1. Definition: The New Third Board is a national stock exchange market, and the "New Fourth Board" is a brand that rings the bell and is listed in the regional equity exchange center (the fourth board) to provide capital education and services. By definition, there is no direct relationship between the New Fourth Board and the New Third Board.

New Third Board: The National Small and Medium-sized Enterprise Share Transfer System (commonly known as the "New Third Board") is a national securities trading place approved by the State Council, and the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. is its operation and management organization. On September 20th, 20 12, the company was incorporated in the State Administration for Industry and Commerce with a registered capital of 3 billion yuan. Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange, China Financial Futures Exchange, Zhengzhou Commodity Exchange and Dalian Commodity Exchange are shareholders of the Company.

New Fourth Board: The new fourth board is a registered trademark of Qianhai Zhimedia, which provides listing bell ringing and capital education services for regional equity trading centers. At the same time, the new fourth board has another name among the people, that is, the regional equity exchange center (commonly known as the fourth board), which is equivalent to it, so it is particularly easy to connect with the new third board.

2. Provide different services.

The New Third Board is committed to becoming a platform for enterprise financing, providing a platform for value investment, and reducing the risk of equity investment through supervision, which has become a new way for private equity funds to withdraw.

The New Fourth Board mainly provides listing bell ringing and capital enlightenment services for enterprises. After listing in the regional equity exchange center, enterprises can provide services such as registration, custody, transfer and display, as well as various equity, creditor's rights and financial products.

3. The stock price formation mechanism is different.

New Third Board listed companies form prices according to stock transactions, and regional equity exchange center listed companies determine stock prices according to the company's net assets.

4. The time to market is different

On the premise of meeting the listing conditions, it generally takes about 1 year for the listing of the New Third Board, while the new Fourth Board only needs 1 month.

As the service object of the New Third Board, the regional equity exchange center (Fourth Board) has many similarities with the New Third Board. Both are private equity markets. After listing, financing can be obtained by issuing private bonds, preferred shares, equity incentives, mergers and acquisitions, realizing transfer and IPO.