Some people say, never compare yourself to Nasdaq, it’s easy to attract criticism. Their listing rules are open and transparent, and both the requirements and compliance standards are the strictest in the world. If this were true, then the stock-pushing parks in the Philippines, the dramatic Southeast Asian pig-butchering scams, and the countless fraudulent Chinese concept stocks wouldn’t exist at all. If I hadn’t worked firsthand on listing businesses in developed countries, I might have actually believed it. Nasdaq and the so-called registration-based listing systems in developed countries are just a slightly different version of Shandong-style learning.