The A shares, B shares, New Third Board and transactions in the stock market are all settled by China Securities Depository and Clearing Co., Ltd., including securities account opening management, Shanghai shareholder account and Shenzhen shareholder account. Generally speaking, everyone has a Shanghai shareholder account and a Shenzhen shareholder account. The stocks of listed companies in China can be divided into A shares, B shares, H shares, N shares and S shares, which are mainly determined by the place of listing and investors. A shares are issued in China for domestic institutions, organizations or individuals to purchase in RMB. Correspondingly, for example, H shares are listed in Hongkong and N shares are listed in new york. A shares include Shanghai Stock Exchange and Shenzhen Stock Exchange. Companies listed on these two exchanges are called listed companies.

Growth enterprise market is also called "second board market". The so-called second board market is actually a different kind of securities from the main board market (A shares). Most listed companies in the main board market are mature large enterprises, while the second board market is a securities trading market specially designed for the development and financing of small and medium-sized enterprises that cannot be listed on the main board market for the time being, but have room for growth. The starting point of China Growth Enterprise Market is 300 points. The so-called New Third Board, that is, the share transfer of small and medium-sized enterprises in China, originated from the "share transfer system" of 200 1. It undertakes two online companies and delisting companies. At present, trading places is located in Hezhongguan Village, mainly for high-tech industries, technology companies and other companies with good prospects and development potential. At present, there are few new third boards in China capital market, which is equivalent to the "third board market".

A shares are also called the main board, including the Growth Enterprise Market, but excluding the New Third Board. GEM companies can be called listed companies, but New Third Board companies are only listed companies. A listed companies have a certain scale and high financial requirements. Listing on GEM requires at least several hundred million yuan of financing. However, in the New Third Board, most companies cannot obtain financing. GEM companies need strict examination before listing, which meets high requirements. However, the threshold for listing companies on the New Third Board is very low. A-shares include the main board (600 in Shanghai Stock Exchange, 60 1 603 in Shenzhen Stock Exchange, 000 in Shenzhen Stock Exchange), the small and medium-sized board (002 in Shenzhen Stock Exchange only) and the Growth Enterprise Market (300 in Shenzhen Stock Exchange only).

A stock index satisfies all domestic IPO stocks in Shanghai and Shenzhen stock markets. The internal differences among main board, small and medium-sized board and growth enterprise market reflect the multi-level nature of China's capital market. Motherboards are mostly blue chips of large state-owned enterprises, with high market share, large scale and strong comprehensive strength. Small and medium-sized boards are attached to the main board, mainly private enterprises, and belong to leading enterprises in various industries, but they do not meet the requirements of the main board, with a total share capital of not less than 50 million shares; Growth enterprise market is usually small, mainly private enterprises, mainly high-tech emerging industries, with rapid growth in performance and high valuation, with a total share capital of not less than 30 million shares. A stock and GEM are inclusive and inclusive.