First, the platform is different.
Listing and company listing are different places. Listing is usually listed in local equity exchange centers, such as the New Third Board. The stock issuance places of listed companies are stock exchanges, including Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange.
Second, the scale is different.
Under normal circumstances, companies that can be listed on the exchange are larger than listed companies, and generally belong to better and more mature enterprises. Listed companies mainly focus on innovative and entrepreneurial growth of medium-sized enterprises, and their requirements for profitability will be relatively low.
Third, the trading rules are different.
The stocks of listed companies are mainly traded by agreement, market making or bidding, with relatively few participants and less liquidity. The liquidity of listed companies is relatively high, generally mainly through intraday trading or after-hours block trading.
Fourth, the degree of risk is different.
Under normal circumstances, listed companies have great potential, but the risks and uncertainties will be relatively high. Therefore, the capital threshold requirements for participating in the transactions of listed companies will be higher.
We often associate listing with listing, so many people will think that listing is listing, but in fact there is still a big difference between the two.
Transfer listing refers to the enterprises in the selected layer of the New Third Board. If they meet the conditions of the science and technology innovation board and the growth enterprise market, they can transfer to the growth enterprise market and the science and technology innovation board. As we all know, companies listed on the New Third Board are not listed, but only transferred to the exchange. Select-level stocks refer to small and medium-sized technology companies in China that can enter the select level when they meet the listing conditions, or innovative enterprises that meet the listing conditions one year later can enter the select level. The requirement for stock selection and transfer is that the transfer enterprise must be listed in the stock selection for more than 1 year, and the transfer enterprise has not transferred out of the stock selection: the controlling shareholder and actual controller of the transfer enterprise company have not been punished by the CSRC in the last three years or have not been publicly condemned by the share transfer company in the last 12 months; The public shareholding ratio of the transfer board enterprise has reached more than 25% of the transfer board company; The company's total share capital exceeds 400 million yuan, and public shareholders hold more than 10%.
Stock is not only a part of the ownership of a joint-stock company, but also a certificate of ownership. It is a kind of securities issued by a joint-stock company to all shareholders, which is used as ownership certificate to raise funds and obtain dividends and bonuses. Stock is a long-term credit tool in the capital market. Can be transferred and traded. Shareholders can share the company's profits with them, but they also have to bear the risks brought by the company's business mistakes.