An inauguration ceremony for the National Equities Exchange and Quotations is held in Beijing, capital of China, Jan. 16, 2013. (Xinhua/Wan Xiang)
BEIJING, July 26 (Xinhua) -- China's Shanghai and Shenzhen stock exchanges unveiled detailed rules to facilitate implementation of the board-transfer of firms listed on the selected tier of China's "new third board", the National Equities Exchange and Quotations (NEEQ) on July 23, reported Xinhua-run Xinhua Finance recently.
The rules, released by Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE), were concrete measures to apply their trial rules publicized in February for the board-shift of NEEQ Select-listed firms to the former's sci-tech innovation board, better known as STAR Market and the latter's ChiNext market.
SSE's and SZSE's rules include respectively required content and format of reporting documents, application documents, and recommendation letters related to the board transfer of companies listed on NEEQ Select to STAR Market and ChiNext market.
Both of the rules are in line with the respective initial public offerings (IPO) rules on STAR market and ChiNext market to maintain consistency of related regulations and are adjusted for better adaptability.
Significance and pertinence of information disclosure are highlighted in the rules to provide more conveniences to investors.
As companies eligible for the board transfer shall list on NEEQ Select for more than one year, the rules simplify requirements on contents that have been publicly disclosed or reviewed by NEEQ Select-listed firms on the "new third board" to reduce their information disclosure costs.
For next step, the two bourses vowed to set up, pursuant to arrangement of China's securities regulator, mechanisms to interlink their regulation and supervision with NEEQ Co., Ltd., the operator of NEEQ, to press ahead with the board-transfer related work. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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