What does the stock transfer system mean?

The share transfer system, the full name of which is "share transfer system", is a securities trading place that provides share transfer and financing services for unlisted enterprises. Its main function is to provide a channel for small and medium-sized enterprises to circulate shares, help these enterprises raise funds, improve their popularity and realize equity incentives.

The features of the share transfer system include:

1. Mainly for unlisted enterprises: The share transfer system mainly serves small and medium-sized enterprises that cannot be listed on the main board, growth enterprise market or science and technology innovation board. These enterprises are usually small in scale and have high operational risks, but they have high growth and innovation in some fields.

2. Flexible share transfer methods: In the share transfer system, share transfer can be carried out through various methods such as agreement transfer, market-making transfer and bidding transfer. Enterprises can choose appropriate transfer methods according to their own needs and market conditions.

3. Appropriate management of investors: Due to the high risk of stock transfer system enterprises, regulators usually implement appropriate management of investors, requiring investors to have certain risk tolerance and investment experience.

4. Information disclosure requirements are relatively low: compared with listed companies such as the main board and the Growth Enterprise Market, enterprises listed in the share transfer system have relatively low information disclosure requirements. However, this does not mean that enterprises can disclose information at will, and they still need to abide by relevant laws and regulations to ensure the truthfulness, accuracy and completeness of information disclosure.

There are mainly two share transfer systems in China: one is the national share transfer system for small and medium-sized enterprises (the New Third Board, commonly known as the "New Third Board"), which mainly provides share transfer services for small and medium-sized enterprises nationwide; Second, regional equity exchange markets (such as Beijing Equity Exchange Center and Shanghai Equity Custody Exchange Center) mainly serve small and medium-sized enterprises in the region.

In a word, the share transfer system provides an effective share transfer and financing method for non-listed enterprises, which is helpful to promote the development and innovation of small and medium-sized enterprises.