1, the difference between the listing of the new third board and the listing of the main board lies in the different service objects and the design of institutional rules. The orientation of the national share transfer system is mainly to serve 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.
2. In terms of access conditions, the national share transfer system has no financial threshold and no main business requirements. Companies applying for listing can be unprofitable. As long as they are joint-stock companies with clear ownership structure, legal and standardized operation, sound corporate governance, clear business and fulfilling information disclosure obligations, they can apply for listing in the national share transfer system upon the recommendation of the sponsoring brokers.
Growth enterprise market not only requires continuous profit in the last two years, but also the accumulated net profit in the last two years is not less than10 million yuan, and it continues to grow; Or make a profit in the last year, with a net profit of not less than 5 million and an operating income of not less than 50 million in the last year;
The growth rate of business income in the last two years is not less than 30%, and it is required to focus on the main business and concentrate limited resources on one business, which is in line with the national industrial policy and environmental protection policy. At the same time, it is required that the raised funds can only be used to develop the main business.
3. Different investor groups. The investor structure of China's stock exchanges is dominated by small and medium-sized investors, while the national share transfer system implements a strict investor suitability system, which has specific requirements for natural persons and institutions. The future development direction will be a market dominated by institutional investors, who generally have strong risk identification and tolerance.
4. The national share transfer system is a service medium for small and medium-sized enterprises and industrial capital, which mainly serves enterprise development, capital investment and withdrawal, and is not used for trading. Focus on making money for business growth. On the other hand, the main board and the growth enterprise market focus on earning market price difference through stock trading.
Extended data
The "New Third Board" market originally refers to the unlisted joint-stock company in Zhongguancun Science 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 turntable system and the listed companies of the original STAQ and network system, they are vividly called "New Third Board".
The significance of the New Third Board is mainly aimed at companies, which will bring great benefits to enterprises and companies. At present, the New Third Board is no longer limited to the unlisted joint-stock companies in Zhongguancun Science Park, nor to the unlisted joint-stock companies in Tianjin Binhai, Wuhan Donghu and Shanghai Zhangjiang.
Is a national non-listed joint-stock limited company equity trading platform, mainly for small and medium-sized enterprises. 6543810.8, the comprehensive document of the CSRC supporting the development of the new third board market will be published soon, which will include institutional arrangements such as stratification. This will be the first time that the CSRC has made comprehensive arrangements for the development of the New Third Board.
rule
It is worth noting that the threshold for individual investors who have received much attention to participate in the New Third Board transaction is also clear for the first time.
(1) In recent 65,438+00 transfer days, the average daily financial assets in the names of investors were more than 5 million yuan. Financial assets refer to bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures and other derivative products.
(2) Having more than 2 years of experience in securities, funds and futures investment, or having more than 2 years of experience in financial product design, investment, risk management and related work, or having managers of securities companies, futures companies, fund management companies and their subsidiaries, commercial banks, insurance companies, trust companies, financial companies and subsidiaries of securities companies, subsidiaries of futures companies and private equity funds registered or registered by trade associations as stipulated in Paragraph 1 of Article 8 of the Measures.
The starting point of investment experience is the date of the first stock transaction in the national share transfer system, Shanghai Stock Exchange or Shenzhen Stock Exchange.
Many investors complained to the reporter of National Business Daily that the threshold of the above rules is too high for ordinary investors to participate, even higher than stock index futures. However, some insiders believe that a high threshold certainly has its drawbacks. For example, if there are fewer investors involved, the amount of funds attracted will also decrease;
However, opening individual investors to participate in the New Third Board trading will help to enliven the New Third Board market, and raising the threshold is more to protect the interests of small and medium investors.
According to the above trial business rules, in addition to allowing individual investors to participate, the market maker system has also been clearly proposed, and bidding transactions may also be introduced. According to the rules, "the shares can be transferred by agreement, market making, bidding or other transfer methods recognized by the China Securities Regulatory Commission" and "the listed shares can be transferred with the consent of the National Share Transfer System Company".
References:
New third board. Baidu baike