The difference between the New Third Board (National Equities Exchange and Quotations) and the Main Board and GEM is as follows:

The relationship between the New Fourth Board and the New Third Board

1. Definition : The New Third Board is a national securities trading market, and the "New Fourth Board" is a brand that rings the bell for the listing of the regional equity trading center (the Fourth Board) + capital education and services. By definition, the New Fourth Board and the New Third Board are not directly related.

New Third Board: The National Equities Exchange and Quotations (commonly known as the "New Third Board") is a national securities trading venue established with the approval of the State Council. The National Equities Exchange and Quotations Co., Ltd. is its operation and management agency. On September 20, 2012, the company was registered with the State Administration for Industry and Commerce with a registered capital of 3 billion yuan. The Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange, China Financial Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange are shareholders of the company.

New Fourth Board: New Fourth Board is the registered trademark of Qianhai Intelligent Media, which provides listing bell + capital education services for regional equity trading centers. At the same time, the New Fourth Board has another name among the people, which is the regional equity trading center (commonly known as the Fourth Board), so it is particularly easy to associate with the New Third Board.

2. The services provided are different

The New Third Board is committed to becoming a platform for corporate financing, providing a platform for value investment, reducing equity investment risks through supervision, and becoming a new way for private equity funds to exit. Way.

The New Fourth Board mainly provides companies with listing bell ringing and capital enlightenment services. After enterprises are listed in the regional equity trading center, they can provide registration, custody, transfer, display services, and various types of equity, debt, financial products and other services.

3. Different stock price formation mechanisms

New OTC listed companies form their prices based on stock transactions, while regional equity trading center listed companies determine their stock prices based on the company’s net assets.

4. Different listing times

As long as the listing conditions are met, listing on the New Third Board generally takes about 1 year, while listing on the New Fourth Board only takes one month.

As the service object of the New Fourth Board - the Regional Equity Trading Center (Fourth Board) and the New Third Board also have many similarities. Both are private equity markets, and both can issue private placement bonds after listing. , preferred shares, equity incentives, mergers and acquisitions integration, board transfer, IPO and other methods to obtain financing.