CHINA SYSTEM · OPERATING LOGIC
Read the concept through its operating structure
Main boards serve mature, larger companies
Shanghai and Shenzhen main boards serve relatively mature, larger firms under registration, continuous disclosure, trading and delisting rules.
STAR and ChiNext have distinct innovation mandates
STAR emphasizes hard technology and science-innovation attributes; ChiNext serves growth-oriented innovative firms. Specific listing-standard combinations still matter.
BSE and NEEQ form an SME-oriented axis
BSE focuses on innovative SMEs; NEEQ provides cultivation, quotation, trading and disclosure. NEEQ quotation should not be conflated with exchange listing.
Regional equity markets are local cultivation bases
Regional equity markets cultivate local unlisted SMEs and provide financial services; their investors, liquidity and disclosure differ from national exchanges.
Korea should read venue and business substance together
Diligence should verify venue, code, listing/quotation status, audit disclosure, float, control and delisting risk; offshore listings, H shares, red chips and VIEs require separate analysis.