At least 47 publicly traded companies listed on the New Third Board received cautions from the regulator for not releasing semi-annual reports on time without proper reasons last week, a severe breach of information disclosure rules, Yicai.com reported.

The New Third Board, also called the National Equities Exchange and Quotations, is the Chinese over-the-counter system for trading shares of public limited companies that are not listed on the Shanghai and Shenzhen stock exchanges.

As of August, 79 companies failed to release their semi-annual reports and were ordered to suspend trading on the New Third Board.

According to the report, 32 out of 79 companies provided reasonable explanations, while the remaining 47 firms could not offer sufficient explanations and received the caution letters.

Xi Geng, Chairman of the New Third Board, said they are building up a big data-based regulatory platform. It is going through internal testing and will be put into the market soon, he said.