Research On The Listing Mode Of New Three Board Company

National equities exchange and quotations market(NEEQ), as important component in Chinese multi-level capital market system in China, provides new financing way for domestic small and medium-sized enterprise. With market expanding and system improving continuously, NEEQ market grows rapidly during 2015. By the end 2015, the number of listed companies in NEEQ market is over 5,000 and NEEQ market cannot meet all the financing requests from different listed companies. In order to achieve better development, some listed companies seek more opportunities to list in the higher level of the domestic capital market system. Different hierarchy in the capital market has different standards. This paper is to face the needs of enterprises to provide transfer board analysis,focusing on the use of multi case analysis, the different transfer board case for comparative analysis, so as to draw the model to choose.This paper start with introducing different component and requirements of multi-level capital market, followed by introducing NEEQ market characteristics and existing problems. Compared with different standards of IPO, back door listing, M&A, the author will analyze differences of SME Board and growth enterprises market(GEM). Then, the author will analyze the first IPO company from NEEQ market(echo technologies, 300370);NCOC(430275) was merged by a SME board company(002672) and so on. Finally, the author will give advice about choosing different level of capital market for NEEQ listed company.