What is the third board market, what is the primary market and the secondary market?

The main board market, also known as the first board market, refers to the traditional securities market (usually refers to the stock market), and the main board market refers to the Shanghai Stock Exchange and Shenzhen Stock Exchange. Most listed companies are large and mature enterprises with large capital scale and stable profitability.

Growth enterprise market, also known as the second board market, is a securities trading market that provides financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market for the time being. In short, it is attached to the main board market and aims to cultivate listed companies for the main board.

The full name of the third board market is "agent share transfer system", which provides share transfer services for unlisted joint-stock companies. The agency share transfer is a system independent of the stock exchange, and investors need to open a share transfer account of a non-listed company limited by shares before entrusting the share transfer.

So what is the primary market and what is the secondary market?

The primary market is not well known to the public because the process of selling securities to initial buyers is not open. In the process of issuance, issuers generally do not directly deal with buyers who hold money, but need an intermediary, namely a securities broker.

Stock issuance can be divided into public offering and non-public offering.

Public offering, also known as public offering, refers to the public promotion of shares to investors without determining the specific issue object in advance. Non-public offering, also known as private placement, means that the issuing company only sells shares to specific issuers.

The secondary market provides liquidity for securities. Maintain the liquidity of securities, so that securities holders can sell their securities and realize them at any time.

As a place for securities trading, the secondary market has played a positive role in promoting the primary market.