Recently, the share transfer system announced that the “Strategic Management Measures for Listed Companies of the National SME Share Transfer System (Trial)” was officially released and implemented. According to the announcement, since June 27, 2016, the national share transfer company officially implemented hierarchical management of listed companies.

According to the announcement, from the 27th, the application listing company that has not been officially listed can apply to enter the innovation layer in accordance with the provisions of the “Strategic Management Measures”. The specific requirements for applying for entry into the innovation layer, the operational procedures, and the application for listing at the same time will be separately issued.

The tiered system of the New Third Board market has always been the focus of the market and is regarded as a major institutional reform of the New Third Board. On November 24 last year, the stock transfer system issued the “Stratification Plan for Listed Companies in the National Stock Transfer System”, proposing standards for dividing the innovation layer and the base layer. The officially issued "Strategic Management Measures" consists of 4 chapters and 19 articles, including general rules, tiered standards and maintenance standards, tiering and adjustment, and supplementary rules. Compared with the previously issued programs, the Stratified Management Measures further Optimized and clarified tiering standards.

Yuan Ji, general manager of Guangzheng Hangsheng, told the Nanfang Daily that after the implementation of the tiered system, the differentiation of the new three board market will be further evident, and there will be a very large gap between the listed companies. In the future, the market mechanism of the New Third Board will be continuously improved. There will be a delisting system to eliminate enterprises that do not meet the development of the new three board market. The future new three board market will be a healthier and more dynamic ecological environment.

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