China will reform its National Equities¹ Exchange and Quotations² (NEEQ), or the "new third board," to further promote the growth of small and medium-sized enterprises (SME).

 

中国将对全国中小企业股份转让系统，又称“新三板”，进行改革以进一步推动中小型企业的发展。

 

The country has outlined a series of reform measures to better orient the NEEQ to the needs and features of SMEs and support high-quality growth of the real economy, according to the China Securities Regulatory Commission.

 

NEEQ-listed companies will be stratified to sift³ out a group of best-performing ones that are treated with a differentiated⁴ system regarding trading, investors⁵' eligibility⁶, information disclosure and oversight⁷.

 

The reform will enable companies that have stayed in the best-performing group for a set period of time to be listed on the stock exchanges, as long as they meet public offering requirements, said the commission.

 

A diversified⁸ shares issuance system will also be introduced to help improve financing efficiency and lower cost for companies.

 

The government will tighten⁹ oversight and management to ensure the quality of listed companies and upgrade the market exit system to protect investors.

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