What does Main Board, SME Board, GEM Board and New Third Board mean? What's the difference?

1, the main board, small and medium-sized board, GEM and the meaning of the new three boards are as follows:

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

2, small and medium-sized board: small and medium-sized board that is the small and medium-sized board, refers to the liquidity of about 100 million or less of the entrepreneurial board. Small and medium-sized board is relative to the main board market, some companies can not meet the conditions of the main board market requirements, so they can only be listed in the small and medium-sized board market.

3, GEM: GEM, also known as the second board market, that is, the second stock exchange market, is a different type of securities market with the main market, specifically for the temporary inability to list on the main board of entrepreneurial enterprises, small and medium-sized enterprises and high-tech industry enterprises and other enterprises in need of financing and development of financing and growth of the securities trading market.

4, the new three board: the new three board market originally refers to the Zhongguancun Science and Technology Park, non-listed companies into the proxy share system for the transfer of the pilot, because the listed companies are high-tech enterprises and different from the original transfer system within the delisted enterprises and the original STAQ, NET system listed companies, it is figuratively referred to as the "new three board".

The second is the "new three board".

Two, the main board, small and medium-sized boards, GEM boards and the new three boards have three different points:

1, four different roles:

(1) the role of the main board: the role of the main board of the market is the most important component of the capital market, to a large extent, to reflect the state of economic development, there is a "barometer of national economic development," said. "The main board is the most important part of the capital market, largely reflecting the state of economic development.

(2) the role of small and medium-sized plate: small and medium-sized plate market is a kind of transition of the GEM, in China's small and medium-sized plate market code is the beginning of 002.

(3) The role of GEM: GEM is an important supplement to the main board market and occupies an important position in the capital market. The stock codes of China's GEM listed companies start with 300.

(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 take the initiative to invest because of the institutional guarantee of the New Third Board.

2, the four listing conditions are different:

(1) the main board's listing conditions: the stock has been approved by the State Council's securities management department has been issued to the public; the issuer's net profit for the last three fiscal years are positive and cumulative more than 30 million yuan; the last three fiscal years, the net cash flow generated by operating activities in the last three fiscal years cumulative total of more than 50 million yuan, or the last three fiscal years, operating income cumulative total of more than 30 million yuan, or the last three fiscal years, the net cash flow generated by operating activities cumulative total of more than 50 million yuan. fiscal years, or the cumulative operating revenue for the last three fiscal years exceeds RMB300 million.

The total amount of share capital before the issuance shall not be less than RMB30 million; the shares to be issued to the public shall not be less than 25% of the total number of shares of the company; if the total amount of share capital of the company is more than RMB400 million, the proportion of its shares to be issued to the public shall not be less than 10%. The public issuer is a joint stock limited company established in accordance with the law and has been in continuous operation for more than three years.

Where a former state-owned enterprise is established by reorganization in accordance with the law, or where a newly formed company is reorganized and established as a joint stock limited company after the implementation of the Company Law of the People's Republic of China*** and the State of China, and where the main promoter is a large or medium-sized state-owned enterprise, the time of establishment may be counted consecutively.

(2) Listing requirements for SMEs: total share capital of not less than RMB 30 million before issuance; total share capital of not less than RMB 50 million after issuance; and positive net profit for the latest three fiscal years, which cumulatively exceeds RMB 30 million.

Net cash flow from operating activities for the latest 3 fiscal years exceeds RMB 50 million in aggregate; or operating income for the latest 3 fiscal years exceeds RMB 300 million in aggregate; and the ratio of intangible assets to net assets at the end of the recent period is no more than 20%.

(3) Conditions for listing on GEM: the total share capital of the company is not less than RMB 30 million; the shares issued publicly amount to 25% or more of the total number of the company's shares; if the total share capital of the company is more than RMB 400 million, the proportion of shares issued publicly is 10% or more;

the mode of operation, the structure of the varieties of products or services has undergone or will undergo a significant change and will constitute a material adverse effect on the issuer's sustainable profitability; industry position ability constitutes a material adverse effect; the industry position or the business environment of the industry in which the issuer operates has changed or will change significantly, and constitutes a material adverse effect on the issuer's sustained profitability.

The risk of material adverse changes in the acquisition or use of important assets or technologies such as trademarks, patents, know-how, franchises, etc. in use; the significant dependence of the operating income or net profit of the most recent year on a related party or a customer of material uncertainty; and the net profit of the most recent year being derived principally from investment income outside the scope of the consolidated financial statements.

(4) The listing requirements of the New Third Board: established in accordance with the law and survived (existed and continued) for two years. If a limited liability company is wholly changed into a joint stock limited company by discounting the original book net asset value, the period of existence can be calculated from the date of establishment of the limited liability company.

Business is clear and has the ability to continue operation; corporate governance mechanism is sound, legal and standardized operation; shareholding is clear, stock issuance and transfer behavior is legal and compliant; the host brokerage firms recommend and continue to supervise; and other conditions as required by the National Stock Transfer System Corporation.

3, four different origins:

(1) the origin of the main board: the stock has been approved by the State Council securities management department has been issued to the public.

(2) the origin of the small and medium-sized board: approved by the State Council in May 2004, the China Securities Regulatory Commission approved and agreed to the Shenzhen Stock Exchange to set up a small and medium-sized board within the main board market.

(3) The origin of the GEM: On April 20, 2012, the SZSE formally released the "Shenzhen Stock Exchange GEM Stock Listing Rules" and officially implemented it on May 1, which will be the content of the GEM delisting system program, implemented into the listing rules.

(4) The origin of the new three boards: In 2006, the Zhongguancun Science and Technology Park, non-listed joint-stock companies to enter the agency transfer system for the transfer of shares quoted, known as the "new three boards". With the gradual improvement of the new three board market, China will gradually form a multi-level capital market system, including the main board, GEM, over-the-counter trading network and property rights market.

Baidu Encyclopedia - Main Board Market

Baidu Encyclopedia - SME Board

Baidu Encyclopedia - GEM Board

Baidu Encyclopedia - New Third Board