By Wu Qing King & Wood Mallesons’ Commercial & Regulatory Group

Twu_qinghe environmental requirements for listing on the New Third Board are based on Article 2 Paragraph 2 of the Basic Standard Guidelines for Applying to List on the National Equities Exchange and Quotations System (for Trial Implementation) (hereafter the “Guidelines”). Paragraph 2 states “the company shall comply with laws, administrative regulations and rules, satisfying national industry policy and the requirements of environmental protection, quality and safety.” This, however, was not a clear enough guideline in practice and brokers tended to refer to IPO guidelines so the National Equities Exchange and Quotation Co. provided more detailed requirements in a newly published Q&A (hereafter the “NEEQ Q&A”). The NEEQ Q&A touches on five sub-stipulations that serve as both criteria and a checklist.

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