On May 17, 2013, Shanghai Figure IT Co Ltd, advised by AllBright, was successfully listed on the National Equities Exchange and Quotations (NEEQ) as one of the first seven companies to become listed on the exchange since its new rules were implemented on February 8.

The listings mark the latest development of the New Third Board, which allows investors to trade equities of non-public companies, most of which are high-tech startups. The New Third Board is an essential component of a multilevel capital market that regulators have vowed to build.

The New Third Board is at the center of China’s endeavors to develop over-the-counter markets that supplement the Shanghai and Shenzhen stock exchanges.

AllBright has been quite active in offering professional legal services on the Board. AllBright Associates Tiger Wang and Yuki Wang advised Shanghai Figure IT with professional legal services.