OTC, also known as over-the-counter trading, refers to equity trading in markets other than stock exchanges. The establishment of OTC market in China can provide a platform for millions of enterprises that do not meet the listing requirements, which is conducive to the development of small and medium-sized enterprises and also helps to form a multi-level capital market in China.
"Three-board market" originally refers to the unlisted joint-stock companies in Zhongguancun Science and Technology Park as a pilot to enter the agency joint-stock system. Because the listed companies are all high-tech enterprises, which are different from the delisting companies of the original transfer board system and the listed companies of the original STAQ and network system, they are vividly called "three boards".