China stock market is called one board, two boards, three boards and four boards.
The first board: main board and small and medium-sized board (SME board was established in the main board market of Shenzhen Stock Exchange in May 2004. )
Second board: Growth Enterprise Market
Third board: agency equity trading system, originally referring to delisting board and STAQ/ net system. (the new third board is just to distinguish it from the past three boards. At present, it refers to the national share transfer system that allows qualified small and medium-sized enterprises to be listed and traded, namely "North Exchange", which may become China's Nasdaq. )
The fourth board: local equity exchange centers, such as Shenzhen Qianhai Equity Exchange Center.
Simply put, the New Third Board is a platform to bridge the gap between investors and SMEs. At the same time, in order to reduce the transaction costs and potential risks of both parties, enterprises must first carry out shareholding system reform and make full information disclosure in accordance with the prescribed rules. On this platform, not only private financing can be issued, but also SME bonds can be issued, and investors can also buy and sell stocks with each other. At the same time, because enterprises have standardized the shareholding system reform and are also in the market, the shares of the company can also be pledged, and some banks will also give some credit lines to enterprises listed on the New Third Board.
legal ground
Article 2. 1
(1) It has been established in accordance with the law for two years. If a limited liability company is converted into a joint stock limited company according to the original book net asset value, the duration can be calculated from the date of establishment of the limited liability company;
(2) Its business is clear and it has the ability of continuous operation;
(3) The corporate governance mechanism is sound and its operation is legal and standardized;
(4) The equity is clear, and the issuance and transfer of shares are legal and compliant;
(5) Sponsoring brokerage recommendation and continuous supervision;
(6) Other conditions required by the National Share Transfer System Corporation.