Both the New Third Board and the New Fourth Board are equity trading venues.

The differences between the New Fourth Board and the New Third Board are as follows:

1. Different listing costs: The listing cost of the New Third Board is about 1.2 million, while the cost of the New Fourth Board is much lower;< /p>

2. Different financing functions: The New Third Board mainly provides equity financing for listed companies, while the New Fourth Board mainly provides companies with listing, registration, custody, transfer, display services, and various types of equity, debt, financial products and other services. .

3. The stock price formation mechanisms are different: companies listed on the New Third Board form their prices based on stock transactions, while companies listed on the regional equity trading center determine their stock prices based on the company's net assets.

Extended information

Equity transactions mainly refer to equity transfer transactions. Equity transfer refers to the civil legal act in which a company's shareholders transfer their shares to others in accordance with the law and make others become shareholders of the company. my country's "Company Law" stipulates that shareholders have the right to transfer all or part of their equity through legal means.

Equity is the right that an investor enjoys when investing in a company, and comes from the investor's ownership of the investment property. An investor's investment in a company is essentially a limited grant of investment property rights. The property rights granted to the company become the company's legal person's property rights over the investment property, and the retained rights and derivative rights derived therefrom become the investor's equity.

Equity transactions are mainly equity transfer transactions between equity holders and investors who intend to hold equity. Generally, there are cash transactions, share or asset replacement transactions, etc. Stock trading of listed companies refers to the buying and selling of issued and listed stocks among stock investors based on market prices. There are currently only two exchanges in mainland China where stocks are publicly transferred, namely the Shanghai Stock Exchange and the Shenzhen Stock Exchange.

The equity transactions of unlisted companies are generally conducted at equity trading centers, equity exchanges, and stock exchanges managed by relevant national departments and local governments.

Reference materials

Baidu Encyclopedia-Equity Trading