Can you give us a detailed introduction to the second board market?

Primary market. And the secondary market, as well as the main board market, the second board market.

The difference between the three-board market:

1. The nature of several is different:

The primary market refers to the raising of ** issuance, and the secondary market is a market that can be traded publicly.

The secondary market is usually referred to as the GEM market.

Specialized in assisting high-growth emerging innovative companies, especially high-tech companies, to raise funds and carry out capital operations.

market. The full name of the three-board market is the "agency share transfer system", which includes three types of enterprise stocks: the first type is the company with historical problems, which mainly refers to the transfer from the staq and net legal person market; the second type of enterprises that are forced to be delisted from the main board because they have been losing money for consecutive years and have no way out; The third category is the Zhongguancun Science and Technology Park approved by the state at the beginning of 2006.

The high-tech enterprises listed on the three board market after trading, that is, the most commonly said.

2. Their characteristics are different.

The main board market has the strictest listing requirements, the second board market is more forward-looking, high-risk, and has obvious characteristics such as high-tech industry orientation, and the third board market is the lowest in strictness, and the listing entry threshold is lower, not limited to the form of ownership, not limited to high-tech enterprises.

3. Respective ****.

The beginning is different.

The main board market enterprises usually start with "600", the second board market generally starts with "300"**, the third board market is generally "4" to open the royal regret, and the old third board (A shares.

It starts with "400", B shares.

It's "420"Beginning.

The primary market and the secondary market also have the connection between the main board market, the second board market, and the third board market

1. According to the definition of the market, it is mainly the connection between the main board market and the general marketThe main board market, also known as the first board market, refers to the ** market in the traditional sense (usually refers to the ** market.

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.

At present, there are main board markets in Shanghai and Shenzhen for A-shares.

Precautions Kai cavity:

The third board market has low activity and higher risk, so it is not recommended to participate.

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.

The second board market, also known as the "second board", is a concept that corresponds to the "first board". **The "second board" is set up by the exchange to distinguish the status of these companies from the "first board", such as the duration of business, the size of the share capital, the profitability, the degree of equity dispersion, etc.

For example, the listing on the "first board" of the Tokyo ** Stock Exchange in Japan requires more than 20 million listed shares, the top 10 major shareholders (or special interests) hold less than 70 shares, and the shareholders are required to be 3,000 or more.

For listing on the "second board" (if the issuer is registered in Tokyo), the listing only requires more than 4 million shares, and the top 10 shareholders hold less than 80 shares and more than 800 shareholders.

Generally speaking, the listing requirements of the "second board" are wider than those of the "first board", and in doing so, Yuanfuzhong aims to open up direct financing channels for small and medium-sized enterprises and high-tech enterprises with high growth potential that do not meet the listing requirements of the "first board" for a while.

Since the second half of last year, China has begun to brew the establishment of a high-tech enterprise board in the existing Shanghai and Shenzhen stock exchanges, aiming to provide a direct financing channel with relatively relaxed listing conditions for high-tech enterprises.

On April 19 this year, according to Gao Xiqing, vice chairman of the China Securities Regulatory Commission, the high-tech enterprise board may have to change its formulation and be called the second board market. Industry insiders believe that this is not just a change in formulation, which will mean that the market's listing rules and trading methods will be further closer to the international "second board market".

The GEM, also known as the second board market, is a first-class trading source blocking market designed to provide financing channels and growth space for entrepreneurial enterprises that cannot be listed on the main board market temporarily.

The development of other secondary market markets in the world can basically be divided into the above two stages.

In the late 70s and early 80s of the 20th century, the oil crisis caused the deterioration of the economic environment, the long-term downturn was unattractive to enterprises, and the markets of various countries were facing a great crisis, mainly in the low willingness of companies to go public, the number of listed companies continued to reduce the balance, and investors were not active. In this case, in order to attract more new enterprises to go public, various countries have successively established hail destruction of the second board market.

On the whole, most of the two board markets at this stage experienced the glory of the early days of creation, but basically ended in failure in the mid-90s of the 20th century.