Key Interpretations of the New OTC Market - Stock Transfer

motherboard、Small and medium board、The GEM stock transfer method is mainly centralized bidding transactions.，The NEEQ stock transfer method is by agreement.、Bid transfer、market making transfer。The specific transfer method shall be chosen by the listed company.。one、Agreement transfer

1. Entrustment method: investor entrustment is divided into intention entrustment、Pricing orders and transaction confirmation orders。
2. Declaration time: The time when the trading host accepts declarations is 9 of each transfer day.:15to 11:
3. 13:00to 15:00。
4. Closing time 9 of each transfer day:30to 11：
5. 13:30to 15:00The transaction confirmation time for the agreement transfer。
6. Stocks whose opening prices are transferred by agreement，The opening price is the first transaction price of the stock on the day。
7. Stocks whose closing prices are transferred by agreement，The volume-weighted average price of the last 30 minutes of transfer time on the day is the closing price of the day.。There is no transaction in the last 30 minutes of transfer time，The volume-weighted average price of the day is the closing price of the day.。No transaction on the day，The previous closing price is the closing price of the current day。

two、Bid transfer

1. Order method limit order
2. Bidding method collective bidding、continuous bidding
3. Declaration The National Equities Exchange and Quotations system accepts price limit declarations from main board securities firms on September 9 of each transfer day.:15to 11:
4. 13:30to 15:00。9 of each transfer date:20to 9:
5. 14:55to 15:00，The trading host does not accept revocation declarations；During other times when declarations are accepted，Uncompleted declarations can be canceled。

9 per transfer day:25to 9:30，The trading host only accepts declarations，However, no transaction orders or cancellation orders will be processed.。

1. Trading hours 9:15to 9:25The opening call auction time，9:30to 11:
2. 13:00to 14:55is the continuous bidding time，14:55to 15:00The closing call auction time。
3. Declaration price The National Equities Exchange and Quotations sets an effective price range for declarations。

The effective price range for declarations in the opening call auction is within 20% of the previous closing price.。continuous bidding、The effective price range for closing call auction declarations is within 20% of the latest transaction price.；No transaction on the day，The effective price range for declaration is within 20% of the previous closing price.。6、Stocks whose opening price adopts bidding transfer method，The opening price is the first transaction price of the stock on the day。

The opening price is generated through collective bidding.，Cannot be generated through collective bidding，Produced by continuous bidding。7、Stocks whose closing price adopts bidding transfer method，The closing price is generated through call auction。The closing call auction cannot produce a closing price or the closing call auction is not conducted，The last transaction price on the transfer day is the closing price.。No transaction on the day，The previous closing price is the closing price of the current day。

three、Market making transfer 1、General provisions a. Stocks are transferred through market making，There should be more than two market makers providing market making and quotation services.。b. The company’s shares that are applied for listing are to be transferred through market making.，One of the market makers should be the sponsoring brokerage firm that recommends its stock for listing or the parent (subsidiary) company of the sponsoring brokerage firm.。c. Under market making transfer mode，No transactions can be concluded between investors。

d. Stocks that adopt market-making transfer methods，There are less than 2 market makers making markets for it，and fails to restore to more than 2 market makers within 30 transfer days，If the listed company fails to apply for a change in the stock transfer method as required,，The transfer method will be forcibly changed to the agreement transfer method.。

1. Entrustment method: Investors can entrust main board brokers to buy and sell stocks using price limit entrustment method.。
2. Declaration method National Equities Exchange and Quotations accepts price limit declarations from main board securities firms、Market making declaration of market maker；between limit orders、No transaction can be completed between market making declarations。
3. Declaration time National Equities Exchange and Quotations accept limit price declarations、The time for market making declaration is 9 of each transfer day:15to 11:
4. 13:00to 15:00。National Equities Exchange and Quotations can adjust the time for accepting declarations。
5. Every time a bid-ask spread market maker submits a market-making declaration, it must include both the buying price and the selling price.，And the relative buying and selling price difference shall not exceed 5%。The formula for calculating the relative bid-ask spread is：Relative bid-ask spread = (selling price - buying price) / selling price * 100%，The difference between the selling price and the buying price is equal to the minimum price change unit，Not restricted by the preceding paragraph。
6. Closing time 9 of each transfer day:30to 11:
7. 13:00to 15:00For market making, transfer and matching time, the time for market makers to provide two-way quotations on each transfer day should be no less than 75% of the market making, transfer and matching time.。
8. Quotation Obligations a. The market maker shall no later than 9:30Start publishing two-way quotes for buying and selling，Fulfill market making quotation obligations。

b. When the market maker holds less than 1,000 shares of treasury stock，Can be exempted from the obligation to perform sell quotations。c. When a single market maker holds treasury stocks reaching 20% ​​of the total share capital of the listed company，Can be exempted from the obligation to fulfill the purchase quotation。

1. Stocks that adopt the market-making transfer method when the number of market-making shares is listed，The initial market maker should obtain a total of no less than 5% of the total share capital of the listed company or 1 million shares (whichever is lower)，And each market maker has no less than 100,000 shares of market-making treasury stock.。
2. Treasury Stock Treasury Stock Sources：Shareholders transfer before listing；stock issuance；Buy on the National Equities Exchange and Quotations；other legal methods。
3. Transfers between market makers a. Stock transfers between market makers for the purpose of adjusting treasury stocks, etc.，It can be done through mutual reporting and transaction confirmation declaration.。b. The time for transaction confirmation is 15 days of each transfer day:00to 15:30。c. Transfer of stocks between market makers，Its transaction price should be the highest of the stock on that day、between the lowest transaction prices；No transaction on the day，The transaction price shall not be higher than 110% of the previous closing price and not lower than 90% of the previous closing price.。

d. Stocks purchased by market makers from other market makers on the same day，No selling is allowed on the day of purchase。11、market making time

Require

Stocks that adopt market-making transfer methods when listed，Subsequent market makers must wait for the stock to be listed for 3 months before they can provide market making quotation services.。Stocks that adopt market-making transfer methods，Market makers that subsequently join should apply to National Equities Exchange and Quotations.。

Stocks that adopt the market-making transfer method when listed and stocks that are changed from other transfer methods to market-making transfer methods，Its initial market maker has been making markets for stocks for less than 6 months，Not allowed to exit from making a market for this stock。Subsequently added market makers have been making markets for stocks for less than 3 months，Not allowed to exit from making a market for this stock。

1. Market making is terminated when the following circumstances occur:，Market makers automatically terminate market making of relevant stocks：a. The stock is delisted；b. The transfer method of the stock was changed due to the withdrawal of other market makers, resulting in less than 2 market makers.；c. Market makers are suspended、Terminate the market making business or be prohibited from making markets for the stock；d. Other circumstances determined by the National Equities Exchange and Quotations Company。

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