1. With different investment ends, Beijing Stock Exchange is dominated by qualified investors, and its investment preferences and behavior characteristics are quite different from those of ordinary retail investors. Trading is relatively low-frequency and rational, and its shareholding period is relatively long, so it pays more attention to the medium and long-term benefits brought by enterprise growth.

2. With different market functions, Beijing Stock Exchange focuses on innovative small and medium-sized enterprises, and its service targets are "earlier, smaller and newer". By building a market structure in which the basic layer of the New Third Board and the innovation layer are gradually advanced to Beijing Stock Exchange, the market inclusiveness and service accuracy are fully reflected, the functional complementarity among market segments is strengthened, the coverage of the capital market is continuously expanded, and the proportion of direct financing is increased.

3. With different institutional arrangements, Beijing Stock Exchange strives to build a basic system that suits the characteristics of small and medium-sized enterprises, and insists that listed companies are produced from qualified innovative enterprises. At the same time, Beijing Stock Exchange adheres to the transfer mechanism to Shanghai and Shenzhen Stock Exchanges, gives full play to its role as a link, and strengthens the interconnection of multi-level capital markets.

4. Different organizational forms, the most obvious difference between Beijing Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange is the different organizational forms. The North Exchange is a company system, while the Shanghai Stock Exchange and the Shenzhen Stock Exchange are both members.

5. The service enterprises are different. The original intention of the establishment of Beijing Stock Exchange is to provide financing services for small giants or small and medium-sized enterprises, so the listed companies in Beijing Stock Exchange have the characteristics of "earlier, smaller and newer" and "small and beautiful". If the listed companies of the North Exchange are still small boats, the North Exchange is a river that provides navigation channels for enterprises. The companies in Shanghai Stock Exchange are mostly central enterprises, state-owned enterprises, and high-tech companies in science and technology innovation board. Most of the companies with large market value are here. The Shenzhen Stock Exchange is mainly private leading enterprises and the Growth Enterprise Market, which has new energy, medical and other industries, mainly some medium-sized companies.

Trading Rules of the North Stock Exchange

The Trading Rules of the North Stock Exchange continues the trading system with continuous bidding as the core at the selected level as a whole, and other major provisions, such as price limit, reporting rules and price stability mechanism, remain unchanged, without changing investors' trading habits and increasing market burden, reflecting the characteristics of small and medium-sized enterprises' stock trading and ensuring the stability and continuity of market trading. Compared with the selective trading system, the Trading Rules of the North Stock Exchange only made adaptive adjustments in the subject and style of publication, and the content remained unchanged.

1. Trading methods

The shares of the North Stock Exchange can be traded by bidding, block trading, agreement transfer and other trading methods. Among them, the relevant provisions of bidding transactions and block transactions are clearly defined in the Trading Rules; The specific requirements for the transfer by agreement shall be stipulated separately by the North Exchange. Considering the market liquidity and the trading needs of institutional investors such as Public Offering of Fund, institutional space is reserved for introducing mixed trading and after-hours fixed-price trading in the future.

2. Price limit and declared effective price range

Considering the characteristics of small and medium-sized enterprises' stock valuation, in order to effectively promote price discovery, the price limit ratio of the bidding transaction of the North Stock Exchange is 3% of the previous closing price, and there is no price limit on the first day of listing. In addition, in order to promote intraday price convergence and enhance price continuity, the declared effective price range of 5% (or 1 minimum price fluctuation units) of the benchmark price is set in the continuous bidding stage.