From January to March 2020, the China Securities Regulatory Commission successively issued the "Guidelines for Publicly Offered Securities Investment Funds to Invest in Stocks Listed on the National Equities Exchange and Quotations" and the "China Securities Regulatory Commission on the Listing of National Equities Exchange and Quotations" "Guiding Opinions on Company Transfer and Listing" officially opened the channel between the New Third Board and the Main Board. Since then, the opportunities of the New Third Board have really begun to appear. So, how to trade on the New Third Board? Is it profitable to launch new products on the New OTC Market? How to participate in the New OTC Market? Waiting becomes the first problem that investors must face.
To activate the New Third Board authority, you only need to apply at the securities firm where you opened an account. According to the new regulations on the New Third Board layered reform, the conditions for individuals to open the New Third Board have been adjusted. The specific conditions are as follows:
1. To participate in the issuance and trading of stocks at different levels, it is necessary to meet the requirements that the assets of the securities account and capital account in the 10 trading days before the application authority is opened shall not be less than the following scale (excluding funds and securities financed through margin trading), and the The source of assets shall not be in the form of advance capital, etc.
①Trading permissions for Category I qualified investors
(can participate in the issuance and trading of stocks in the selected layer, innovation layer, and basic layer): average daily assets shall not be less than RMB 2 million.
②Trading permissions for Category II qualified investors
(can participate in the issuance and trading of selected and innovative stocks): average daily assets shall not be less than RMB 1.5 million;
③Three types of qualified investors trading permissions
(can only participate in the issuance and trading of selected stocks): average daily assets of not less than RMB 1 million;
II . Have more than 2 years of investment experience in securities, funds, and futures, or have more than 2 years of experience in financial product design, investment, risk management, and related work, or have experience as a senior manager of a relevant financial institution.
The key criterion is that it has been reduced from the previous 5 million to 1 million, that is, only those with more than 2 years and assets of no less than 1 million can open the New Third Board and the transaction selection layer.
New Third Board trading rules:
On March 30, 2020, the "National Small and Medium-sized Enterprises Equities Exchange and Quotations System Stock Trading Rules" were fully implemented to improve market liquidity and promote price discovery. , while lowering the threshold for investors, the New OTC Market focuses on layered management. The basic layer and the innovative layer continue to use the previous market maker system, but the frequency of call auctions has greatly increased.
The focus of this reform is on the selected layer. The trading rules of the selected layer are the same as those of the main board, using the opening and closing call auction plus intraday continuous bidding, except that the increase or decrease is limited to 30%. , and a dynamic declaration effective price range of 5% above and below the benchmark price was added, and the minimum declaration quantity for individual investors was adjusted from 1,000 shares to 100 shares, corresponding to the main board.