a market maker refers to an independent securities business legal person with certain strength and good reputation as a licensed dealer in the securities market, who constantly quotes the buying and selling prices of certain securities to public investors (that is, two-way quotation), accepts the buying and selling requirements of public investors at this price, and trades with investors with its own funds and securities. The core of the market maker system is that market makers keep continuous two-way quotation, provide liquidity for stock trading, and provide reasonable financing prices for equity financing of innovative and entrepreneurial enterprises through transaction prices. (New Third Board-refer to the first roadshow)

Market makers in the New Third Board need to meet the following conditions:

1. Qualifications for securities proprietary business;

2. Set up a special department for market-making business and equip it with necessary personnel to carry out market-making business;

3. Establish market-making stock quotation management system, stock management system, market-making risk monitoring system and other market-making business management systems;

4. Have a market-making trading technology system that meets the requirements of the national share transfer system;

5. Meet other conditions stipulated in the share transfer.