Beijing Stock Exchange is a combination of on-site and off-site. The innovation layer and the basic layer belong to the OTC market, and the exchange belongs to the OTC market. Therefore, the North Exchange is not a simple exchange, because it is managed by the original share-transfer company and share-transfer system, and it is a combination of the OTC market and the OTC market.

The establishment of the North Stock Exchange first improved the financial market and financial system in the capital. The greater significance is that because the Beijing Stock Exchange serves innovative small and medium-sized enterprises and specializes in listing "specialized and innovative" small and medium-sized enterprises, it is completely different from the Shanghai Stock Exchange and the Shenzhen Stock Exchange and has very special significance and characteristics.

At present, the biggest problem of our SMEs is financing difficulty. It is impossible to solve the financing difficulty of SMEs by indirect financing. We must vigorously develop direct financing, but it is far from enough to rely on Shanghai Main Board and Shenzhen Growth Enterprise Market to vigorously develop direct financing, because there are many companies that can be listed, with high conditions and high thresholds, and ordinary SMEs cannot get on.

Beijing Stock Exchange has shifted all the trading conditions and rules of the select layer of the New Third Board to the North Stock Exchange, and the new source of listed companies is that the entrepreneurial layer can go to the North Stock Exchange after 12 months to add new sources. This is of great significance for solving the financing problem of small and medium-sized enterprises.

The "field" inside and outside the venue refers to the stock exchange.

Generally, buying and selling in a stock account is an on-site transaction, while purchasing and redeeming on platforms such as Alipay Tiantian Fund is an off-site transaction.

We regard the fund share as a commodity, and the fund company is the manufacturer of this commodity.

OTC purchase and redemption means that we directly purchase or return goods from manufacturers (fund companies).

On-site trading can be regarded as a second-hand market like salted fish, and we conduct second-hand trading with other investors.

1. OTC trading

All funds except OTC funds are OTC funds.

For example, every little makes a mickle in Tiantian Fund and Egg Roll Fund, and buy (subscribe)/sell (redeem) funds in Alipay. These are over-the-counter transactions.

Over-the-counter purchase and redemption are confirmed according to the unified net value after the end of the trading day, and there is only one price per day.

2. On-site trading

On-site funds are funds that are traded on the stock exchange (through stock accounts).