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).
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.
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.
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.