The securities market can be divided into issuing market and trading market according to the order in which securities enter the market. The issuing market is also called the primary market, and the trading market is also called the secondary market. This is not a concept at all with the main board market, the second board market, and the third board market. The full name of the Sanban Market is the "agent transfer system," which was formally launched on July 16, 2001. At present, there are 61 stocks transferred by designated brokerage firms in the Sanban Market, including delisted stocks such as Narcissus, Yuejinman and Zhonghao. As part of the multi-tiered securities market system in China, the Third Board Market provides a place for continued circulation of listed company shares after delisting. On the other hand, it also solves the problem of circulation of several corporate legal person shares left over from the past in the original STAQ and NET systems.
At present, brokers who have qualifications for transfer of agency shares include: 44 securities companies including CITIC Jianying, Shenyin Wanguo, Guotai Junan, Dapeng, Guoxin, Liaoning, Minfa, Guangfa, Xingye, Yinhe, Haitong, Everbright and China Merchants Securities. According to the relevant regulations, the conditions for a securities company to engage in the quotation transfer business of non-listed companies are: the net assets in the most recent year shall not be less than 800 million yuan, the net capital shall not be less than 500 million yuan, and the sales department shall be no less than 20, and the layout shall be reasonable. . This condition is not harsh. According to the financial data of 106 securities companies announced by the Securities Association of China, there are 85-90 brokers who meet the above criteria.
If investors want to participate in the transfer of shares, they must open a special “unlisted company share transfer account”. To open an account, you need to bring your own ID card and photocopy, open an account with the securities company's business outlets that have qualifications for transfer business, and sign a share transfer authorization agreement with the securities company. The opening fee is RMB 30. If the investors of the delisted company want to enter the stock transfer system to transfer the shares, they will also need to open a “share transfer account for unlisted shares,” and transfer the shares of the delisted company to the special account opened before they can conduct the transaction. .
The trading rules of the Three Board Market are that the transfer of shares takes the "hands" as the unit, and that the shares are 1,000 shares. To declare the purchase of shares, the quantity should be a multiple of the first lot. Less than one-handed shares can only be declared and sold. Starting from September 20 last year, a share classification and transfer system was implemented in the third board market based on the quality of the share transfer company. Companies with negative and positive net assets implement the transfer method three times a week (Monday, Wednesday, Friday) and five times (Monday to Friday), and the transfer commission report time is from 9:30 am to 11:30 am. :00 to 3:00; Afterwards, the collectively-matched transactions are conducted in a collective bidding mode. At the same time, the share transfer price is subject to price fluctuations. The rate of change is limited to 5% of the transfer price on the previous transfer date. Investors who entrust share transfer and non-transfer transfer must pay stamp duty and handling fees. All transfer declarations received within the reporting time of the transfer date are matched by a one-time centralized bidding method.
At present, many companies that are listed on the small and medium-sized board have started to choose to list on the “three boards”. This is mainly due to the fact that the financing activities on the main board market have slowed since last year. Corresponding to this, the financing aspirations of small and medium-sized technology companies are continuously increasing. However, the long listing process of the main board market is only one of the reasons why companies choose the “three boards” for listing. Since the deterioration of the macroeconomic environment since the second half of last year has caused a large decline in the profitability of a large number of companies, the low threshold for listing “three boards” and even the possibility that loss-making enterprises can be listed will undoubtedly become another important reason for attracting many companies. In addition, due to low cost, short time, and convenient procedures, the "three boards" are becoming more attractive.