The National Equities Exchange and Quotations Company Limited ("NEEQ") has recently enacted and issued the Questions and Answers (I) on the Review of Listings on the Select Tier of the National Equities Exchange and Quotations (the "Q&A"), immediately effective from the date of issuance.
For the purpose of introducing some targeted requirements for the common issues related to the review of listings on the select tier, the Q&A provides further clarity on requirements for information disclosures and intermediary agencies' checks, which are aligned with those set out in the answers to several questions about initial public offerings and in the questions and answers on the review of listings on the SSE STAR Market and effectively linked to the rules for subsequent listings on another board. Comprising 28 articles, the Q&A touches upon three aspects as below. The first is about the conditions for listings on the select tier. Requirements for disclosure, verification and regulation in respect of market capitalization, research and development input, business stability and other conditions, are set out. The second is about issuers. Requirements for disclosure, verification and regulation in respect of the industry concerned, business, major assets, ownership of core technology, etc. are set out. And the third is related to some other common issues. Requirements for disclosure, verification and regulation in respect of the quality of financial information disclosures, peer competition, related-party transactions, commitments, among others, are set out.