Second, specifically:
The performance loss of listed companies for two consecutive years means that ST will be delisted for three consecutive years, and the delisted stocks will appear in the third board market. Therefore, all listed companies in Shenzhen Stock Exchange A and Shanghai Stock Exchange A are called three-board circulating A shares.
Third, the third board market:
1, commonly known in the industry as "agency share transfer system", was officially opened on July 65438+6, 2006. As a part of China's multi-level securities market system, the third board market provides a place for listed companies to continue to circulate after delisting, and on the other hand, it solves the circulation problem of corporate shares of several companies left over from the history of the original STAQ and NET systems.
2. China's third board market originated from the "stock right transfer system" of 200 1. Including three types of corporate stocks: the first type is companies with historical problems, mainly referring to stocks transferred from STAQ and net company stock markets; The second category is enterprises that have been forced to withdraw from the main board because of losses in successive years and nowhere to go; The third category is Zhongguancun (5.39, 0.0 1, 0. 19%) high-tech enterprises listed on the third board market in early 2006. On June 23rd of the same year, 65438, high-tech enterprises Century Riel and Beijing Zhongkesoft entered the agency share transfer system for listing and trading, and the third board market began to get rid of the role of "junk stock receiving station". The third kind of enterprise stock is called the "New Third Board".
3. From the development goal, the design of China's capital market structure in the future should be divided into six levels: main board market, small and medium-sized board market, growth enterprise market, third board market, large regional property rights market and local property rights trading market. The positioning of "three boards" is to provide an efficient and convenient platform for equity transfer, investment and financing for unlisted high-tech public companies. The "three boards" have the following functions for enterprises:
(1) publicity function; (2) cultivation function; (3) Value discovery function; (4) Financing function. Financing is the most concerned issue for small and medium-sized enterprises, and "only listing without financing" was once the biggest regret of the Third Board. In June, 2006, 165438+ 10, the capital increase case of Beijing Times and Zhongke Soft announced that the Third Board had financing function.
Four. Introduction of various stocks including A shares:
1.a shares refer to stocks traded in RMB in Shanghai and Shenzhen stock exchanges, and the trading targets are limited to domestic investors and qualified foreign investors.
2.b shares are shares denominated in RMB, subscribed and traded in foreign currency and exclusively bought and sold by overseas legal persons and natural persons. Among them, B shares of Shanghai Stock Exchange are traded in US dollars, while B shares of Shenzhen Stock Exchange are traded in Hong Kong dollars.
3.h shares are foreign-funded shares registered in the Mainland and listed in Hong Kong, taking the first place in the English alphabet in Hong Kong, so they are called H shares.
4.n shares refer to foreign shares registered in the Mainland and listed in new york.
5.l shares refer to foreign shares registered in the Mainland, issued and listed in London.