Port communicationChina’s capital market has an inverted pyramid structure，Divided into four levels，"One board" is the Shanghai Stock Exchange、Main board market of Shenzhen Stock Exchange；The "second board" is the small and medium-sized board and the GEM board；"Three Boards" is a share transfer system；The “Four Boards” are regional counter markets，It is a local regional trading place approved by the local government.。
"One board" is the Shanghai Stock Exchange、Main board market of Shenzhen Stock Exchange； The "second board" is the GEM and the small and medium-sized board； "Three Boards" is a share transfer system；The New Third Board is a platform for non-listed joint-stock companies in national high-tech science and technology parks to handle share transfers.。 The “Four Boards” are regional counter markets。For example, Shanghai Equity Exchange、Chongqing Equity Exchange and other local、regional trading market。
First board market First board market is also called main board market，Refers to what we usually call the securities market (usually the stock market)，Is a country or region’s securities issuance、The main venue for listing and trading。 The main board market is the most important part of the capital market，It can largely reflect the status of economic development.，Known as the "barometer"。
The operating period of the Main Board Market for the issuer、Capital size、profitability level、Minimum market capitalization, etc.
Require
higher standards，Listed companies are mostly large and mature companies，Have large capital scale and stable profitability。 In my country's first board market, it refers to the stocks starting with 60 and 000 among the A-shares on the Shanghai and Shenzhen stock exchanges.。
The second board market The second board market The second board market is also called the "second board"，It is a concept that corresponds to the first-board market，Mainly established for small and medium-sized emerging companies with growth potential，its listing
Require
Generally wider than "one board"。Compared to the mainboard market，The second board market is forward-looking、high risk、supervision
Require
strict、Has obvious characteristics such as high-tech industry orientation。
Most mature securities markets and emerging markets in the world have such stock markets.，The most famous secondary market in the world is the NASDAQ market in the United States.。 The second board market in my country mainly refers to the small and medium-sized board and the GEM in the Shenzhen Stock Exchange.。Its clear positioning is to provide financing services to small and medium-sized enterprises and high-tech enterprises with high growth potential.，It is a direct financing channel for small and medium-sized enterprises.，It is a capital market for small and medium-sized enterprises.。
Compared to the mainboard market，The standards and listing conditions for companies listed on the second board market are relatively low.，It is easier for small and medium-sized enterprises to go public to raise funds needed for development。 The Third Board Market The Third Board Market is the place where share transfer services are handled.，means approved by the Securities Association of China，Securities companies that are qualified to handle unlisted company share transfer business use electronic trading methods，Special transfer services for unlisted companies，Its service targets are small and medium-sized high-tech enterprises。
The official name of the third board market is "Agency Share Transfer System"，Officially opened on July 16, 2001。As part of China’s multi-level securities market system，On the one hand, the third board market provides a place for the shares of listed companies to continue to circulate after delisting.，On the other hand, it also solves the problem of the original STAQ、The circulation issues of legal person shares of several companies left over from the history of NET system。
The third board market originated from the equity agency transfer system in 2001，The first to undertake two network companies and delisted companies，called the old third board。2006Year，The non-listed joint-stock company in Zhongguancun Science and Technology Park enters the agency transfer system for share quotation transfer，Called "New Third Board"。
2009end of year，Management summarized practices during the pilot period，Determine three principles of private placement：A win-win situation for new and old shareholders、The amount of capital increase is determined according to the company’s development needs and checked by the securities firm.，Announcement that the NEEQ’s directional capital increase system is becoming increasingly clear。2012September，The NEEQ officially expanded after 6 years of piloting。
2013January 16，National Equities Exchange and Quotations officially launched，with motherboard、Small and medium board、GEM has formed a clear division of labor，Designed for those in the start-up stage、Providing capital market services to small and medium-sized enterprises with low profitability。
2013June，Premier Li Keqiang chaired an executive meeting of the State Council，The meeting determined a number of policies to accelerate the development of multi-level capital markets，Including expanding the pilot of the small and medium-sized enterprise share transfer system to the whole country，encourage innovation、Financing Development of Entrepreneurial Small and Medium Enterprises。end of the same year，The NEEQ plan breaks through the restrictions of pilot national high-tech zones，Expanded to all enterprises that meet the requirements of the New Third Board。
The fourth board market The fourth board market is the over-the-counter market、private market、regional market，Transfers for specific investors，The transaction method is transfer by agreement，Rather than bidding for transfer，The number of its shareholders shall not exceed 200，Shares are not issued to the public。 The fourth board market is a regional equity trading market，At the bottom of my country’s capital market pyramid，It is the basic market。
Listing an enterprise on the fourth board market is only the first step，is for the future on the motherboard、Lay a solid foundation for GEM listing。The process of listing on the exchange can sometimes be a bit cumbersome.，Enterprises will entrust organizations such as Wangrong.com to help with the process.。 Not enough of more entrepreneurial knowledge，Follow the WeChat service account：shyushang
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