The National Equities Exchange and Quotations (NEEQ), more commonly known as the New Third Board, was piloted in 2006 and formally inaugurated in January 2013 as the third national equity trading venue in the People’s Republic of China (with the first two venues being the Shanghai Stock Exchange and the Shenzhen Stock Exchange). According to the Chinese State Council, the New Third Board is specifically an over-the-counter (OTC) market for non-publicly listed companies that is intended to provide innovative small- and medium-sized enterprises with an accessible, low-cost source of financing. This is reflected by the NEEQ’s Chinese name, which translates to “national small- and medium-sized enterprise share transfer system”.

As of September 3rd, 2021, there were 7,299 companies listed on the New Third Board. Cumulative turnover from the start of the year to September 3rd, 2021, was RMB101 billion (approximately US$15.7 billion).