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On August 2nd, the New Third Board initiated the first round of network testing for the market-making business. “From 8:00 a.m. to 10:00 p.m., the technical team guided the entire process, and everyone worked together. It was an unforgettable Chinese Valentine’s Day,” said one participant. A Beijing-based brokerage official who took part in the test remarked that the event was intense but meaningful. He also mentioned that a second full-scale network test is scheduled for August 9. The market maker system is set to go live on August 25th, marking a significant milestone for the New Third Board. “We’ve been struggling over the years. What kind of life have we had with IPOs? Many securities firms are unable to collect continuous supervision fees this year. Companies with unpaid listing and refinancing fees, plus the high costs of upgrading brokerage systems for market makers—everyone is pushing forward regardless of cost because they believe in the future of market makers and the New Third Board,” the official explained. Despite the upcoming launch, the market maker system remains unfamiliar to many. “It’s still a new trading method. While many have heard of it, few have actually used it,” noted one expert. Cheng Xiaoming, Dean of Zhongguancun New Third Board College, emphasized that the success of market makers depends on how the market perceives its nature and profit model. “Many listed companies haven’t fully grasped the relationship between themselves and market makers, viewing them just as brokers or exchanges. Some brokers are still applying direct investment thinking, which is a misunderstanding of the concept,” he said. This lack of understanding may lead to a polarization among securities firms, with only the most professional ones thriving. “The gap in expertise will definitely create a divide among brokerages in the New Third Board space,” Cheng warned. As of July 30, 66 sponsoring securities firms had submitted applications for market-making preparation, with 46 obtaining approval. Major brokerages have already started gearing up, each placing their market-making operations under different departments. For example, CITIC Securities has assigned it to the Derivatives Department, while China Merchants Securities has created a dedicated market-making department. Dongguan Securities reported that they are following the guidelines of the National Share Transfer System. “Our listed companies are more active in making market transfers, but their understanding of the system is still limited. We have prepared 2-3 companies to adopt the market transfer method,” said a company representative. Ping An Securities stated that they are promoting OTC business through both the OTC team and investment bank account managers. As of July, they had listed about 10 companies on the New Third Board and signed around 70 projects. Guoxin Securities’ head of the New Third Board noted that 5-6 companies are currently interested in becoming market makers. “We value comprehensive capabilities, valuation, and growth, but there are no fixed rules regarding profitability,” he said. Although some brokers claim no hard requirements on operating profits, many still prioritize profitability when selecting companies. One Beijing-based broker emphasized, “We don’t want to sell rotten cabbage. We want to choose the best dishes to build a good reputation.” However, Cheng Xiaoming criticized this mindset, stating that it confuses the true purpose of market makers. “Market makers act as intermediaries, guiding investors toward value. Equating it with self-trading or direct investment is a misunderstanding,” he said. The question remains: Are listed companies ready for the market maker system? According to data, 40 companies have initiated internal procedures for stock transfers. But many are still unclear about what market making entails. “Some companies are blindly rushing in, thinking they must follow trends. We’ve even turned down some who just wanted us to make a market for them,” said one broker. Cheng added that only 20% of companies have found two brokers to act as market makers, while 80% are still unsure. “They aren’t inactive—they just don’t know how to be. Once they understand, they may face challenges due to brokers’ selection criteria,” he said. One company, Xingzhu Information, has taken the lead by becoming the first to select market makers. “We didn’t expect to be the first, but we decided to go with the market-making approach early on,” said Zhao Xingling, the company’s director. Xingzhu Information’s strong financial performance—net profit of 27.52 million yuan in 2013—shows that market makers often look for solid, profitable companies. Meanwhile, the New Third Board continues to face uncertainties. On August 1st, the CSRC announced plans to improve the GEM and create a separate tier to support unprofitable Internet and high-tech companies after one year on the New Third Board. This move sparked debate, with many questioning how such a transition would work without a clear pricing mechanism. The share transfer company confirmed that while the policy is important, no specific implementation rules have been released yet. Brokers are still navigating the system, with many admitting they are “crossing the river by feeling the stones.” “There’s no real implementation framework yet. Brokers need to prepare thoroughly before the system goes live,” said a market manager from a major firm. Lu Xiande, a broker, warned that the biggest risk for market makers is whether others are willing to trade with them. “If no one trades, you end up with inventory. The price formation process is still unclear,” he said. As the market maker system approaches, the New Third Board stands at a critical crossroads, with opportunities and risks ahead for all participants.

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