The China Securities Regulatory Commission released the first management method for the newly launched national over-the-counter equity transfer system for non-listed small and medium-sized enterprises on the weekend.

The National Equities Exchange and Quotations Co Ltd, located in Beijing, is the operation management institution of the new trading platform, under the supervision of the CSRC.

Equity trading on the so-call "third board" can use a market-maker mechanism or come to a mutual agreement. It can also trade through a price bidding system, according to an official from the CSRC.

The number of stockholders in one non-listed small and medium-sized enterprises in the OTC market can be more than 200, he said.

Securities companies can provide business, including recommending qualified enterprises, to list on the OTC market, acting trading equities for investors and offer market-maker services under the new regulation.

"This will be the legal basis to transfer the previous regional off-exchange markets into a national unified system," the CSRC official said.

The national OTC market launch on Jan 16 in Beijing was based on the pilot programs set up in the Zhangjiang High-tech Industrial Development Zone in Shanghai, the East Lake High-Tech Development Zone in Wuhan, and Tianjin's Binhai High-Tech Industrial Development Area.