1. Definition: The New Third Board is a national securities trading market, and the "New Fourth Board" is a brand that provides listing docking+environmental media+capital education and services for regional equity trading centers (the fourth board). By definition, there is no direct relationship between the New Fourth Board and the New Third Board.

New Third Board: The National Small and Medium-sized Enterprise Share Transfer System (commonly known as the "New Third Board") is a national securities trading place approved by the State Council, and the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. is its operation and management organization. On September 20th, 20 12, the company was incorporated in the State Administration for Industry and Commerce with a registered capital of 3 billion yuan. Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange, China Financial Futures Exchange, Zhengzhou Commodity Exchange and Dalian Commodity Exchange are shareholders of the Company.

New Fourth Board: "New Fourth Board?" It is the registered trademark of Qianhai Equity Exchange Center and the brand of listing and docking service+environmental media service+capital education service of regional equity exchange center developed by Qianhai Equity Exchange Center for the personalized capital service needs of small and medium-sized enterprises.

Remarks: The New Fourth Board has another name among the people, that is, the regional equity exchange center (commonly known as the Fourth Board) is quite similar, so it is particularly easy to be associated with the New Third Board.

2. Provide different services.

The New Third Board is committed to becoming a platform for enterprise financing, providing a platform for value investment, and reducing the risk of equity investment through supervision, which has become a new way for private equity funds to withdraw.

The New Fourth Board mainly provides listing docking+bell ringing media services and capital enlightenment services for enterprises. After listing in the regional equity exchange center, enterprises can provide services such as registration, custody, transfer and display, as well as various equity, creditor's rights and financial products.

3. The stock price formation mechanism is different.

New Third Board listed companies form prices according to stock transactions, and regional equity exchange center listed companies determine stock prices according to the company's net assets.

4. The listing cost is different.

The listing cost of the New Third Board is about 65,438+0,200-30,000, and the annual fee is 500,000, as well as the cost of tax payment and the cost of subsequent financial regulations. The business cost of the new fourth board is much lower. The national unified price of "Qianhai New Fourth Board" is 50,000 yuan. Upgrade services include all kinds of capital services required by SMEs, and the price depends on specific needs.

5. The time to market is different

On the premise of meeting the listing conditions, it generally takes about 1 year for the listing of the New Third Board, while the new Fourth Board only needs 1 month.

As the clients of the New Fourth Board, the regional equity exchange center (the Fourth Board) and the New Third Board also have a lot in common. Both are private equity markets. After listing, financing can be obtained by issuing private bonds, preferred shares, equity incentives, mergers and acquisitions, realizing transfer and IPO.