1. The meanings of main board, small and medium-sized board, Growth Enterprise Market and New Third Board are as follows:

1. Main board: The main board market, also known as the first board market, refers to the traditional securities market (usually the stock market) and is the main place for securities issuance, listing and trading in a country or region.

2. Small and medium-sized board: the small and medium-sized board is the SME board, which refers to the entrepreneurial board with a circulation of less than 1 million. Small and medium-sized board is relative to the main board market. Some enterprises can't meet the requirements of the main board market, so they can only be listed in the small and medium-sized board market.

3. Growth Enterprise Market: Growth Enterprise Market, also known as the second-board market, is a kind of securities market different from the main board market, which is designed to provide financing channels and growth space for enterprises that need financing and development, such as entrepreneurial enterprises, small and medium-sized enterprises and high-tech industrial enterprises that cannot be listed on the main board for the time being.

4. New Third Board: The new third board market originally refers to the unlisted joint-stock company of Zhongguancun Science Park entering the agency stock system for transfer pilot. Because all listed companies are high-tech enterprises, it is different from the delisted companies in the original transfer system and the original companies listed in STAQ and NET systems, so it is vividly called "New Third Board".

2. There are three differences among the main board, small and medium-sized board, Growth Enterprise Market and New Third Board:

1. The functions of the four are different:

(1) The function of the main board: The main board market is the most important part of the capital market, which can reflect the economic development to a great extent and is known as the "barometer of the national economy".

(2) the role of the small and medium-sized board: the small and medium-sized board market is a transition of the Growth Enterprise Market, and the market code of the small and medium-sized board in China starts with 2.

(3) the role of the growth enterprise market: the growth enterprise market is an important supplement to the main board market and occupies an important position in the capital market. The stock code of listed companies in China Growth Enterprise Market starts with 3.

(4) the role of the new third board: the existence of the new third board makes the financing of high-tech enterprises no longer limited to bank loans and government subsidies, and more equity investment funds will actively invest because of the institutional guarantee of the new third board.

2. The listing conditions of the four are different:

(1) The listing conditions of the main board: the stock has been publicly issued to the public with the approval of the the State Council securities management department; The issuer's net profit in the last three fiscal years is positive and has accumulated more than RMB 3 million; The net cash flow generated by operating activities in the last three fiscal years has accumulated more than RMB 5 million, or the operating income in the last three fiscal years has accumulated more than RMB 3 million.

the total share capital before issuance is not less than RMB 3 million; The shares publicly issued to the public shall not be less than 25% of the total shares of the company; If the company's total share capital exceeds 4 million yuan, the proportion of its shares issued to the public shall not be less than 1%. The public issuer is a joint stock limited company established in accordance with the law and continuously operating for more than three years.

where the original state-owned enterprises were reorganized according to law, or the newly established companies were reorganized and established as joint stock limited companies after the implementation of the Company Law of the People's Republic of China, and the main promoters are large and medium-sized state-owned enterprises, the time of establishment can be counted continuously.

(2) Listing requirements for small and medium-sized board: the total share capital before issuance shall be no less than RMB 3 million; The total share capital after issuance shall be no less than RMB 5 million; The net profit of the latest three fiscal years is positive, and the accumulated amount exceeds RMB 3 million.

the accumulated net cash flow generated by operating activities in the latest three fiscal years exceeds RMB 5 million; Or the accumulated operating income in the latest three fiscal years exceeds RMB 3 million; The proportion of intangible assets to net assets at the end of the recent period is not higher than 2%.

(3) Listing conditions of GEM: the total share capital of the company is not less than 3 million yuan; The publicly issued shares account for more than 25% of the total shares of the company; If the company's total share capital exceeds 4 million yuan, the proportion of publicly issued shares is more than 1%;

the business model and product or service variety structure have undergone or will undergo major changes, which will have a significant adverse impact on the issuer's sustainable profitability; The status of the industry or the operating environment of the industry in which the issuer is located has changed or will change greatly, which has a significant adverse impact on the issuer's sustainable profitability.

There is a risk of significant adverse changes in the acquisition or use of important assets or technologies such as trademarks, patents, proprietary technologies and franchise rights; The operating income or net profit of the latest year is heavily dependent on related parties or customers with significant uncertainties; The net profit for the most recent year mainly comes from investment income outside the scope of consolidated financial statements.

(4) listing conditions of the new third board: it is established according to law and has existed (existed and continued) for two years. Where a limited liability company is converted into a joint stock limited company by converting its shares into shares according to the original book net asset value, the duration can be calculated from the date of establishment of the limited liability company.

the business is clear and it has the ability of continuous operation; The corporate governance mechanism is sound, and the operation is legal and standardized; The equity is clear, and the issuance and transfer of shares are legal and compliant; Sponsor brokers recommend and continue to supervise; Other conditions required by the National Share Transfer System Company.

3. The origins of the four are different:

(1) The origin of the main board: the stock has been publicly issued to the public with the approval of the securities management department of the State Council.

(2) Origin of small and medium-sized board: In May 24, with the approval of the State Council, China Securities Regulatory Commission approved the establishment of SME board in Shenzhen Stock Exchange.

(3) Origin of Growth Enterprise Market: On April 2th, 212, Shenzhen Stock Exchange officially issued the Listing Rules of Growth Enterprise Market, which came into effect on May 1st, putting the delisting system of Growth Enterprise Market into the listing rules.

(4) Origin of the New Third Board: In 26, the unlisted joint-stock companies in Zhongguancun Science Park entered the agency transfer system to transfer their shares, which was called the "New Third Board". With the gradual improvement of the New Third Board market, China will gradually form a multi-level capital market system including the main board, the Growth Enterprise Market, the OTC trading network and the property rights market.

Baidu Encyclopedia-Main Board Market

Baidu Encyclopedia-Small and Medium Board

Baidu Encyclopedia-Growth Enterprise Market

Baidu Encyclopedia-New Third Board.