After Shanghai Stock Exchange and Shenzhen Stock Exchange, the New Third Board is the third national stock exchange established under the Securities Law with the approval of the State Council.

The New Third Board is positioned as a market platform for public stock transfer and issuance financing of unlisted joint-stock companies, providing related services such as stock trading, issuance financing, mergers and acquisitions, and providing information, technology and training services for market participants. On this platform, securities companies with the qualification of hosting brokerage business by agency system adopt electronic transactions to provide standardized share transfer services for unlisted joint stock limited companies.

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The biggest risk faced by enterprises in listing decision-making is that the listing declaration will not pass the IEC in the end, which means that the listing of enterprises will fail. This kind of failure will bring many threats to enterprises. Strict information disclosure requirements make the company's basic operating conditions public and give competitors an opportunity to understand.

In addition, intermediaries also hold a lot of important information of enterprises, and they are also facing the risk of loss. The failure of listing also makes the previous tax costs, social security costs, listing preparation costs, intermediary costs and other costs become sunk costs, which can not be made up in a short time.

People's Network-Let the New Third Board "Live" (Financial Eye)