The third board market, initially known as the share transfer system, officially opened on 16 July 2001. At the time, the “New Third Board” market referred to the pilot project where unlisted joint stock limited companies in Zhongguancun Science Park entered the share transfer system to carry out transfers.
In 2012, expansion of the New Third Board was approved by the State Council. To the original pilot Zhongguancun Science Park were added the Shanghai Zhangjiang High-tech Industrial Development Zone, East Lake High-tech Zone and Tianjin Binhai Hi-tech Industrial Development Park.
On 11 October 2012, the China Securities Regulatory Commission (CSRC) formally issued the Measures for the Regulation of Unlisted Public Companies, which were followed by a series of complementary measures, or new regulations. On 16 January 2013, the National Equities Exchange and Quotations (NEEQ, or New Third Board) was established.
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Cao Chunfen is a partner at Zhonglun W&D Law Firm and head of the firm’s Trust and Asset Securitisation Practice
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