Please advise your predecessors, what are the differences between the New Third Board and property rights transactions?

The National Small and Medium-sized Enterprise Share Transfer System (commonly known as the "New Third Board") was established with the approval of the State Council, and it is a national stock exchange place. Shanghai Equity Custody Trading Center, Tianjin Equity Exchange and other local equity trading centers are approved by the provincial government as local equity trading centers. The New Third Board market is different from local equity exchange centers in the basic conditions, listing procedures, investor standards and trading rules of listed companies.

The following is a detailed comparison between the New Third Board market, Tianjin Equity Exchange Center and Shanghai Equity Exchange Center from three aspects: basic conditions of listed companies, listing procedures and investor standards. For more information on the listing, financing and roadshow of the New Third Board, please visit the New Third Board Capital Circle. ：

1. Comparison of basic information of listed companies

From the above comparison, it can be seen that the basic requirements of the New Third Board for listed companies are higher than those of local equity exchange centers. The New Third Board market is more suitable for growth enterprises with a certain business scale, strong operational capability and perfect governance structure, while the local equity exchange center is more suitable for small and micro enterprises in the initial stage.

2. Comparison of listing procedures

3. Comparison of investor standards