BEIJING -- China issued a guideline to boost share transfer system for small- and medium-sized enterprises (SMEs), the Securities Regulatory Commission (CSRC) said on Friday.
The guideline called for the transferring of companies listed on the New Third Board, an over-the-counter market for SMEs, to the ChiNext Index, China's NASDAQ-style board of growth enterprises.
To enhance financing, China will improve the stock issuance system and ease control over shareholders.
Listed securities will be open to public investment, while the existing transaction system will be improved, to attract different investors, the CSRC said.
Securities companies are encouraged to foster all-round services in accordance with the state-level share transfer system, and establish subsidiaries for share transfers.
The guideline also stressed risk control, a market-oriented exit mechanism and stronger supervision with stricter punishment for fraud, false disclosure, insider trading and market manipulation.
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