The "New Third Board" originally refers to the unlisted joint-stock companies in Zhongguancun Science Park entering the agency joint-stock system for pilot transfer. Because the listed companies are all high-tech enterprises, which are different from the delisted companies of the original turnplate system and the listed companies of the original STAQ and net system, they are vividly called the "New Third Board". The so-called "third board" refers to the "two-net stock" stocks delisted from the original two legal person stock markets and the "delisted stock" stocks delisted from the main board market.