Research On Turning Board Listing System Of "NEEQ"

Focusing on the turning board listing system of National Equities Exchange andQuotations (NEEQ) throughout this paper and by adopting methods of comparison andsystem and empirical analysis as well, it deals with a general overview of the turning boardlisting system of NEEQ, and implementation system thereof and practical obstacles in China,and successful experience of overseas sophisticated capital markets, and establishment andenhancement of Chinese turning board listing system of NEEQ, respectively.Knowledge as of the turning board listing of NEEQ is a research basis in this article.Part one explores fundamental issues of the turning board listing of NEEQ, involvingfour categories. First and foremost, it begins with definition and practice of the turning boardsystem and then concept of the turning board listing system of NEEQ. Next it is devotedlargely to features of the turning board listing system of NEEQ and eventually demonstratesreasons of constructing thereof.Based upon part one, part two discusses history and practical barriers of the turningboard listing system of NEEQ in China. It is well-believed that the state of law only offersprovisions in respect of delisted and relisted requirements in Chinese capital market and thatapproval to relist is confined to enterprises relisting from mainboard, thus without anyinstitutional practice of the turning board listing system of NEEQ. Then, reasons of a lack ofinstitutional practices are analyzed and existing barriers, including the absence of rules andlow legal hierarchies in light of the turning board listing system of NEEQ, restrictions oflisting requirements specified in Securities Law,failure to separate issuance and IPO and theshortage of supporting systems, are pointed out.Part three specifically targets system experiences of overseas mature capital markets onthe basis of part two that China is confronted with realistic obstacles as to the establishment ofthe turning board listing system of NEEQ, and strives to import beneficial reference toovercome obstacles thereof. It follows that it is advisable to realize the well-operated turningboard listing system in capital market from five perspectives, i.e., knowledge of the overallmarket circumstances, systems of issuing and listing, requirements of the turning board listingand related procedural arrangements and designs, supporting systems and monitoringmechanisms.Part four suggests how to establish the Chinese turning board listing system of NEEQ, as far as the current development of the security market in China is concerned. It outlines waysof constructing the Chinese turning board listing system of NEEQ that contain perfection ofthe capital market structures, separation of issuance approval and listing verification,interpretation and revision of legal rules, provisions of the turning board listing requirements,corresponding systems, surveillance systems and delisting systems in terms of the turningboard listing companies.