Shang Fulin, Chairman of China Securities Regulatory Commission, said at the 201National Conference on Securities and Futures Supervision that one of the key tasks this year is to start Zhongguancun to expand the pilot scope and accelerate the construction of the national unified supervision over-the-counter market. The expansion of the "New Third Board" will be included in the 20 1 1 work plan, and the expansion of the "New Third Board" will be manifested in the following aspects:

(1) expansion of the park

Continue to rely on state-level high-tech parks, and gradually expand the scope of the "New Third Board" from Zhongguancun Park to all high-tech parks in the country, and control the pace in the process of expansion to achieve steady progress in stages and batches.

Enterprise expansion

Breaking through the restrictions of high-tech parks and taking the quality of enterprises as the standard, as long as enterprises meet certain standards, they can be listed on the "New Third Board", thus expanding the scope of the "New Third Board" to high-tech enterprises across the country and even all high-quality unlisted enterprises.

(C) the adjustment of the trading system

In the trading system, the market maker system will be introduced simultaneously. The first batch of pilot market makers will give priority to securities companies with the qualification of agency system custody, and recommend at least one company to go public.

The so-called market maker refers to a franchisor who continuously announces the buying or selling price of a security to public investors on the basis of its own funds and is ready to buy or sell a security to public investors at this price at any time. Market makers keep buying and selling to ensure the liquidity of the market and earn the profit of bid-ask spread. The market maker system was first established by NASDAQ in the United States in 197 1 year. After nearly 40 years of development, it has become the mainstream trading system in the global growth enterprise market.

(4) investors

In terms of investor qualification, individual investors who meet the relevant requirements of investor suitability management in the New Third Board market can enter the New Third Board market to participate in the quotation transfer transaction, and the minimum trading unit is expected to be split from the previous 30,000 shares to 1 1,000 shares. The entry threshold can learn from the standards of qualified investors in GEM and stock index futures, and consider drawing up with reference to "2-year stock age and 500,000 funds";

(V) Adjusting the supervision mechanism

After the expansion, the regulatory power of the "New Third Board" will be uniformly managed by the CSRC, and its relevant rules and regulations will be uniformly formulated, promulgated and implemented at the CSRC level;

(VI) Adjustment of filing system

At present, the filing system is the core of the "New Third Board". In the future, it is planned to adopt a "registration system" for the issuance of the "New Third Board". The local government conducts qualification examination on the enterprises to be listed, the main board brokers conduct due diligence and recommendation, and the China Securities Association implements self-discipline management. It can be issued after being filed by the relevant departments of the CSRC;

(7) Transfer system

In other words, eligible "New Third Board" companies will have a green channel when they transfer to GEM. Enterprises that transfer to GEM will only transfer their shares to the main board or GEM for listing, instead of incremental issuance. Therefore, it is not necessary to go through the trial meeting and go public directly through the exchange. After the establishment of the green channel in the future, it will greatly accelerate the pace of the New Third Board Company landing on the main board or the Growth Enterprise Market.