The 1990s is an important period for Chinese OTC market. It has spontaneously developed different models and features of the OTC market throughout the country in 1993. Over the same period，the central government authorities have also approved the establishment of corporate share markets，that is，the STAQ and NET systems. This article selects four local OTC markets as analysis samples，searching for their establishment of the background，process，operation and closure process，and analyzing their system design and implementation deeply. Also this article has systematically discussed the STAQ and NET systems，analyzing the problems faced in their development.Based on that，we evaluate the development of the OTC market since the1990s，as well as evaluate its positive significance and the achievements in exploration and innovation.