The first board market usually refers to the main board market (including small and medium-sized board), and the second board market refers to the growth enterprise market. Compared with the first board market and the second board market, some insiders call the OTC market the third board market. The development of the third board market includes two stages: the old third board market (hereinafter referred to as "the third board") and the new third board market (hereinafter referred to as "the third board").
The Third Board is the "Agency Share Transfer System" established on July 65438+6, 200 1 year. The "New Third Board" is developed on the basis of the "Old Third Board".
Listing standard
The listing criteria of the New Third Board shall meet the following conditions:
Established according to law and existing 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;
The business is clear and has the ability of sustainable operation;
The corporate governance mechanism is sound and its operation is legal and standardized;
The equity is clear, and the issuance and transfer of shares are legal and compliant;
Sponsor brokers recommend and continue to supervise;
Other conditions required by the National Share Transfer System Company.
Listing conditions
Listing conditions of the New Third Board:
Meet the conditions for the existence of the New Third Board for two years. (The overall restructuring of a limited company can be calculated continuously);
The main business of the New Third Board is outstanding and has a record of continuous operation; Conditions that must be met.
The listed companies of the New Third Board have a sound governance structure and standardized operating conditions;
The issuance and transfer of shares of listed companies on the New Third Board are legal and compliant;
The registered address of the new third board listed company is in the pilot national high-tech park;
The local government issued a confirmation letter for the pilot qualification of the listing of the New Third Board.
The listing of the New Third Board needs to meet the following requirements:
Requirements for subject qualification listing: The companies listed on the New Third Board must be unlisted joint-stock companies.
Operating life requirements: the duration must be two years.
Profitability requirements of the companies listed on the New Third Board: they must have the ability of stable and sustainable operation.
Asset requirements: unlimited.
Main business requirements: the main business must be prominent.
Requirements of growth and innovation ability: Zhongguancun high-tech enterprises will gradually expand the pilot scope to other high-tech industrial development zones.