Brokerages Move to End NEEQ Sponsorship Deals as Fee Arrears Rise

Several brokerages have recently moved to terminate continuous supervision (sponsorship) agreements on China’s National Equities Exchange and Quotations (NEEQ), amid a wave of contract cancellations, according to Jiemian News. Northeast Securities said in a June 26 filing that it plans to end its supervision relationship with Tiancheng Yuantong (871875.NQ) after the company failed to pay supervision fees for six consecutive years; the brokerage said it has issued three written payment demands since signing the agreement in 2017 and that the conditions for unilateral termination have been met. Kaiyuan Securities also announced it would terminate its agreement with Borui Biotech (872404.NQ), citing two years of fee arrears. Jiemian News reported Borui Biotech’s bank accounts have been judicially frozen due to financing-related debt disputes, its 2025 annual report received a qualified audit opinion, and its revenue fell 37.14% year-on-year while net profit turned to a loss. Public information from the NEEQ showed that since the start of 2026, 11 listed companies have received unilateral termination notices from their sponsoring brokerages. Under revised 2020 NEEQ rules, companies that lose a sponsor and fail to find a new one within three months may be forced to delist.