The New Third Board, also known as the national share transfer system for small and medium-sized enterprises, is a national stock exchange approved by the State Council and established according to the Securities Law, and it is also the first stock exchange with company system. National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. is its operating organization. It was registered with the State Administration for Industry and Commerce on September 20th, 20 13, and officially started business on October 6th, 20 13, with a registered capital of RMB 3 billion and its registered place in Beijing.

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Orientation and function of the New Third Board

The New Third Board is positioned as a market platform for public stock transfer and issuance financing of unlisted joint-stock companies, providing related services such as stock trading, issuance financing, mergers and acquisitions, and providing information, technology and training services for market participants. On this platform, securities companies with the qualification of hosting brokerage business by agency system adopt electronic transactions to provide standardized share transfer services for unlisted joint stock limited companies.

The Source and Development of New Third Board

The New Third Board originated in Zhongguancun, Beijing, and is mainly aimed at some relatively high-tech enterprises. It is called the "new third board" because there is also an old third board, which mainly carries the equity transfer of the original STAQ, network system listed companies and delisted enterprises.

In 2006, the unlisted joint-stock companies in Zhongguancun Science Park entered the agency transfer system to transfer their shares, which was called the "New Third Board". Due to the limited number of Zhongguancun enterprises, the turnover of the New Third Board at that time was limited and the transaction was extremely inactive.

20 12, shanghai zhangjiang high-tech industrial development zone, Wuhan East Lake New Technology Industrial Development Zone and Tianjin Binhai High-tech Zone joined the New Third Board pilot. So far, the New Third Board has been expanded to four national high-tech parks, and the project sources have been greatly expanded.

At the end of 20 13, the CSRC announced that the new third board would be extended to the whole country and open to all companies. In the month of 2065438+2004 65438+24 10, 285 new third board companies were listed at one time, and the total number of listed companies reached 62 1 company, which declared that the new third board market had officially become a national securities trading market.

By March of 20 15, more than 2 100 companies had been listed on the New Third Board, which was huge in terms of the number of companies and the total market value.

2. New Third Board listing (listing) conditions

1, established in accordance with the law, lasts for two years. If a limited liability company is converted into a joint stock limited company according to the original book net asset value, the duration can be calculated from the date of establishment of the limited liability company;

2. The business is clear and has the ability to continue to operate;

3. The corporate governance mechanism is sound and its operation is legal and standardized;

4. The equity is clear, and the issuance and transfer of shares are legal and compliant;

5. Sponsor brokers to recommend and continuously supervise;

6. Other conditions required by National Share Transfer System Corporation. "

For a detailed interpretation of the listing access conditions, please refer to the "Guidelines for the Application of Basic Standards for Listing Conditions of the National Small and Medium-sized Enterprise Share Transfer System (Trial)" issued by our company.

3. New Third Board trading rules

Stock transfer mode

Stock transfer can take the form of agreement, market making, bidding or other transfer methods recognized by China Securities Regulatory Commission. With the consent of National Share Transfer System Corporation, the listed shares can be transferred. To transfer listed stocks by market making, there must be more than two market makers to provide market-making quotation services for them.

Stock transfer time

Every Monday to Friday at 9: 00 am15-1:30, and at 6:5438+03:00- 15:00 pm, the transfer time will be closed for some reason and will not be postponed. In case of legal holidays and rest days announced by the National Stock Transfer System Company, the National Stock Transfer System will be closed.

The declared number of stocks bought and sold.

The number of stocks declared for trading is 1000 shares or its integral multiple; When selling shares, if the balance is less than 1000 shares, it shall be declared for sale at one time.

The maximum number of single declaration of stock transfer shall not exceed 6,543,800 shares.

Unit of stock price change

The pricing unit of stock transfer is "price per share"; The minimum change unit of the declared transfer price is 0.0 1 RMB.

Effective quotation interval

The effective price range declared by the opening call auction is within 20% of the previous closing price; The effective price range declared by call auction for continuous bidding transactions is within 20% of the latest transaction price; If there is no transaction on that day, the declared effective price range is within 20% of the previous closing price.

Declarations that are not within the effective price range do not participate in bidding, but are temporarily stored in the trading host. When the trading price fluctuation makes them enter the effective price range, the trading host will automatically take out the declaration form to participate in the bidding.

Price limit

There is no price limit.

4. New Third Board stock inquiry

The national share transfer system for small and medium-sized enterprises records quotations, announcements and other information of all listed companies, two networks and delisting companies in the New Third Board, and can be queried by entering the securities code or securities abbreviation.

5. Three-board market

After the emergence of the New Third Board, China's secondary market can be divided into main board, small and medium-sized board, growth enterprise market and the New Third Board from top to bottom. The main board is mainly the gathering place of blue chips, the small and medium-sized board is the source of leading enterprises in sub-sectors, the Growth Enterprise Market is the booster of innovative enterprises, and the New Third Board is the cradle of small and medium-sized high-tech enterprises.

6. New Third Board account opening conditions

Conditions and procedures for opening an account for the New Third Board

1, institutional investors

(1) a legal person institution with a registered capital of more than 5 million yuan;

(2) A partnership enterprise with a total paid-in investment of more than 5 million yuan.

2. Natural person investors

(1) At the end of the last trading day, the market value of securities assets under the name of investors was more than 5 million yuan. Securities assets include customer transaction settlement funds, stocks, funds, bonds, and collective wealth management products of securities companies, except credit securities account assets.

(2) Having more than two years working experience in securities investment, or having relevant professional background or training experience in accounting, finance, investment, finance and economics.

The starting point of investment experience is the date of the first stock transaction in the national share transfer system, Shanghai Stock Exchange or Shenzhen Stock Exchange.

New Third Board account opening process:

1. Investors must hold valid identity documents and Shenzhen shareholders' accounts when opening an account in the New Third Board. If there is no Shenzhen shareholder account, it must be opened before opening an account in the New Third Board.

2. Investors shall sign the Principal-Agent Agreement for Buying and Selling Stocks of Listed Companies and the Disclosure of Special Risks in Public Transfer of Listed Companies in written form, and send a copy to the special statement in the Disclosure of Special Risks in Public Transfer of Listed Companies.

3. Investors buying and selling stocks of listed companies shall entrust the sponsoring brokers to handle the transactions and sign an agency quotation transfer agreement with the sponsoring brokers. When an investor sells stocks, he must entrust the sponsoring securities company to buy them on his behalf. If you need to entrust another sponsoring brokerage firm to sell shares, you must go through the formalities of transferring shares to custody.

7. Three-board index

1. When was the first index of the national share transfer system released?

A: The compilation of the national stock transfer system index was officially launched in May 20 14. The first batch of indexes were commissioned by China Securities Index Company, and the index market was officially released on March 20 18, 2005.

2. What are the names and codes of the first batch of indices?

A: The national share transfer system launched two indexes in the first batch:

One is the component index of the national share transfer system for small and medium-sized enterprises. The abbreviation of this index is "three-board city index", the English name is "NEEQ COMPONENT INDEX", the English abbreviation is "NEEQ COMPONENT", and the index code is 89900 1.

The second is the market-making component index of the national small and medium-sized enterprise share transfer system. The index is abbreviated as "three-board market making", the English name is "NEEQ market making component index", the English abbreviation is "NEEQ market making", and the index code is 899002.

3. What are the characteristics of the first batch of indexes?

A: (1) The component index of the national share transfer system for small and medium-sized enterprises (three-board index) is characterized by covering the representative functions of the whole market, including various transfer methods such as agreement and market making. Considering that the current agreement transaction is not continuous, the index plans to release the closing index after the daily closing.

(2) The market-making component index of the national share transfer system for small and medium-sized enterprises (three-board market-making) is characterized by focusing on stocks that are more active in market-making, giving consideration to representativeness and investment function requirements, and releasing them in real time in intraday trading.

4. What market factors are mainly considered in compiling the first batch of indexes?

A: First, the way of share transfer. The national share transfer system supports three trading modes: agreement, market making and bidding. At present, two trading modes, agreement and market making, have been implemented, and the compilation of the third board index needs to consider the problems of multiple trading modes. Especially in agreement trading, there are weak continuity of stock trading and unstable price trend, so the index of stocks that are not suitable for agreement transfer is published separately; Under the market-making transfer mode, through the two-way quotation of market makers, the continuity of market transaction prices is significantly improved, so that the index objectively reflects the changes of the overall market transaction prices.

The second is the development of market scale. The national share transfer system is an emerging market, and the total number of listed companies is growing rapidly. From 2065438+2003,65438+/kloc-0,65438+2003, the number of listed companies increased from 200 to more than 2000, an increase of more than 10 times. Seven months after the introduction of the market-making transfer method, the number of market-making stocks has also increased from 43 on the first day to more than 200, an increase of nearly five times. If this development speed is maintained for a long time and the number of sample stocks of the index is fixed, then the market coverage and characterization function of the index is not stable enough.

The third is the characteristics of the market structure. The calculation methods of the first two indexes are basically the same as those of major stock indexes at home and abroad, and have good comparability. However, the national share transfer system mainly serves the entrepreneurship, innovation and growth of small and medium-sized enterprises, which is very inclusive; Listed companies also show diversified characteristics in scale and industry distribution. At present, the largest share capital is more than 4 billion shares, and the smallest is only 2 million shares; The largest stock market value accounts for more than 10% of the whole market, and the industry market value distribution is also concentrated in the information technology industry and the financial industry. This structural imbalance may have a great impact on the representativeness of the index. Therefore, in the compilation method, the weight coefficient is adjusted appropriately.

5. How were the first indices compiled?

A: As for the index calculation method, both the "three-board index" and "three-board market making" are calculated by Paige weighted average method, with the circulating share capital as the weight and the market value corrected by divisor method. The base date is 20 14 12 3 1, and the base point is 1000.

Determination of the number of sample shares: excluding listed companies without transaction records, the number of sample shares is determined by the market value coverage standard (variable sample number), and the coverage ratio is 85%.

Selection and adjustment of sample stocks: comprehensively consider the market value and stock liquidity indicators, adopt the method of industry matching, adopt the investment-oriented industry classification standard for the industry division of index sample stocks, and refer to the global industry classification system standard (GICS); Limit the maximum weight of individual stocks and industries. The maximum weight of a single stock does not exceed 5%, and the maximum weight of a single industry does not exceed 25%, so as to avoid the situation that the index may be distorted due to the extreme situation of a single industry or individual stock; Combined with the rapid development of the current market, the "three-board index" and "three-board market making" are adjusted once every quarter, and the next transfer day after the close of the second Friday in March, June, September and 65438+February is the adjustment time of sample shares. The latest issue of the "Three-Board Stock Index" sample stock contains 332 stocks, and the latest issue of the "Three-Board Stock Market" sample stock contains 105 only market-making transfer stocks.

6. Will the national share transfer system launch other indexes?

A: At present, the national stock transfer system market has great room for development both in breadth and depth. Judging from the development history of domestic and foreign securities markets, it is an inevitable trend that indexes are used as investment benchmarks and basic tools for product innovation such as funds, futures and options. According to the market statistics management and investment demand, the national share transfer system will continue to increase its development efforts, develop other indexes one after another, and continuously enrich and improve the index system. For example, the investment and research needs of industries and industries require us to research and develop various industry indexes and industrial indexes; For stocks of different sizes, it is necessary to study and formulate the scale indicators of large, medium and small stocks and their various combinations; There are also indexes based on many other strategies or style preferences. At present, some institutions have begun to prepare the design of related index products, and the national share transfer system welcomes and encourages market institutions to increase investment and research and design market indexes.