Brush up on the new conditions before trying to list on the NEEQ

At this year’s National Securities and Futures Regulatory Conference, the then incumbent chairman of the China Securities Regulatory Commission (CSRC), Guo Shuqing, mentioned 10 key tasks in reform and regulation for this year, one being acceleration of the development of multi-faceted capital markets, and expansion of the scope of the pilot “new third board” projects.

The ceremony for the unveiling of the National Equities Exchange and Quotations (NEEQ) was held on 16 January 2013. The NEEQ is a national securities exchange, the establishment of which was approved by the State Council. At present, there are four “new third board” parks: Beijing Zhongguancun science park; Shanghai Zhangjiang high-tech industrial development zone; Tianjin Binhai high-tech industrial development zone and the Wuhan East Lake high-tech development zone.

With a view to overseeing National Equities Exchange and Quotations Ltd (NEEQL) and non-listed public companies, the CSRC has issued such regulations as the Management of National Equities Exchange and Quotations Ltd Interim Measures, and the Measures for the Oversight of Non-Listed Public Companies, which, together with the Business Regulations for National Equities Exchange and Quotations (for Trial Implementation), and the Rules for Information Disclosure by Companies Listed on National Equities Exchange and Quotations, issued by NEEQL, constitute the framework of compliance guidance documents for the NEEQ.

Fang Dengfa is a partner and Song Wen is an associate at Zhonglun W&D Law Firm in Beijing