1. Small and medium-sized board: In May 2004, with the approval of the State Council, the China Securities Regulatory Commission approved the establishment of a small and medium-sized enterprise board in Shenzhen Stock Exchange. From the capital market structure, it belongs to the first board market (main board market). Some enterprises can't meet the requirements of the main board and can only be listed in the small and medium-sized board market. In February, 20021,the CSRC announced that it approved the merger of the main board and the small and medium-sized board of Shenzhen Stock Exchange.
2. Main board: The main board market, also known as the first board market, refers to the traditional securities market and is the main place for securities issuance, listing and trading. Companies in the main board market are listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange.
3. Science and Technology Innovation Board: Facing the world's forefront of science and technology, the main battlefield of economy and the major needs of the country, it mainly serves science and technology innovation enterprises that conform to the national strategy, break through key core technologies and have high market recognition. Focus on supporting the new generation of information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine and other high-tech industries and strategic emerging industries, promote the deep integration of the Internet, big data, cloud computing, artificial intelligence and manufacturing, lead the middle and high-end consumption, and promote quality change, efficiency change and power change.
4. Growth Enterprise Market, also known as the second board market, refers to the securities trading market outside the main board, which provides financing channels and growth space for small and medium-sized enterprises and emerging companies that are temporarily unable to go public. It is an effective supplement to the main board market and occupies an important position in the capital market.
The purpose of developing GEM is to provide more convenient financing channels for SMEs and create a normal exit mechanism for venture capital. At the same time, it is also an important means for China to adjust its industrial structure and promote its economic reform. The second board market and the main board market have different investment targets and risk tolerance, and generally will not affect each other. Because of the internal relationship between them, it will promote the further development and growth of the main board market. For investors, the risk of GEM market is much higher than that of the main board market. Of course, the rewards may be much greater.
6. The right to review the refinancing of GEM companies has been determined to be delegated by CSRC to Shenzhen Stock Exchange. This move will improve the audit efficiency of refinancing of GEM companies, and it is also another breakthrough in the market-oriented reform of stock issuance. Market participants also expect the refinancing of the main board, small and medium-sized board, and even the review of IPO of new shares will be fully undertaken by the Shanghai and Shenzhen Stock Exchanges to realize the real "separation of supervision and examination".