China's New Third Board Market: Opportunities and Challenges☆

Abstract The New Third Board Market is China's OTC market, established in 2006. Compared to China's Main Board Market and the Second Board Market, it attracts a lot of start-up companies needing financing with lower listing requirements. Meanwhile, it is full of opportunities and challenges that appeal to numerous securities traders and investors with the rapid development momentum. This paper is intended to build a comprehensive and systematic knowledge framework of China's New Third Board Market for those enterprises and individuals interested in it, and to provide a research base for future researchers.