New Three Board Listed Companies Can Apply For Market Pfer Mode.

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< p > A- A+ market making pfer mode can improve stock liquidity, stabilize stock prices and solve the problem of stock pricing. < /p >

< p > July 3rd, the national share pfer system for small and medium-sized enterprises (commonly known as the new third board) officially issued the guidelines for the determination and change of the share pfer system of the National SME share pfer system (for Trial Implementation).

The guideline clearly states that listed company can apply for stock pfer by agreement or market pfer according to its own circumstances.

If a company listed on the share pfer system of the whole country intends to adopt the way of making market pfer, it shall apply for the change of the mode of stock pfer according to the provisions of the guidelines.

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< p > "at present, the pfer mode of the national share pfer system has been implemented, and the way of making market pfer is to be formally implemented in late August. Therefore, it is necessary to make clear the application of listed company stock pfer mode, the change of market share and the entry and exit of market makers, so as to stabilize market expectations and facilitate early preparations for all parties."

The head of the national share pfer system said.

The national share pfer system can streamline the process and improve efficiency as far as possible, and the related businesses can be completed within 2-3 pfer days.

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< p > the responsible person said, < a href= "//www.sjfzxm.com/news/index_s.asp" > stock < /a > adopting the way of making market pfer will bring the following three aspects to listed company: < /p >

< p > one is to improve stock liquidity.

Market makers, by fulfilling their bilateral offer obligations, provide investors with the price of stock trading and accept the investors' buying and selling requirements and act as liquidity providers to ensure continuous market pactions, thereby enhancing market liquidity. In the organized market making market, competitive quotations and stock promotion activities provided by multiple market makers can stimulate the interest of ordinary investors and attract more investors to enter the market and enhance the liquidity of the market.

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< p > two is to maintain the stability of stock prices.

Under the market maker system, market makers have continuous quotations and price spreads are limited. Market makers have strong motivation to maintain market stability for their own interests.

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< p > three is the problem of solving the problem of listed company stock pricing.

Market makers in order to improve market making earnings and enhance investors' interest in making market shares, generally have strong motivation to make an accurate valuation of stocks through in-depth investigation of listed company.

At the same time, the two-way quotation of market makers, especially the competitive quotations of many market makers, will stimulate market makers to continuously improve their research capabilities and reduce the bid price difference, so as to make the quotation as close as possible to the real price.

Market makers' value discovery of listed company will help solve the problem of pricing difficulties in the financing process, and improve the efficiency and success rate of financing.

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< p > according to the guidelines, when an enterprise applies for a stock to make a market pfer while listing, or a listed company applies for changing the way of stock pfer between the agreement and the market making, there are more than two market makers who are willing to offer quotation service for the listed company or make the market agree to withdraw from the market.

In the specific process design, in addition to requiring the application of the listed company or listed company to submit relevant applications, the market maker needs to make clear that he agrees to make the market or voluntarily withdraw from the market making opinion.

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< p > "from the perspective of practical operation, if the listed company, listed company and market makers are required to submit their applications separately in the process of determining and changing the share pfer mode, it is difficult to unify the application and approval time, and may cause confusion in management."

The above official said, therefore, the guidelines stipulate that under the above circumstances, the listed company should submit the relevant application to the national share pfer system company with the application of the application, and the market maker agrees to submit the application for making the market and withdraw from the market making as an application material.

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< p > "the national share pfer system adopts a competitive traditional market maker" a href= "//www.sjfzxm.com/news/index_q.asp" > system < /a >. Therefore, in the absence of two market makers, from the perspective of maintaining the competitive market maker system, the "guide" made an arrangement to suspend the pfer.

The person in charge said.

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