The national share transfer system implements the system of sponsoring brokers. After the company goes public, the sponsoring brokers still need to perform the obligation of continuous supervision. The share transfer system encourages listed companies to establish long-term, stable and continuous supervision relations with the sponsoring brokers. Both parties shall not terminate the continuous supervision relationship at will, except that the main board brokers are no longer engaged in sponsorship business or the shares of listed companies are terminated.
If the main board brokerage company and the listed company need to terminate the continuous supervision relationship for special reasons, both parties shall reach an agreement through consultation. If other sponsoring brokers are willing to undertake the supervision work, they shall report to the share transfer system in advance and explain the reasons. In today's operation process, listed companies and sponsoring securities firms that undertake regulatory matters should perform corresponding internal decision-making procedures.