1. Different customers: Motherboard: Mainly targeted at the listing of blue-chip enterprises of type 1653, which are divided into the motherboards of Shanghai Stock Exchange (stock code starts with 60) and Shenzhen Stock Exchange (stock code starts with 000). New Third Board: It mainly serves the development of innovative, entrepreneurial and growing small and medium-sized enterprises. Such enterprises are generally small in scale and have not yet formed a stable profit model. In terms of access conditions, there is no financial threshold. As long as it is a joint-stock company with clear ownership structure, legal and standardized operation, sound corporate governance, clear business and fulfilling information disclosure obligations, it can apply for listing in the national share transfer system upon the recommendation of the sponsoring brokerage firm;
2. Different investment groups: main board: the investor structure is mainly small and medium investors, and the way is to buy stocks. New Third Board: At present, it can only become a listed company and cannot be listed.
3. The purpose of service is different: motherboard: the main purpose is stock trading, and it also provides convenience for enterprises to provide financing and investors to withdraw; The New Third Board is a market serving small and medium-sized enterprises and industrial capital, mainly serving enterprise development, capital investment and withdrawal.
The New Third Board first appeared in March of 200 1 year. Originally called the equity agency transfer system, it is the place to undertake two-network companies and delisting companies. Now it is an equity trading platform for unlisted joint-stock companies, mainly serving small and medium-sized enterprises.
1. Is the New Third Board a listed company?
In fact, the companies in the New Third Board are not listed companies. Although ordinary investors can also buy shares in the New Third Board Company, the shares can also be circulated and the company can also raise funds, but the enterprises in the New Third Board Company are not listed companies. The New Third Board cannot publicly issue shares, which is different from the way listed companies raise funds. The New Third Board trades stocks and listed companies trade securities. The new third board is only listed, not listed.
Of course, the new third board can be listed on the second board, and it needs to meet the listing conditions of the main board or the Growth Enterprise Market and the Science and Technology Innovation Board. Some high-quality enterprises will also use the New Third Board as a springboard to speed up their listing in the A-share market.
Second, the listing conditions of the New Third Board
The listing conditions of the New Third Board are relatively simple, mainly including the following conditions:
1. The business has been confirmed and it has the ability of going concern;
2. Filing with the Industrial and Commercial Bureau, the company has been operating for more than two years;
3. The company's operation is legal and compliant, and its governance mechanism is sound;
4. Need to sponsor brokers to recommend and continue supervision;
5. The equity is clear, and the issuance and transfer of shares need to comply with the law;
6. Other conditions specified.
Third, the role of the New Third Board.
1. has become a new exit channel for private equity funds. The construction of the New Third Board provides an exit channel for private equity funds to invest in new third board enterprises, and also stimulates the enthusiasm of private equity funds to invest in the New Third Board.
2. Reduce the risk of equity investment. The establishment of the "New Third Board" system has made the company more closely supervised and reduced the risk of investment.
3. Improve the management level of the company. Companies listed on the New Third Board must first carry out equity reform, but also need to disclose information, which promotes the standardized management of enterprises and improves the management level of enterprises.