Nasdaq Stock Market has been granted greater discretion to reject IPO applications that pose a risk of manipulation. This new rule was immediately approved and implemented by the U.S. Securities and Exchange Commission (SEC) on Friday. The new rule authorizes Nasdaq to refuse company listings under the following circumstances: the company's business location does not cooperate with U.S. regulatory reviews; underwriters, brokers, lawyers, or auditing firms have been involved in problematic transactions; there are doubts about the integrity of management or major shareholders. This move aims to address the issue of a large number of small IPOs experiencing sharp price declines after listing in recent years. In the past year, half of Nasdaq's IPO fundraising amounts were less than $15 million, with most stock prices falling more than 35% within a year.