On November 9, 2011 the U.S. Securities and Exchange Commission ("SEC") approved additional listing requirements proposed by the New York Stock Exchange ("NYSE"), NYSE Amex ("Amex") and the NASDAQ Stock Market ("NASDAQ") for companies going public through reverse mergers. The additional requirements are a response to the highly publicized cases of reverse merger abuses in recent months, in many cases involving the alleged accounting fraud of U.S.-listed Chinese companies.

Under the new requirements, a company will not be eligible for listing until it...