New Fourth Board: a private equity market that provides equity, bond transfer and financing services for enterprises in a specific region. It is an incubator for companies to standardize governance and enter the capital market, and provides trading places for equity transfer of joint-stock companies, including Hunan Stock Exchange, Wuhan Equity Exchange Center and Shanghai Equity Custody Exchange Center.
New Third Board: It is a national securities trading place under the leadership of China Securities Regulatory Commission approved by the State Council, with Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange and China Financial Futures Exchange as shareholders.
Second, the difference in coverage:
1. At present, the four boards have covered many provinces in China. Four-board is the most basic link in China's multi-level capital market, and it is an indispensable part of China's multi-level capital market construction system. It provides stocks, bonds and private placement bond for four-board listed enterprises in a specific region to help enterprises gain market attention.
2. The business of the New Third Board faces the whole country, and the threshold is higher than that of the Fourth Board. All listed companies of the New Third Board will become public companies after being approved by the CSRC, and can conduct transactions in an open manner.
Third, the transaction differences:
1 and board 4 are over-the-counter transactions. In order to prevent risks, transactions must follow the principles of non-openness, non-standardization and discontinuity. Private means that the number of shareholders does not exceed 200. Non-standard means that the transaction object is not standardized, but non-standardized assets, which can also be called equity package. Discontinuity refers to the discontinuity of transaction mode.
2. The New Third Board does not have these principles, and the number of shareholders can exceed 200, and there are no such restrictions on trading methods. Moreover, the new third board adopts the market-making system, which is very different from the trading system of the four boards.
Fourth, the connection between the New Third Board and the New Fourth Board:
However, the fourth board is also related to the new third board. After the fourth board has been cultivated to meet the requirements, enterprises can also transfer to the new third board.