The main board of the securities market, the second board, the third board, what are they referring to?

The securities market can be divided into the issuance market and the trading market according to the order in which the securities enter the market.

The issuance market is also known as the primary market, and the trading market is also known as the secondary market.

This is not at all the same concept as the main board market, the second board market (GEM market), and the third board market (proxy share transfer system).

The main board market, also known as the primary market, refers to the traditional securities market (usually referred to as the stock market), which is the main place for the issuance, listing and trading of securities in a country or region. The main board market precedes the GEM market, and the two are both distinct and interconnected, and are an important part of the multi-level capital market. Compared with the GEM market, the Main Board market is the most important part of the capital market, and to a large extent, it can reflect the state of economic development, and is known as the "barometer of the national economy". The main board market has higher requirements for the issuer's business period, share capital size, profit level, minimum market capitalization, etc. Most listed companies are large and mature enterprises with large capital size and stable profitability.

The main board market in mainland China consists of two markets, the SSE and the SZSE.

The main difference between the main board market and the second board market is mainly in the scale of listed companies and the amount of financing.

The second board market is a securities trading market outside the main board market of a country's securities, which is clearly positioned as a capital market for small and medium-sized enterprises (SMEs) and high-tech enterprises with high growth potential to raise capital. Compared with the main board market, the standards and listing requirements for companies listed on the second board market are relatively low. It is different from the Main Board market for large and mature listed companies in that it is a forward-looking market that focuses on a company's development prospects and growth potential. Its listing criteria are lower than those of the mature Main Board market. The GEM market is a high-risk market and therefore pays more attention to company disclosure.