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

1. Definition: The New Third Board is a national securities trading market, while the “New Fourth Board” is a regional equity trading center (fourth board). Board) provides brands with listings, bell ringing, media 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 a registered trademark of Qianhai Equity Trading Center. It is a regional equity trading center listing and docking service developed by Qianhai Equity Trading Center in response to the personalized capital service needs of small and medium-sized enterprises. Ring the bell for the media service capital education service brand.

Remarks: There is another name for the New Fourth Board in the folk, which is equated with 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 docking, bell-ringing media services 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 prices based on stock transactions, while regional equity trading center listed companies determine stock prices based on the company’s net assets.

4. The cost of listing is different

The cost of listing on the New Third Board is about 1.2-3 million, with an annual fee of 500,000, as well as tax reimbursement costs and subsequent financial standardization costs. The business cost of the New Fourth Board is much lower. The "Qianhai New Fourth Board" has a uniform national price of 50,000 yuan. The upgrade service includes various capital services required by small and medium-sized enterprises, and the price is determined according to specific needs.

5. 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 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.