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Chongqing's First Company Listed on China's NEEQ Through Green Channel

By KENNY DONG|Jan 31,2024

Chongqing - The Chongqing Share Transfer Center recently declared the successful listing of Chongqing Spring Technology Co., Ltd. on the National Equities Exchange and Quotations (NEEQ) via the “Yugutong” green channel.

Having the first local company to be listed on the NEEQ Company, Chongqing made a breakthrough in local financial optimization. (Photo/Bridging News)

In just over 30 trading days, nearly twice as fast as in previous cases, Chongqing Spring Technology Co., Ltd. received approval to list on the “new third board” on January 19, 2024, through the financial administration’s green channel. This swift process, a first for a Chongqing company, has garnered attention as a prime example of regional financing optimization.

The “Yugutong” green channel is a fast-track review process specifically designed for niche companies listed in the Chongqing regional market. According to the Ministry of Industry and Information Technology, those companies are called “Specialized and Innovative Enterprises” companies. The green channel offers special support measures such as pre-application consultation, priority handling, and rapid review, aiming to improve the efficiency of NEEQ listing applications.

Chongqing Spring Technology Co., Ltd. specializes in the research and development, production and sales of automotive thermal system plastic parts and corresponding molds, focusing on deep-processed products made from lightweight thermoplastic composite materials, a key product in the strategic emerging automotive industry.

To facilitate efficient and accessible financing and deliver quality financial services, the NEEQ introduced guidelines on August 4, 2023, for regional equity market-listed companies to apply for NEEQ listing via public review and a green channel. On October 20, the Chongqing Share Transfer Center and the NEEQ signed a memorandum, positioning Chongqing as a pioneer in adopting these streamlined processes and establishing a direct pathway for local companies to transition to the NEEQ market.

The National Equities Exchange and Quotations, also known as “the new third board,” is similar to an Over-the-Counter market in China, which was established in 2012 under the supervision of the China Securities Regulatory Commission. It aims to address the financing challenges faced by small, medium-sized, and micro enterprises in China by providing them with financing channels and promoting the growth of innovative companies. 

Listing on “the new third board” allows eligible domestic stock companies to apply for listing on the national stock transfer system through their sponsoring securities firms, enabling them to engage in public equity transfers and conduct equity financing, debt financing, and asset restructuring.

The regional equity market, exemplified by the Chongqing Share Transfer Center, caters to small, medium-sized, and micro enterprises within its provincial region. Known as “the fourth board,” this private equity market offers equity, debt transfer, and financing services. Prior to its NEEQ Company listing efforts, Chongqing Spring Technology Co., Ltd. was actively involved in this local equity market.

(Fan Hongyi, as an intern, also contributed to this report)


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