What is the main board market and the second board market

The main board market, also known as the one-board market, refers to the traditional market (usually referred to as the market), which is the main place for issuance, listing and trading in a country or region. The main board market preceded the GEM market, and the two are both different from each other and interrelated, and are an important part of the multi-level capital market. Compared with the GEM market, the main board market is the most important component of the capital market, which can reflect the economic development status to a large extent, and is known as the "barometer of the national economy".

The main board market has higher requirements for issuers in terms of business period, share capital size, profitability level, minimum market capitalization, etc., and most of the listed companies are large mature enterprises with large capital scale and stable profitability.

The main board market in Chinese mainland includes the Shanghai Stock Exchange and the Shenzhen Stock Exchange. The second board market is relative to the first board market or the main board market, and refers to the emerging ** market outside the main board market that provides financing channels for small and medium-sized enterprises and emerging companies. The second board market is an important part of a country's capital market, and the fundamental difference between the main board market and the main board market is its different listing standards, and the listing objects are mostly emerging small and medium-sized enterprises with potential growth, so many second board markets are also called small company markets or emerging company markets.

To put it bluntly, the main board is ****600 and 000 starts, and the 002 starts with the small and medium-sized board, which belongs to the second board market, and the gem launched in the future belongs to the second board market.

The primary market refers to the raising of the first issue, the secondary market is a market that can be traded publicly, the main board refers to the current A and B shares, the second board may refer to the gem and the small and medium-sized board, and the third board market is currently being created, and there are different restrictions on both sides of the transaction.

The main board, the second board, and the third board are divided by listed companies

The main board is the Shanghai (600) and Shenzhen (000) listed on the ** small and medium-sized board (002) is relative to the main board market, some companies can not meet the requirements of listing on the main board market, so they can only be listed in the small and medium-sized board market, the small and medium-sized board market is a transition of the gem

The second board is the Growth Enterprise Market (300), which has low listing standards and mainly serves high-tech and high-growth small and medium-sized enterprises

The full name of the three board (400) is "agency share transfer system", and the transactions are withdrawn from the main board, such as some companies have been losing money year after year and have been forced to delist from the main board, so they can be transferred to the three board market to continue trading

These concepts are relatively narrow in relation to the capital market. The primary market usually refers to the issuance market, and there is no concept of the second board. The secondary market is an on-exchange market.

The third board refers to the over-the-counter market. For China, the secondary market refers to the Shenzhen and Shanghai exchange markets. The three-board market refers to the current first-class company agency equity transfer system.

The main board market is usually the Shanghai and Shenzhen A-shares.

The second board is the GEM.

The third board is an over-the-counter trading system, such as Zhongguancun.