What is a multi-level capital market? Divided into four main plates

In the capital market, different investors and financiers have different scales and main characteristics, and have different demands for financial services in the capital market. Diversified demand determines that the capital market should be a multi-level market economy system. What is the financial practice platform of domestic financial practitioners? Let's look at the multi-level capital markets in China and Bian Xiao.

I. Main board market

The main board market, also known as the first board market, refers to the traditional securities market and is the main place for securities issuance, listing and trading in a country or region. China's main board market includes Shanghai Stock Exchange and Shenzhen Stock Exchange.

The main board market is the most important part of the capital market. Most enterprises listed on the main board market are large and mature enterprises with large capital scale and stable profitability. It can reflect the situation of economic development to a great extent, and is known as the "barometer of national economy".

Second, the growth enterprise market.

Growth enterprise market, also known as the second board market, is the secondary securities market after the main board market. Initially, the Growth Enterprise Market (GEM) was a market specially created by various countries to attract more companies to go public in the environment of deteriorating economic environment and depressed securities market.

Therefore, compared with the listing of the main board, the conditions of the GEM are more relaxed. Most companies listed on GEM are entrepreneurial enterprises, small and medium-sized enterprises and high-tech industrial enterprises that cannot be listed on the main board for the time being. Although these companies have no outstanding performance in the short term, they have great growth potential, which is what we often call "potential stocks". China's Growth Enterprise Market refers to Shenzhen Growth Enterprise Market, and the stock code begins with "300".

Third, the new third board market.

The new third board market was originally a pilot project for unlisted companies in Zhongguancun Science Park to enter the agency stock system for transfer. Because listed companies are all high-tech enterprises, they are different from the delisting companies of the original transfer board system and the listed companies of the original STAQ and network system. Now the New Third Board is a national equity trading platform for unlisted companies, mainly for small and medium-sized enterprises.

Just this year, the CSRC announced that it will comprehensively reform the New Third Board from five aspects: optimizing the issuance and financing system and improving market stratification. After the reform, qualified innovative enterprises will be allowed to publicly issue shares to unspecified qualified investors. At the same time, enterprises that have set up a selection layer and listed on the selection layer for a certain period of time and meet the listing conditions and relevant regulations of the Exchange can be directly listed in science and technology innovation board. I believe that the reformed New Third Board will show new vitality.

Four. Science and technology innovation board market

Science and technology innovation board is a new board independent of the existing main board market, which is specially oriented to enterprises whose main business conforms to the scientific and technological attributes. Scientific and technological innovation has the characteristics of large investment, long cycle and high risk. Indirect financing and short-term financing often cannot meet the development of science and technology enterprises. The establishment of science and technology innovation board can promote the deep integration of capital market and science and technology innovation.