Neither of them. It is the third national securities trading venue after the Shanghai Stock Exchange and the Shenzhen Stock Exchange.

The National Equities Exchange and Quotations ("National Equities Exchange and Quotations", commonly known as the "New Third Board") is the third national securities exchange after the Shanghai Stock Exchange and the Shenzhen Stock Exchange established in accordance with the Securities Law with the approval of the State Council. The trading venue is also the first securities trading venue operated by a company in my country.

National Equities Exchange and Quotations Co., Ltd. (hereinafter referred to as "National Equities Exchange and Quotations") is its operating agency. It was registered with the State Administration for Industry and Commerce on September 20, 2012, and officially became public on January 16, 2013. Opened for operation with registered capital of 3 billion yuan.

Extended information:

The main functions of the National Equities Exchange and Quotations include:

Providing technical systems and facilities for securities transactions; formulating and modifying the business rules of the National Equities Exchange and Quotations ; Accept and review stock listing and other related business applications, arrange for the listing of qualified company stocks; organize and supervise securities transactions and related activities; supervise listed companies and other information disclosure obligors; participate in the national equity transfer system such as sponsoring securities companies supervision; manage and publish information related to the National Equities Exchange and Quotations; and other functions approved by the China Securities Regulatory Commission.

National Equities Exchange and Quotations - Company Introduction