1. Institutional investors of the New Third Board include Public Offering of Fund, private equity funds, private equity investment banks, investment companies, individual investors and investment institutions. It is subdivided into: collective trust plans, securities investment funds, bank wealth management products, asset management plans of securities companies, financial products or assets managed by financial institutions or other institutions recognized by relevant regulatory authorities, etc.

2. The "New Third Board" market originally refers to the unlisted joint-stock companies in Zhongguancun Science Park entering the agency joint-stock system to carry out the pilot transfer. Because the listed companies are all high-tech enterprises, which are different from the delisting companies of the original turntable system and the listed companies of the original STAQ and network system, they are vividly called "New Third Board". The significance of the New Third Board is mainly aimed at companies, which will bring great benefits to enterprises and companies. At present, the New Third Board is no longer limited to unlisted joint-stock companies in Zhongguancun Science Park, nor to unlisted joint-stock companies in Tianjin Binhai, Wuhan Donghu and Shanghai Zhangjiang, but a national equity trading platform for unlisted joint-stock companies, mainly for small and medium-sized enterprises.