Detailed interpretation of some basic business rules of the New Third Board

Some of the business rules in the New OTC Market are relatively unfamiliar to us.。When do they take effect?，When does it begin，There should be many readers, including me, as well.。In order to enable everyone to continue to understand the relevant business rules of the New OTC Market，Hong Kong Information Communication-Collected some information and compiled it as follows，I believe that friends can understand the New Third Board more quickly。

one、Targeted financing

1. Issuance Category a. Requires Approval：After the company issues shares to specific objects, the total number of shareholders exceeds 200，And the cumulative financing amount from the issuance of stocks within 12 months is higher than or equal to 20% of the net assets。 b.Exemption approval：After the company issues shares to specific objects, the total number of shareholders does not exceed 200，Or the cumulative financing amount from the issuance of stocks within 12 months is less than 20% of the net assets。
2. Shelf issuance a. One-time approval，Issued in installments； b. From the date of approval，The first issue should be issued within 3 months，The remaining quantity should be issued within 12 months； c. Unissued after the validity period，It needs to be re-approved by the Securities Regulatory Commission before issuance.； d. The first issuance quantity should not be less than 50% of the total quantity，The number of remaining issuances will be determined by the company itself； e. Report the issuance status to the China Securities Regulatory Commission for filing within 5 working days after each issuance.。

two、Sales restriction arrangements a. The shares held directly or indirectly by the listed company’s controlling shareholders and actual controllers before listing will be lifted from transfer restrictions in three batches，The number of shares that are lifted from transfer restrictions in each batch is one-third of the shares held before listing.，The time when transfer restrictions are lifted is the date of listing.、Listing period expires one year and two years。

b. The controlling shareholder or actual controller directly or indirectly transferred the stocks held within 12 months before the listing.，The management of the stock shall be carried out in accordance with the provisions of the preceding paragraph.，Except for the initial market-making treasury stocks obtained by main-board securities firms for the purpose of carrying out market-making business.。 c. Due to judicial ruling、Changes in holders of shares with limited sales period due to inheritance or other reasons，Subsequent holders should continue to implement the stock sales restriction regulations。

three、Information disclosure rules

1. Periodic reports a. Annual report The annual report must be audited by an accounting firm with securities qualifications； b. Semi-annual report Except for special circumstances specified by the National Equities Exchange and Quotations，Semi-annual reports may not be audited； c. Quarterly report Quarterly report is prepared and disclosed voluntarily。
2. Temporary report Major events that may have a greater impact on the trading price of the listed company's securities occur，When investors have not yet learned，Quoted companies should immediately disclose in the form of interim reports，Explain the cause of the incident、Current status and possible impact。Mainly include：merge、Changes in controlling shareholder or actual controller、Major contingencies, etc.。
3. Other matters a. Unlocking of selling restrictions on shares； b. Pause、resume transfer； c. Termination of transfer； d. Directed capital increase should be disclosed in accordance with relevant business stock rules； e. A major asset reorganization occurs in the listed company、When matters such as mergers and acquisitions，The sponsoring securities firm should supervise and fulfill information disclosure obligations。 reason，If you need consultation, please add，Please note "New Third Board")

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