First of all, the difference between the three is that the requirement for opening an account on GEM is to meet the requirements of more than 2 years of securities trading experience, and the application authority for opening an account in the first 20 trading days of the daily average asset securities account and capital account is not less than 100000 yuan. The opening condition of science and technology innovation board is more than 2 years of securities trading experience, and the average daily assets of securities accounts and capital accounts in the first 20 trading days are not less than 500,000 yuan. The opening of the New Third Board requires at least 2 years of investment experience, or at least 2 years of experience in financial product design, investment, risk management and related work, or senior management experience in relevant financial institutions. The daily average assets of 10 trading days before the authorization, the selected layer 1 10,000, the science and technology layer10.5 million, and the basic layer 2 million.

1 Growth Enterprise Market, also known as the second-board market, is a kind of securities market different from the main board market, aiming at providing financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market for the time being. Growth enterprise market is an important supplement to the main board market and occupies an important position in the capital market. The stock code of listed companies in China Growth Enterprise Market starts with "300". Compared with the main board market, the listing requirements of GEM are often more relaxed, mainly reflected in the requirements on the establishment time, capital scale, medium and long-term performance and so on. Growth enterprise market is characterized by low entry threshold and strict operation, which helps potential small and medium-sized enterprises to obtain financing opportunities. The growth rate of companies listed on GEM is very high, but they are often established in a short time, with small scale and outstanding performance, but there is a lot of room for growth. It can be said that GEM is a stock market with low threshold, high risk and strict supervision, and it is also the cradle for incubating entrepreneurial and small and medium-sized enterprises.

2. The National Small and Medium-sized Enterprise Share Transfer System (hereinafter referred to as "the National Small and Medium-sized Enterprise Share Transfer System", commonly known as the "New Third Board") is the third national securities exchange place after Shanghai Stock Exchange and Shenzhen Stock Exchange, and the first company-based securities exchange place in China. Its operating organization is National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. (hereinafter referred to as "National Share Transfer Company"). The significance of the New Third Board is mainly aimed at companies, which will bring great benefits to enterprises and companies. The New Third Board is no longer limited to unlisted joint-stock companies in Zhongguancun Science Park, nor to unlisted joint-stock companies in Tianjin Binhai, Wuhan Donghu and Shanghai Zhangjiang, but a national equity trading platform for unlisted joint-stock companies, mainly for small and medium-sized enterprises. At the beginning of 20 19, it was reported that the document of CSRC's comprehensive support for the development of the new third board market will be issued soon, including institutional arrangements such as stratification. This will be the first time that the CSRC has made comprehensive arrangements for the development of the New Third Board.