Does the New Third Board Company need to withdraw from the market first for cancellation?

The delisting of the New Third Board means that the listed companies of the New Third Board stop trading for some reason and break away from the operation of the operating system of the New Third Board. The delisting operation is as follows:

1. First, the shareholders' meeting of the listed company decided to take the initiative to apply for the termination of listing of its shares in the national share transfer system for small and medium-sized enterprises.

2. Secondly, the China Securities Regulatory Commission approved its public offering and listing on the stock exchange, or the stock exchange approved its listing.

3. Then the shareholders' meeting of the listed company decides to dissolve.

4. Finally, the listed company is no longer qualified as an independent entity due to the new merger or absorption merger and is cancelled.