Core Viewpoint - The Beijing Stock Exchange (BSE) is set to implement a significant adjustment by switching the stock codes of 248 existing listed companies to a new "920" code starting from October 9, 2025, which solidifies its independent status as China's third-largest stock exchange [1][4]. Group 1: Code Switching Process - The code switching initiative began on November 17, 2023, to address confusion caused by multiple initial code formats (400, 430, 830) used by companies listed on the New Third Board [2]. - The BSE adopted a phased approach, first switching new listings to the "920" code on April 22, 2024, with the first company, Wanda Bearing, listed under this new code shortly thereafter [2]. - A large-scale network testing was conducted in April 2025, involving various market participants to ensure a smooth transition for investors [3]. Group 2: Market Identity and Valuation System - The introduction of the "920" code will create a distinct three-code structure (6-0-9) among China's stock exchanges, enhancing the BSE's market identity [4]. - Experts indicate that the new code will improve the recognition of BSE-listed companies, facilitating better investor understanding and decision-making [4]. - The transition from New Third Board to BSE will allow companies to establish new trading dynamics and information disclosures, differentiating them from their previous listings [4]. Group 3: Market Performance and Composition - The recognition of new stocks on the BSE has been increasing, with average first-day price changes of 218% in 2024 and 268% in 2025 [5]. - As of April 2025, 58.11% of BSE-listed companies are classified as specialized, high-tech "little giants," with 69.57% of new listings in 2024 falling into this category [5]. - The code switch is expected to facilitate the transformation of companies from "New Third Board enterprises" to "BSE-listed companies," further driving the reformation of the valuation system [5].
重磅！北交所全面进入“920时代” 意味着什么？
2 1 Shi Ji Jing Ji Bao Dao·2025-09-13 06:38