What kind of listed company is the New Third Board?

The New Third Board is not a listed company. The shares of listed companies are publicly traded on the stock exchange, and the information disclosure is more stringent. In the equity transfer system of small and medium-sized enterprises in the New Third Board, the shares of enterprises are not publicly issued or sold.

legal ground

Article 120 of the Company Law of People's Republic of China (PRC)

A listed company as mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on a stock exchange.

Article 125

The capital of a joint stock limited company is divided into shares, and the amount of each share is equal. The shares of the company take the form of shares. A stock is a certificate issued by a company to prove the shares held by shareholders.

Article 144

The shares of listed companies shall be listed and traded in accordance with relevant laws, administrative regulations and trading rules of stock exchanges.

Article 145

A listed company must disclose its financial status, business operations and major lawsuits in accordance with the provisions of laws and administrative regulations, and publish its financial and accounting reports every six months in each fiscal year.