The securities market can be divided into the issuance market and the trading market according to the order in which the securities enter the market. The issuance market is also known as the primary market, and the trading market is also known as the secondary market. This is not a concept with the main board market, the second board market, and the three board market. The full name of the three-board market is the “agent transfer system”, which was officially opened on July 16, 2001. At present, there are 61 stocks transferred by designated brokers in the three-board market, including delisting stocks such as Narcissus, Yuejinman and Zhonghao. As part of China's multi-level securities market system, the three-board market provides a place for continued circulation of listed company shares after delisting, and on the other hand, it solves the problem of circulation of several corporate legal person shares left over from the original STAQ and NET system history.
At present, there are 44 securities companies including CITIC Jiantou, Shenyin Wanguo, Guotai Junan, Dapeng, Guoxin, Liaoning, Minfa, Guangfa, Xingye, Galaxy, Haitong, China Everbright and China Merchants Securities. According to relevant regulations, the conditions for securities companies to engage in the transfer of shares of non-listed companies are: the net assets of the recent year are not less than 800 million yuan, the net capital is not less than 500 million yuan, and the business department is not less than 20, and the layout is reasonable. . This condition is not harsh. According to the financial data of 106 brokerages published by the China Securities Industry Association, there are 85-90 brokers that meet the above criteria.
Investors who wish to participate in the share transfer transaction must open a special “share transfer account for non-listed companies”. When opening an account, you need to bring your ID card and photocopy, open an account with the securities company's business network that has the qualification to transfer the business, and sign a share transfer entrustment agreement with the securities company. The account opening fee is RMB 30. If the investor of the delisted company wants to enter the transfer share of the agency share transfer system, it also needs to open a “share transfer account of the unlisted joint stock company” and transfer the shares of the delisted company to the special account opened before the transaction can be carried out. .
The trading rules of the three-board market are that the share transfer is based on “hands” and the first hand is 1,000 shares. To declare the purchase of shares, the quantity shall be an integral multiple of one lot. A share that is less than one hand can only be sold once. Starting from September 20 last year, according to the quality of the share transfer company, the share classification transfer system was implemented in the three-board market. Companies with net assets of negative and positive are transferred three times a week (Monday, Wednesday, Friday) and five times (Monday to Friday). The transfer entrustment declaration time is from 9:30 am to 11:30 am, 1 pm From 00 to 3:00; afterwards, the centralized matching transaction is carried out by means of collective bidding. At the same time, the price of the share transfer is subject to price limit, and the ratio of price increase and decrease is limited to 5% of the transfer price of the previous transfer date. Investors entrusting the transfer of shares and non-transfers are subject to stamp duty and handling fees. All transfer declarations accepted during the transfer date of the transfer date shall be matched and traded by one-off centralized bidding.
At present, many companies that are listed on the SME board have begun to choose to be listed on the “three boards”. This is mainly due to the slowdown in financing activities in the main board market since last year, and correspondingly, the financing cravings of small and medium-sized technology companies are increasing. However, the long process of listing in the main board market is only one of the reasons why companies choose to go public on the “three boards”. Since the second half of last year, the deterioration of the macroeconomic environment has led to a sharp drop in the profitability of a large number of enterprises. Therefore, the low threshold for the listing of the “three boards” and even the advantages of the loss-making enterprises can be listed as another important reason for attracting many enterprises. In addition, due to low cost, short time, and convenient procedures, the attraction of the “three boards” is increasing.