After the release of the new "Nine Measures," the management's delisting system has added three new delisting scenarios that we ordinary investors must be aware of. Otherwise, the risks in investment are too great.

Firstly, the controlling shareholder illegally occupies a huge amount of funds that have not been returned, leading to a significant reduction in the company's assets; this situation cannot be seen at all on the technical charts. It is necessary to read the listed company's annual report to know how much money the controlling shareholder has occupied and for how long. Otherwise, if the stock you hold suddenly plummets and suddenly announces a possible delisting, you won't know why.

Secondly, the company's internal control has been given a non-standard opinion for several consecutive years; this means that the company's annual report has been showing "non-standard opinion" for several consecutive years. It implies that the financial status of a company that has been doubted by the audit institution for many years will be delisted in the future. This also requires investors to read the listed company's annual report to know.

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Thirdly, the disorderly competition for control rights affects investors' access to effective information. Some companies have fierce internal strife among shareholders, and the decision-making of meetings changes from morning to evening. It seriously affects the company's operations. Investors must stay away from such companies.

It can be seen the importance of investors reading the annual report themselves and understanding the company's fundamentals. Friends, don't just look at the K-line and moving average every day, reading more annual reports is the way to invest. Otherwise, if your stock suddenly collapses, you won't know why it collapsed.

On April 22, the Beijing Stock Exchange launched the 920 code number section function, marking a new era for the Beijing Stock Exchange. Why does the Beijing Stock Exchange need to launch a new stock code number section? Some experts said this is to "strengthen the recognition of listed companies on the Beijing Stock Exchange, making it easier for investors to pay attention to, understand, and invest in the Beijing Stock Exchange."

I think the real significance of enabling the 920 code should start with the establishment of the New Third Board market. The establishment of the Beijing Stock Exchange was based on the New Third Board (National SME Share Transfer System), aiming to provide more professional capital market services for small and medium-sized enterprises. The initial listed companies of the Beijing Stock Exchange mainly came from the selected layer of the New Third Board, and these companies were already listed and traded on the New Third Board before the opening of the Beijing Stock Exchange.

However, such a history has greatly reduced the impression of the Beijing Stock Exchange for many investors. Some investors believe that the predecessor of the Beijing Stock Exchange, the New Third Board, is a stronghold for junk companies. These junk companies are now all listed on the Beijing Stock Exchange, so the Beijing Stock Exchange has no investment value at all.

In fact, this is a misunderstanding of the Beijing Stock Exchange. In the early stage of the opening of the Beijing Stock Exchange, most of the listed company groups were directly transferred from the selected layer of the New Third Board. This means that at the beginning of the establishment of the Beijing Stock Exchange, there were indeed many stocks that were originally traded on the New Third Board and were transferred to the Beijing Stock Exchange for trading.However, the stocks in the Select Layer of the New Third Board are not ordinary New Third Board stocks, nor are they a collection of delisted stocks. The stocks in the Select Layer of the New Third Board are the outstanding stocks among the New Third Board stocks. Moreover, there is no connection between the New Third Board and delisted stocks.

Delisted stocks are in the "Old Third Board." Its full name is the "Transfer System for Shares of Companies Delisted from the Main Board and Historical Legacy Companies from the Two Networks," mainly undertaking the transfer of company stocks delisted from the main board, as well as the circulation issues of several corporate legal person stocks from the original STAQ and NET systems.

The New Third Board, officially known as the "National SME Share Transfer System," is a national non-listed shareholding company equity trading platform, mainly targeting small and micro enterprises, providing stock listing, transfer, and financing services.

The trading rules of the Old Third Board are relatively special, usually with a limited number of trading times per week (depending on the company's net assets, it may be once a week on Monday, Wednesday, and Friday, or once a week on Friday), and transactions are conducted through a centralized bidding method, with a price fluctuation limit of 5%. The New Third Board offers a more flexible trading mechanism, including agreement transfer and market-making transfer methods, and in some cases, there is no price fluctuation limit.

The Old Third Board is more for providing a place for the continued circulation of delisted company shares, and may not necessarily have financing functions. The New Third Board, on the other hand, has financing functions, and listed companies can raise funds through methods such as private placements.

The investor threshold for the Old Third Board is relatively low, with no strict asset and experience requirements. The New Third Board has a higher threshold for investors, requiring them to have a certain scale of assets and investment experience.

Companies listed on the Old Third Board are usually delisted companies that may face significant operational difficulties. Although the companies listed on the New Third Board are also non-listed enterprises, many companies have growth potential and innovation capabilities.

It can be seen that there is no connection between the New Third Board and delisted stocks. The Select Layer in the New Third Board is even less related to delisted junk stocks. The only connection between the two is that the Old Third Board, as a place for the transfer of delisted company shares, is managed by the New Third Board system on a daily basis. This has led some investors to mistakenly believe that New Third Board stocks are synonymous with junk stocks.

Therefore, in order to enhance the image and professionalism of the stocks of the Beijing Stock Exchange and completely sever the connection with the original New Third Board system, reduce the impact of stock prices during the New Third Board period on investors' valuation judgments, so this time the Beijing Stock Exchange stocks have adopted a new stock code segment such as 920. In the future, all stocks listed on the Beijing Stock Exchange will gradually change to a new segment. A new exchange must, of course, use new stock codes!

In summary, I am very optimistic about the stocks of the Beijing Stock Exchange. Because here lies the potential for a thousand-fold increase in the future. Although the companies in the Beijing Stock Exchange are small, their development potential is not small.