Group 1 - The core viewpoint of the articles highlights the successful implementation and ongoing development of the three-four board institutional docking mechanism in China, which has significantly enhanced cooperation with regional equity markets [2][3] - As of the end of 2025, the National Equities Exchange and Quotations (NEEQ) has signed green channel regulatory cooperation memorandums with 33 four-board markets, expanding its collaborative reach and demonstrating a significant regional radiation effect [2] - The green channel has become an important pathway for specialized and innovative enterprises to develop in a standardized manner, contributing to high-quality regional economic development and the cultivation of new productive forces [2] Group 2 - The number and quality of enterprises applying for the green channel have significantly improved, with 101 companies from 24 four-board markets eligible for the green channel mechanism in 2025, accounting for over 30% of the total applications for new three-board listings that year [2] - The efficiency of the listing review process has increased, allowing enterprises to experience an "acceleration" in the three-four board docking, with the average review cycle for green channel enterprises being significantly shorter than that of the overall new three-board listing review cycle [3] - Looking ahead, the NEEQ aims to further consolidate the achievements of the three-four board docking, enhance enterprise connection channels, enrich product systems, and strengthen regulatory collaboration to support the growth of quality small and medium-sized enterprises and contribute to regional economic development [3]

Core Insights - The National Equities Exchange and Quotations (NEEQ) has been enhancing cooperation with regional equity markets since the implementation of the three-four board system in 2023, resulting in significant progress by the end of 2025 [1][2] - The green channel has become a crucial pathway for specialized and innovative enterprises to develop in a standardized manner, contributing to high-quality regional economic development and the cultivation of new productive forces [1] Group 1 - By the end of 2025, NEEQ signed green channel regulatory cooperation memorandums with 33 four-board markets, expanding its collaborative reach significantly [1] - In 2025, 101 enterprises from 24 four-board markets utilized the green channel mechanism, accounting for over 30% of the total applications for listing on the New Third Board [1] Group 2 - The efficiency of the listing review process has improved, allowing enterprises to experience an "acceleration" in the three-four board connection, with average review cycles for green channel enterprises being significantly shorter than the overall review cycle for New Third Board listings [2] - Looking ahead, NEEQ aims to further enhance the three-four board connection, streamline enterprise access channels, enrich product systems, and strengthen regulatory collaboration to support the growth of quality small and medium-sized enterprises [2]