The second board market, also known as "second board", is a concept corresponding to "first board". The purpose of setting up the "second board" in the stock exchange is to distinguish these companies from the "first board" in terms of operating period, share capital scale, profitability and degree of equity dispersion.

For example, listing on the "first board" of Tokyo Stock Exchange requires more than 20 million shares, with the former 10 major shareholders (or special interest groups) holding less than 70% and more than 3,000 shareholders.

In the "second board" listing (if the issuer is registered in Tokyo), the listed shares only require more than 4 million shares, with the former 10 major shareholder holding less than 80% and more than 800 shareholders.

Generally speaking, the listing requirements of the second board are wider than those of the first board, which opens up direct financing channels for small and medium-sized enterprises and high-tech enterprises that do not meet the listing requirements of the first board for the time being. ?

Since the second half of last year, China has been planning to set up special high-tech enterprise boards in the existing Shanghai and Shenzhen stock exchanges, aiming at providing a direct financing channel for high-tech enterprises with relatively loose listing conditions.

April this year 19 According to Gao Xiqing, vice chairman of the China Securities Regulatory Commission, the high-tech enterprise board may have to be renamed the second board market. The insiders believe that this is not only a change of formulation, it will mean that the listing rules and trading methods of this market will further move closer to the international "second-board market".

Extended data:

Main board market [securities trading market that plays a leading role in a country's securities market system]

Also known as the first board market, it refers to the traditional securities market (usually the stock market) and is the main place for securities issuance, listing and trading in a country or region.

Compared with the Growth Enterprise Market, the main board market is the most important part of the capital market, which can reflect the economic development to a great extent and is known as the "national economic barometer".

The main board market has higher requirements for the issuer's operating period, share capital scale, profitability and minimum market value. Most listed companies are large and mature enterprises with large capital scale and stable profitability.

Chinese mainland's main board market includes Shanghai Stock Exchange and Shenzhen Stock Exchange.

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