NEEQ to introduce price bidding

The National Equities Exchange and Quotations, China's national over-the-counter share trading market, will introduce a price-bidding mechanism to streamline its trading system, a senior executive of the market said Friday.

Investors will have five time slots each trading day to bid prices for shares traded in the innovative segment of the NEEQ market, while shares listed on the basic tier can be bought and sold through aggregated price bidding at 3 pm each trading day, according to Li Ming, general manger of the Beijing-based trading market.

The electronic share trading system, better known as the "new third board", is currently operated under the market maker system through which a market maker, usually a securities firm, quotes a buy and sell price of the shares.

The NEEQ market will also adjust the requirements on profitability, revenue and shareholder number for listing on the innovative segment. Li said the move was to encourage more good-quality innovative companies to float shares in the market.

lixiang@chinadaily.com.cn