Core Viewpoint - The establishment of the Beijing Stock Exchange (BSE) has successfully created a platform to support innovative small and medium-sized enterprises (SMEs) in China, demonstrating initial achievements in enhancing the market ecosystem for these companies [1][2][4]. Group 1: Market Development and Achievements - As of September 2, 2022, the BSE has listed 110 companies, with 77% being SMEs and 90% being private enterprises, covering various innovative sectors such as advanced manufacturing and healthcare [2][3]. - The BSE has facilitated over 23 companies recognized as national "little giant" enterprises, with an average R&D intensity of 4.6%, significantly higher than the average of large-scale enterprises [2][3]. - Cumulative financing through public offerings has exceeded 23.5 billion yuan, averaging 2.1 million yuan per company, effectively supporting technological advancements and core competitiveness [2][3]. Group 2: Institutional Framework and Market Mechanisms - The BSE has established a unique institutional framework tailored to the characteristics of innovative SMEs, guided by a pilot registration system [2][3]. - The BSE has implemented a flexible financing mechanism, allowing companies to conduct multiple rounds of targeted financing, thereby reducing financing costs and alleviating cash flow pressures for SMEs [5][6]. Group 3: Market Connectivity and Ecosystem - The BSE has created a connection with regional equity markets, facilitating the flow of listing resources and enhancing the overall market ecosystem for SMEs [3][4]. - The number of qualified investors has increased to over 5.13 million, nearly tripling since the establishment of the BSE, with significant participation from public funds and venture capital [3][4]. Group 4: Market Performance and Future Outlook - The BSE has maintained reasonable liquidity and valuation levels, with 83% of listed companies having a market capitalization below 1.5 billion yuan [6][7]. - The average daily trading volume since the opening has reached 1.029 billion yuan, reflecting a 167.17% increase compared to the previous phase [7]. - Future plans for the BSE include reducing transaction costs, launching a BSE index, and continuing to innovate trading mechanisms to enhance market liquidity and efficiency [8].
北交所设立一周年 打造服务创新型中小企业主阵地初见成效
Xin Hua Wang·2025-08-12 06:19