The business rules for the National Small and Medium-sized Enterprise (SME) Share Transfer System, the new third board, were unveiled on 8 February 2013 following the China Securities Regulatory Commission’s promulgation of the Measures Governing the Supervision of Non-listed Public Companies last year. Under the new rules: companies applying for a listing on the new third board are extended to include non-high-tech companies; there are no restrictions on corporate
ownership; the number of shareholders of a non-listed public company can be over 200; and each lot size can be split into 1,000 shares as a starting point for trading. Market makers are also introduced, investment is opened to natural persons, and licensed companies can make secondary offerings or private placements.
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Quan Zhaohui is a senior partner of ETR Law Firm. Telephone: +86 130 0517 0192; Email: qzh@gxlawyers.com
Zhao Jianfa is a partner of ETR Law Firm. Telephone: +86 138 2510 6007; Email: zhaojianfa@gxlawyers.com
Jia Haixia is a partner of ETR Law Firm. Telephone: +86 139 0305 9805; Email: jiahaixia@gxlawyers.com
