1. main board: the main board market, also known as the first board market, refers to the traditional securities market (usually the stock market) and is the main place for securities issuance, listing and trading in a country or region.
2. Small and medium-sized board: Small and medium-sized board, that is, small and medium-sized enterprise board, refers to the entrepreneurial board with a circulation scale of about 654.38 billion yuan or less. Small and medium-sized board is relative to the main board market. Some enterprises can't meet the requirements of the main board market and can only be listed in the small and medium-sized board market.
3. Growth Enterprise Market: Growth Enterprise Market, also known as the second board market, is a kind of securities market different from the main board market. It aims to provide financing channels and growth space for entrepreneurial enterprises, small and medium-sized enterprises and high-tech industrial enterprises that need financing development.
4. New Third Board: The new third board market originally refers to the unlisted joint-stock companies in Zhongguancun Science Park entering the agency share system for transfer pilot. Because the listed companies are all high-tech enterprises, which are different from the delisted companies of the original transfer system and the companies originally listed in STAQ and net system, they are vividly called "New Third Board".
Second, there are two differences between the main board, the small and medium-sized board, the Growth Enterprise Market and the New Third Board:
1, these four have different functions:
(1) The function of the main board: The main board market is the most important part of the capital market, which can reflect the economic development to a great extent and is known as the "barometer of the national economy".
(2) The role of small and medium-sized board: The small and medium-sized board market is the transition of GEM, and the market code of small and medium-sized board in China starts with 002.
(3) The role of GEM: GEM is an important supplement to the main board market and occupies an important position in the capital market. The stock code of listed companies in China Growth Enterprise Market starts with 300.
(4) The role of the New Third Board: The existence of the New Third Board makes the financing of high-tech enterprises no longer limited to bank loans and government subsidies, and more equity investment foundations actively invest because of the institutional guarantee of the New Third Board.
2. The listing conditions of the four are different:
(1) listing conditions of the main board: the shares have been publicly issued to the public with the approval of the securities management department of the State Council; The issuer's net profit in the last three fiscal years is positive and accumulated more than RMB 30 million; The net cash flow generated by operating activities in the last three fiscal years has accumulated more than RMB 50 million, or the operating income in the last three fiscal years has accumulated more than RMB 300 million.
The total share capital before issuance is not less than RMB 30 million; The shares publicly issued to the public shall not be less than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of shares publicly issued to the public shall not be less than 10%. The public issuer is a joint stock limited company established in accordance with the law and continuously operating for more than three years.
Where the original state-owned enterprises are reorganized and established according to law, or the newly established companies are reorganized and established as joint stock limited companies after the implementation of the Company Law of People's Republic of China (PRC), and the main promoters are large and medium-sized state-owned enterprises, the establishment time can be continuously calculated.