1. The concept of the New Fourth Board:

The New Fourth Board, also known as the regional equity market, is a place for non-public issuance of securities managed by local governments. It is a capital market service The new organizational forms and business formats of small and micro enterprises are components of the multi-level capital market system.

2. The concept of the New Third Board:

The New Third Board is a national securities trading market, while the “New Fourth Board” provides listing docking for regional equity trading centers (the Fourth Board) + Bell Ringing Media + Capital education and service brand. By definition, the New Fourth Board and the New Third Board are not directly related.

New Third Board: The National Equities Exchange and Quotations (commonly known as the "New Third Board") is a national securities trading venue established with the approval of the State Council. The National Equities Exchange and Quotations Co., Ltd. is its operation and management agency. On September 20, 2012, the company was registered with the State Administration for Industry and Commerce with a registered capital of 3 billion yuan. The 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.

3. The relationship between the New Fourth Board and the New Third Board:

The New Fourth Board and the New Third Board are important components of the multi-level capital market system.

The New Fourth Board and the New Third Board serve small, medium and micro enterprises across the country and assist corporate financing and development.

IV. The difference between the New Fourth Board and the New Third Board:

1. The services provided are different

The New Third Board is committed to becoming a platform for corporate financing and providing value Investment provides a platform and reduces equity investment risks through supervision, becoming a new way for private equity funds to exit.

The New Fourth Board mainly provides companies with listing docking + bell-ringing media services and capital enlightenment services. After enterprises are listed in the regional equity trading center, they can provide registration, custody, transfer, display services, and various types of equity, debt, financial products and other services.

3. Different stock price formation mechanisms

New OTC listed companies form their prices based on stock transactions, while regional equity trading center listed companies determine their stock prices based on the company’s net assets.

4. The cost of listing is different

The cost of listing on the New Third Board is about 1.2-3 million, with an annual fee of 500,000, as well as tax reimbursement costs and subsequent financial standardization costs. The business cost of the New Fourth Board is much lower, around 30,000 yuan; the upgrade service "New Fourth Board Through Train" has a national uniform price of 60,000 yuan.

5. The listing time is different

As long as the listing conditions are met, listing on the New Third Board generally takes about 1 year, while listing on the New Fourth Board only takes one month.

As the service object of the New Fourth Board, the Regional Equity Trading Center (Fourth Board) and the New Third Board also have many similarities. Both are private markets, and both can issue private placement bonds after listing. , preferred shares, equity incentives, mergers and acquisitions integration, board transfer, IPO and other methods to obtain financing.