The so-called listing is the initial public offering (IPO), which refers to the process that enterprises issue additional shares to investors for the first time through the stock exchange in order to raise funds for enterprise development. When a large number of investors subscribe for new shares, they need to draw lots for allotment, which is also called drawing new shares. Investors who subscribe expect to sell at a price higher than the subscription price.
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China's capital market is mainly influenced by national policies. At present, the four-board trading market is not active, but with the opening and development of the financial market, the four-board market should be an indispensable part of future finance.
Anyone who knows the development history of Nasdaq can see that after a long period of development, the four-board market is likely to transition from the OTC market to the market maker and exchange market. Even after NASD was transformed into an on-site capital market, it did not break away from the off-site capital market. In a mature capital market, the off-exchange capital market will be the source of the on-exchange capital market.
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