Legal analysis: the "New Third Board" market refers to the unlisted joint-stock companies in the Science Park entering the agency share system and entering the transfer pilot. Because the enterprises that enter the share transfer are all high-tech enterprises, which are different from the original delisting enterprises and the original STAQ and online listed enterprises, they are vividly called the "New Third Board". The "New Third Board" is mainly aimed at companies, and the emergence of this agency share transfer system will be of great benefit to enterprises and companies.

Legal basis: Article 35 of the Securities Registration Rules of China Securities Depository and Clearing Co., Ltd. After the listing of stocks is terminated, the stock issuer or its agency shall go through the delisting procedures in time. If it enters the agency share transfer system for listing and transfer according to regulations, it shall go through the relevant registration procedures for entering the agency share transfer system.