nasdaq CEO Bob Greifeld Discuss New Rules for Chinese IPOs

Boustead's Dan McClory (left) and Former Nasdaq CEO Bob Greifeld, current Chairman of Virtu Financial, Inc.

Boustead Securities' Dan McClory, Head of Equity Capital Markets and Head of China is featured in International Financial Law Review's article by John Crabb, US Equity Market Tightens Noose on Chinese Listings, alongside former Nasdaq CEO Bob Greifeld, discussing market trends and Nasdaq's new rule proposals for IPOs requiring at least US$25 million offerings or 25% public floats in order to list on the exchange.

While many of these restrictions will directly impact Chinese firms looking to list, Dan shared his optimism for continued US listings of Chinese companies and IPOs.

“It is incredibly refreshing that Nasdaq has now codified and has taken the subjective to the objective, and has actually laid out what firms need to do with these proposed new rules if they want to list from one of the restricted markets,” said Dan in the IFLR article last week.

Previously, Nasdaq had used the broad discretion in the listing qualification department to give feedback to issuers via comment letters. The feedback was never codified, but now, if you want to list, there are stated restrictions. This has resulted in actual changes to in-process deals, because companies are willing to do what it takes to get listed – within reason.

“All of this banter about not wanting Chinese companies, about stopping Chinese companies or delisting Chinese companies has been mischaracterised because of the political environment,” added McClory. “It's easy to fall into that trap.”

"A friend of mine who runs an investment bank that specialized in Chinese listings has been asking me when this would happen," said Bob Greifeld, former Nasdaq CEO, who previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016, in the IFLR story. "Shockingly, he was actually very happy with the Nasdaq move in that there is clarity and a bright line that he has to shoot for with respect to listings."

"Whether it hits the number of listings or not, at least it takes him out of the great unknown," he added. "The complaint was that he was selling listings into Nasdaq and it was opaque, while the exchange was contemplating these new rules all approvals slowed down."

"To be clear, he does agree that there is going to be a reduction in the number of new listings per se, but this is the most upbeat he has been in years," concluded Greifeld, currently the Chairman of Virtu Financial, Inc. (“VIRT” on Nasdaq), a leading provider of global, multi-asset, financial services and products across the complete investment cycle.

Dan McClory and Boustead’s Ada Niu in Beijing.

China IPOs

Seventy percent of Boustead Securities' underwriting clients in 2019 were Chinese. With offices in London and Beijing, Boustead is uniquely prepared to assist Chinese and US companies interested in:

  • London, US and China capital markets

  • The current market environment in mainland China

  • Opportunities for Chinese issuers internationally

  • IPO Underwriting and Sponsorship

  • Debt issuance

  • Special purpose acquisition companies (“SPACs”)

  • Accessing capital on the London Stock Exchange

Boustead & Company’s CEO Dan McClory, Boustead’s Beijing-based Director Ada Y. Niu and Boustead Capital Markets London-based Director David Peerless are available to advise and answer questions, and act immediately on behalf of qualified companies.


Dan McClory

Daniel J. McClory founded Boustead & Company Limited in 2016 and serves as Managing Director and Head of Equity Capital Markets and Head of China at Boustead Securities, LLC. He is based in Boustead’s Irvine, California offices. He previously held the same positions at Bonwick Capital Partners, LLC, Burnham Securities Inc. and at Hunter Wise Financial Group, LLC over the past 17 years. His teams have ranked in the Top Ten of league tables for placement agents, won 'Deal of the Year' at the M&A Advisor Awards, and completed IPOs and transactions for clients listed on NASDAQ, the NYSE, the London Stock Exchange, Toronto Stock Exchange, the Stock Exchange of Hong Kong, the Australian Securities Exchange, and the Irish Stock Exchange. Mr. McClory serves on the Boards of the USA Track & Field Foundation, the Eastern Michigan University Foundation, the American Savoy Foundation, and the Gen Next Foundation, where he listed the first-ever foreign-funded, venture philanthropy-backed IPO on Bovespa's Social Stock Exchange in Brazil. Mr. McClory earned a B.S. in English and a Masters in Language and International Trade from Eastern Michigan University, and in 2010 was awarded an honorary Doctor of Public Service degree from the school when he gave the Commencement Address. Contact Dan McClory Head of China & Equity Capital Markets (949) 233-7869

Bob Greifeld

Robert Greifeld, is a co-founder of North Island and Chairman of Virtu Financial, Inc. He previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016. During his tenure, Mr. Greifeld led Nasdaq through a series of complex, innovative acquisitions that extended the company’s footprint from a single U.S. equity exchange to a global exchange and technology solutions provider, nearly quadrupling revenue, growing annual operating profits by more than 24 times and achieving a market value of over $11 billion. Mr. Greifeld is a member of the Economic Club of New York and the NYU Stern Board of Overseers. He is Founder and Chairman of the USA Track & Field Foundation, which supports emerging athletes and inner-city youth athletics. Mr. Greifeld holds a Masters in Business from New York University, Stern School of Business, and a B.A. in English from Iona College. Source:


About Boustead & Company Limited

Boustead & Company Limited is a diversified and comprehensive non-bank financial institution with offices in Los Angeles, New York, San Francisco, London and Beijing that is rapidly expanding in growth markets throughout the US and Asia. Through its principals and fully licensed subsidiaries, Boustead & Company possesses rich experience and exceptional capabilities in capital markets deal execution and is dedicated to providing best-in-class one-stop financial services to clients. Boustead’s comprehensive financial services platform consists of four operating units: Boustead Securities, LLC a US-based FINRA Broker/Dealer and middle-market investment bank; Sutter Securities Group, Inc., which owns three FINRA-regulated entities, Sutter Securities, Inc., Sutter Securities Clearing, LLC and FlashFunders Funding Portal, LLC, along with Sutter Securities Financial Services, Inc. and fund manager Sutter Capital Management, Inc.; Boustead Capital Partners, LLC a California Registered Investment Advisor; and Boustead Capital Markets, LLP a London-based FCA-regulated company. For more information, please visit

About Boustead Securities, LLC

Boustead Securities, LLC (“Boustead”), a member of FINRA and SIPC, is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit

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