The difference between the main board of New Third Board and Growth Enterprise Market

What's the difference between main board, small and medium-sized board, growth enterprise market and new third board?

I. Different definitions

1, the main board market refers to the stock trading market dominated by traditional industries, that is, the main board and the first board market in Shanghai and Shenzhen stock markets.

2. The small and medium-sized board market is a part of the main board market, a separate board set up by Shenzhen Stock Exchange in the main board market, and also belongs to the first board market.

3. GEM is a supplement to the main board market, that is, the second board market. It is a securities trading market that provides financing channels and growth space for enterprises that are temporarily unable to list on the main board and need financing development. It is also the exclusive section of Shenzhen Stock Exchange.

4. The New Third Board is a place to provide equity transactions for unlisted SMEs.

Second, the stock code is different.

1. The stock code of main board enterprises listed on the Shanghai Stock Exchange starts with 600, and the stock code of main board enterprises listed on the Shenzhen Stock Exchange starts with 000;

2. The stock code of small and medium-sized board enterprises starts with 002;

3. The stock code of GEM enterprises starts with 300;

4. The stock code of New Third Board enterprises starts with 43 or 83.

Third, the requirements are different.

1, motherboard:

The company has been established and operated for more than 3 years, and accumulated more than 300 million yuan in 3 years;

All profits in three years, with accumulated profits exceeding 30 million;

The accumulated net operating cash flow for three years exceeds 50 million;

The total share capital before issuance shall not be less than 30 million.

2. Small and medium-sized board:

The company's net profit in the past three years is positive, with a total of more than 30 million;

The accumulated net operating cash flow in the last three years exceeds 50 million yuan or the accumulated operating income in the last three years exceeds 300 million yuan;

1 year net profit before listing reaches 50 million;

Before the issuance, the company's share capital shall not be less than 30 million.

Growth enterprise market, also known as the second board market, is a kind of securities market different from the main board market, which provides financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market for the time being. Growth enterprise market is an important supplement to the main board market and occupies an important position in the capital market. The stock code of listed companies in China Growth Enterprise Market starts with "300".

Compared with the main board market, the listing requirements of GEM are often more relaxed, mainly reflected in the requirements on the establishment time, capital scale, medium and long-term performance and so on. Growth enterprise market is characterized by low entry threshold and strict operation, which helps potential small and medium-sized enterprises to obtain financing opportunities.

The growth rate of companies listed on GEM is very high, but they are often established in a short time, with small scale and outstanding performance, but there is a lot of room for growth. It can be said that GEM is a stock market with low threshold, high risk and strict supervision, and it is also the cradle for incubating entrepreneurial and small and medium-sized enterprises.

According to the relationship with the main board market, the global second board market can be roughly divided into two modes.

Completely independent of the main board, as an expert in vertical website construction of China enterprises, it has its own distinct role. The most successful second-board market in the world-Nasdaq market in the United States belongs to this category.

Nasdaq market was born in 197 1. Nasdaq stock market is the fastest growing market among the major stock markets in the world and the first electronic stock market.

More than half of the stocks that change hands every day in the American market are traded on Nasdaq, and nearly 6,000 companies' securities are listed in this market, while more than 2,000 companies are delisted.

Attached to the main board market, it aims to cultivate listed companies for the main board. Second-board listed companies can upgrade to the main board market when they mature. In other words, it is the "second echelon" of the main board market. Sesdaq in Singapore falls into this category.

The issuer is a company limited by shares established in accordance with the law and operated continuously for more than three years (the change of a company limited by shares as a whole can be counted continuously);

1, the stock has been approved by the CSRC for public offering;

2. The total share capital of the company is not less than 30 million yuan; The publicly issued shares account for more than 25% of the total shares of the company; If the company's total share capital exceeds 400 million yuan, the proportion of publicly issued shares exceeds10%;

3. The company has no major illegal acts in the last three years, and its financial and accounting reports have no false records.