At present, most Internet companies in China are registered as offshore companies, such as the Cayman Islands, an international tax-free paradise. The first reason is to avoid taxes reasonably. These tax benefits are not available to domestic enterprises, and there are other benefits: 1, and international funds can be raised quickly. 2. Under the background of WTO, investing in Chinese mainland in the name of foreign capital, making joint ventures and shares, directly facing enterprises' participation in equity restructuring and asset merger and acquisition. 3. Under the background of economic globalization, in the name of foreign capital, we can quickly and conveniently finance international funds with international consortia and banks to realize asset mortgage discount and capital operation. 4. Not only can trade risks be avoided, but also offshore companies can be used to manage assets by trust, so as to realize the security and confidentiality of assets. 5. Directly control the property rights of domestic companies in the name of foreign capital, realize the transfer of assets and legally enjoy the treatment of foreign capital. 6. Directly registering an international trademark in the name of foreign capital is conducive to the rapid success of the brand. Nasdaq Stock Exchange, the full name of which is the National Association of Securities Dealers' Automatic Quotation, was established in Washington on 197 1. It is the first electronic stock market in the world and the fastest growing stock market in the United States, and now it has become the second largest stock exchange in the world after the new york Stock Exchange. Compared with traditional exchanges such as new york Stock Exchange, Nasdaq has many distinctive features. First of all, it uses modern information technology to establish an electronic trading system, which increases the transparency of transactions and creates a more level playing field. Now it has become the largest intangible trading market in the world. Moreover, due to the use of electronic transactions, the operating cost is lower than that of the traditional stock market. Since the establishment of 197 1, the cost of promoting stock trading in the United States has been greatly reduced. The relatively low cost of listing has also promoted the liquidity of the US capital market to be significantly enhanced, and the position of the global financial hegemon has become more stable. Secondly, the standard of stock listing is lower than that of traditional exchanges such as new york Stock Exchange and American Stock Exchange, which provides a capital market for high-risk and high-growth enterprises. In terms of asset requirements for listed companies, the minimum requirement for limited assets (total assets-debt-intangible assets) in Nasdaq national market is $6 million, while that in small market is $2 million, and now it is $4 million, while that in new york Stock Exchange is $654.38+0 billion. In terms of profit, listing on NASDAQ national market requires a pre-tax profit of $65.438 billion in the past three years, and the future sales and profits are predicted to be above 25%, but there is almost no requirement in small markets, while listing on NYSE requires a pre-tax profit of $65.438 billion in the past three years, and future profits should be considered. It can be seen that the Nasdaq market has good market adaptability and can adapt to the listing requirements of companies of different types, sizes and stages of development. In addition, the number of shares issued by foreign companies on NASDAQ has increased rapidly, which now exceeds the sum of new york Stock Exchange and American Stock Exchange. At present, there are about 5,500 companies listed on the Nasdaq market, including more than 3,900 in the national Nasdaq market and more than 400 in the small Nasdaq capital market. These enterprises are distributed in finance (accounting for 19%), science and technology (accounting for 18%), manufacturing (accounting for 15%), retail (accounting for1%), communication (accounting for 7%) and so on. At present, 93.6% listed companies in American software industry, 84.8% listed companies in semiconductor industry, 84.5% listed companies in computer and peripheral equipment industry, and 8 1.7% listed companies in communication industry are all listed on Nasdaq, and famous high-tech enterprises such as Microsoft, Intel, Yahoo, Apple, Dell and AOL are all listed on Nasdaq. At the same time, Toyota, Ericsson, Canon, NEC, British Reuters, Volvo and other well-known foreign companies also listed here, and China China also successfully landed on NASDAQ with 1999. The most typical example is Microsoft, which was listed on the Nasdaq market on 1986. At that time, its assets were only $2 million, which just reached the minimum threshold for the listing of Nasdaq's small-cap assets of $2 million. At the time of listing, its share price was 15 cents. By July, 1999, Microsoft's share price had exceeded 100, and its market value reached 500 billion dollars, surpassing GM and becoming the largest enterprise in the world. It can be seen that the Nasdaq market is not a second-board market in the general sense, nor is it a high-tech market. It can be understood as the best listing place for high-growth small and medium-sized enterprises and foreign-funded enterprises. In terms of market transactions, the trading volume of Nasdaq market increased at an average annual rate of over 100%. In 1994, the trading volume of Nasdaq market surpassed that of London and Tokyo Stock Exchanges, becoming the largest stock exchange in the world except new york Stock Exchange. In addition to trading volume and market value, Nasdaq market has surpassed new york Stock Exchange in the number of listed companies, the number of stocks traded and market performance. At the end of 1998, the total market value of Nasdaq was $2,645.792 billion, the average market value of listed companies was $520 million, the average share price was $2,865.438+04, and the average P/E ratio was 93.2 (NYSE 265.438+0 times in the same period). At present, 45% are held by institutional investors (close to new york Stock Exchange), 28% are individual investors, and the rest are indirectly held through mutual funds and pension plans. The rapid development of Nasdaq market also lies in its unique market maker system, which not only becomes the core of Nasdaq, but also is the main difference between Nasdaq and other stock markets. The so-called market maker, that is, the "market maker system", is that some independent stock dealers undertake the buying or selling of certain stocks for investors. Buyers and sellers don't have to wait for simultaneous appearance, as long as one party trades with the market maker. The reason why the market maker system is adopted is that the average market value of large and small companies listed on Nasdaq market, especially those listed on 1 10 in small capital market, is only $25 million, and the average share price is only $ 3. 15. If there are only 1 banker, the market price can be easily manipulated. At the same time, many listed companies were not well-known and had poor liquidity when they first went public. To this end, there must be more than two "market makers" to quote the stocks listed on Nasdaq, and the larger ones often reach 40-45, with an average of 12. According to the regulations, "market maker" must reach: 1, and adhere to the standards of record keeping and financial responsibility; 2. Preside over the buying and selling market continuously, and execute orders according to the quota when the price is optimal; 3. Issue two valid quotations: buy and sell; 4. Report the transaction within 90 seconds after the transaction is completed and make it public. In order to ensure active trading, market makers should provide research reports on trading stocks, find investors and provide suggestions in addition to undertaking funds to deal with trading. At present, Merrill Lynch, Goldman Sachs, Morgan Stanley and other famous securities companies are making market on Nasdaq. Market maker system helps companies listed on NASDAQ to raise their popularity, improve market liquidity and ensure uninterrupted market trading activities, which is especially important for stocks with low market value and few trading times. It also makes the transaction more transparent. With the participation of many market makers, the price of the same stock tends to be the same, so it has the function of finding the price. In addition, it has created a large number of institutional investors and enhanced the stability of the market. Nasdaq index is divided into Nasdaq composite index and Nasdaq 100 index. Nasdaq composite index includes all listed companies listed on Nasdaq, measured by market value; Nasdaq 100 Index selects 100 non-financial listed companies, reflecting the fastest growth of non-financial companies, requiring a market value of at least 5 million US dollars and an average daily trading volume of at least 654.38 million shares. 1993, Nasdaq 100 index is traded on the Chicago Board of Trade as a futures product. Nasdaq Stock Exchange has advantages that Shenzhen Stock Exchange does not have.