what is the new third board stock?

At present, the New Third Board is no longer limited to Zhongguancun Science Park unlisted Limited by Share Ltd, but mainly aimed at small and medium-sized enterprises.

the new third board stock refers to the stock quotation transfer of the unlisted company in Zhongguancun Science Park, which is handled by the securities company. Because the listed companies are different from the enterprises that handled the original share transfer system, they are vividly called the "new third board" stock.

The launch of the New Third Board is not only the implementation of policies to support high-tech industries, but also another expansion test of the Third Board market. More importantly, it has achieved positive exploration and accumulated certain experience for establishing the OTC market under unified supervision throughout the country. [1]

the third board of "stock trading". In fact, there is only one third board, and its official name is "Agency Share Transfer System". However, there are three sources of stocks here:

First, the main board delisted stocks.

second, it was transferred after the closure of the original legal person stock market.

third, the shares of unlisted joint stock limited companies entering the agency share transfer system. Known as the new third board stock.

There are 43,2 and 43,3 new three-board stocks, among which the latest one is 43,212. Only by opening the three-board trading business can the three-board stocks be traded! As long as the bid is higher than the final transaction price (the third board only has a transaction price at 3 o'clock every day. The front is pre-revealed, not really clinch a deal) will certainly clinch a deal. However, the three-board stocks often have daily limit. Of course, the daily limit can't be bought. Just like a daily limit can't be sold.

Conditions for investors to open an account:

Editor

(1) Individual investors

1. The market value of securities assets in the name of the investor at the end of the previous trading day is more than 5 million yuan. Securities assets include customers' transaction settlement funds, stocks, funds, bonds, and securities firms' collective wealth management products listed on the Shanghai and Shenzhen Stock Exchanges and the national share transfer system, with the exception of credit securities account assets.

2. Have more than two years experience in securities investment, or have relevant professional background or training experience in accounting, finance, investment, finance and economics.

the starting point of investment experience is the date when the first stock transaction takes place in the national share transfer system, Shanghai Stock Exchange or Shenzhen Stock Exchange. [2]

(2) Institutional investors

1. A legal person institution with a registered capital of more than 5 million yuan;

2. a partnership with a total paid-in capital of more than RMB 5 million. [3]

Trading Rules for New Third Board Stocks

Editing

The trading rules for New Third Board stocks not only restrict the equity of some companies listed on the New Third Board from entering the trading market, but also restrict some investors from investing, thus ensuring the security of the New Third Board market to a certain extent. However, the listing threshold of the New Third Board is low, and the requirements are also low, resulting in events such as inflated stock prices, manipulation of the stock market, bankruptcy of listed companies, etc., resulting in a serious stock market bubble. [4]

Compared with the main board, the trading rules of the New Third Board are a little more complicated, and the main points to note are as follows

1. There is no number after the stock name, and the stock code starts with 43, such as: 433 Beijing Times.

2. The number of shares entrusted is "shares", and the number of shares entrusted for each transaction in the New Third Board trading rules shall not be less than 3, shares. However, if the balance of a share in the account is less than 3, shares, it can be sold at one time.

3. The quotation system only matches the contract number, share code, buying and selling price and number of shares, but the buying and selling directions are opposite, and the transaction confirmation entrustment corresponding to the seat numbers of the quotation firm where the counterparty is located is matched. If one of the transaction confirmation entrustment between the buyer and the seller does not meet the above requirements, the quotation system will not match it. Therefore, investors must carefully fill in the transaction confirmation entrustment.

4. The transaction price of share quotation transfer is generated through negotiation between the buyer and the seller. Investors can contact the counterparty directly through the quotation system, or they can entrust the quotation broker to contact the counterparty and agree on the quantity and price of shares to be bought and sold. Investors can obtain the stock quotation transfer market, listed company information and relevant information released by the sponsoring quotation broker in the column of "Share Quotation Transfer of Unlisted Co., Ltd. in Zhongguancun Science Park" or the business department of quotation broker.

5. The trading rules of the New Third Board require that there is no price limit.

6. The trading hours of the New Third Board shares are the same as those of the A-share secondary market. Monday to Friday: 9: 3-11: 3, 13: -15: , the market will not open on legal holidays and public holidays. The trading time of three boards is Monday, Wednesday and Friday every week, and the reporting time of transfer entrustment is from 9:3 am to 11:3 am and from 1: pm to 3: pm; After that, centralized matching transactions were conducted in call auction way. Entrustment methods can be counter entrustment, telephone entrustment, Internet entrustment, etc. All entrustment orders are matched and traded in call auction way. Companies with negative and positive net assets are transferred three times a week (Monday, Wednesday and Friday) and five times a week (Monday to Friday) respectively (specifically expressed by Arabic numerals after the name of the securities), with "1" behind the securities indicating that they can only trade once a week, and "3" indicating that they can trade three times a week, basically Monday, Wednesday and Friday; "5" stands for trading every Friday and Sunday.

7. Time of receipt of the NEEQ shares: the shares and funds will be received on T +1. [5]

New Third Board stock investment method

Editor

As an important part of China's characteristic multi-level capital market, the research on New Third Board investment methodology is a brand-new subject, which needs our continuous practice and exploration, and is gradually summarized and improved.

as far as the stock investment theory and methodology are concerned, due to the particularity of the new third board market ecology, the method of investing in the new third board is significantly different from the Shanghai and Shenzhen stock exchanges, which is mainly reflected in the operation mode based on market liquidity, the value judgment based on enterprise growth and the systematic risk control based on management system, etc. By correctly evaluating and judging the enterprise value and market fluctuation, the goal of sustained and steady profit can be achieved.

Among them, in terms of investment methodology, the commonly used analysis methods mainly include: basic analysis, technical analysis and evolution analysis. These three methods are based on completely different theoretical systems and logical structures, and their main research objects are only focused on a specific aspect or category of market operation, all of which have their rationality and limitations, but they are all essential for comprehensively understanding and deeply exploring the laws of market operation. They rely on different theoretical basis, premises and paradigm features, which are interrelated and have important differences in practical application.

specifically, according to the three dimensions of "profitability, growth and liquidity" in the stratification standard, we should correctly understand and comprehensively apply three methods: basic analysis, technical analysis and evolution analysis, focusing on enterprise value, growth and safety margin, as well as market, system and value evolution, and make scientific analysis, objective judgment and prudent decision.

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