The New Third Board, the share transfer system for small and medium-sized enterprises in China, is a national stock exchange place approved by the State Council, referred to as the National Share Transfer System. Generally speaking, you can think of the New Third Board as similar to the main board, except that the scale of enterprises in it will be smaller, the threshold will be lower and the strength will be worse, but at the same time, the requirements for investors will be higher. In other words, small companies that do not meet the listing requirements of the main board can be listed through the New Third Board, thus realizing the circulation of stocks. But it needs to be in the form of a market maker and cannot be traded directly. Different from the "one board" main board market and the "second board" growth enterprise market, the New Third Board has developed into an important platform for small and medium-sized enterprises after continuous reform and exploration since it was officially put into operation on 20 13. The new third board market has formed a three-layer progressive structure of "basic layer-innovation layer-selected layer", which can meet the differentiated needs of enterprises of different types and stages of development and better serve small and medium-sized enterprises and private economy.

Relationship between IPO, Growth Enterprise Market and Small and Medium-sized Board

1, the small and medium-sized board, that is, the small and medium-sized enterprise board, refers to the growth enterprise market with a circulation of about 1 100 million, which is relative to the main board market. Because some enterprises can't meet the requirements of the main board market, they can only be listed in the small and medium-sized board market. Small and medium-sized board market is a transition in GEM, and the market code of China small and medium-sized board starts with 002.

2. The Growth Enterprise Market, also known as the second board market, namely the infield second board exchange market, refers to the stock exchange market outside the main board, which provides financing channels and growth space for small and medium-sized enterprises and emerging companies that are temporarily unable to go public. This is an effective supplement to the main board market and occupies an important position in the capital market. Most companies listed on GEM are engaged in high-tech business, with high growth rate, short establishment time, small scale and outstanding performance. Growth enterprise market officially opened on June 23, 2009.

3. The full name of 3.IPO is initial public offering, which refers to the way of initial public offering of joint-stock companies to the public. The ipo pricing process is divided into two parts. First, it is necessary to estimate the theoretical value of listed companies through a reasonable valuation model. Second, it is necessary to reflect the relationship between supply and demand in the market by choosing the appropriate issuance method, and finally determine the price of the stock.