New Fourth Board: a private equity market that provides equity, bond transfer and financing services for enterprises in a specific region, an incubator for companies to standardize governance and enter the capital market, and provides trading places for equity transfer of joint-stock companies, including Hunan Stock Exchange, Wuhan Equity Exchange Center and Shanghai Equity Custody Exchange Center

New Third Board: a national securities trading place under the leadership of China Securities Regulatory Commission approved by the State Council. Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange and China Financial Futures Exchange are shareholders of the company.

second, the difference of coverage:

1. At present, the four boards have covered many provinces in China. Four-board is the most basic link of China's multi-level capital market and an indispensable part of China's multi-level capital market construction system, which provides shares, bonds and private placement bond for four-board listed enterprises in a specific region and helps enterprises gain market attention.

2. The business of the New Third Board is geared to the whole country, and the threshold is higher than that of the Fourth Board. After being approved by the CSRC, all listed companies of the New Third Board become public companies and can conduct transactions in an open way.

3. Differences in transactions:

1. The fourth board is an over-the-counter transaction. In order to prevent risks, the transaction must follow the principles of non-public, non-standard and discontinuous. Non-public means that the number of shareholders shall not exceed 2. Non-standard means that the transaction object is not standardized, but non-standardized assets, which can also be called equity package. Discontinuity refers to the non-continuity of trading methods.

2. The New Third Board does not have these principles, the number of shareholders can exceed 2, and the trading method does not have these restrictions. Moreover, the New Third Board adopts the market-making system, which is very different from the trading system of the four boards.

Fourth, the connection between the New Third Board and the New Fourth Board:

However, the Fourth Board is also related to the New Third Board. After the Fourth Board has been cultivated to meet the requirements, enterprises can also transfer to the New Third Board.