According to the "Implementation Measures for Self-regulatory Measures and Disciplinary Actions of the National Small and Medium-sized Enterprises Share Transfer System (Trial)", if a listed company on the New Third Board has been subjected to self-regulatory measures or disciplinary actions for many times due to violations in 1 year, the national share transfer system may restrict it from handling business such as changing the transfer mode, issuing financing, mergers and acquisitions, etc. In addition, the national share transfer system regularly announces the implementation of self-regulatory measures and disciplinary actions of self-regulatory targets in official website, and files them with the China Securities Regulatory Commission.

The "Securities Daily" reporter learned that the capital market integrity file includes information on issuers, listed companies, New Third Board listed companies and their directors, major shareholders and actual controllers. According to the Interim Measures for the Supervision and Administration of Integrity in the Securities and Futures Market, the validity period of illegal and untrustworthy information such as disciplinary measures implemented by industry organizations in the securities and futures market is 3 years, but the validity period of information that bears greater civil liability for infringement and breach of contract due to administrative punishment, market ban, criminal punishment and judgment is 5 years.

"Even if the above-mentioned undisclosed annual report companies withdraw from the market and declare IPOs, the self-regulatory measures for the NEEQ listed companies and their directors to be issued with warning letters should also be affected."