北交所“920代码”正式落地，10月9日全市场切换

Core Viewpoint - The Beijing Stock Exchange (BSE) is set to officially switch all existing stock codes to the new "920" code segment starting from October 9, 2025, marking a significant step in the market's development and enhancing the identification of listed companies [1][2]. Group 1: Code Transition Details - The transition to the "920" code will unify trading orders, market inquiries, and related business operations for existing stocks on the BSE, ensuring a smooth transition for investors [1]. - The code switch has been in preparation for nearly two years, with a phased approach initiated by the China Securities Regulatory Commission (CSRC) in September 2023 [1][2]. - The BSE began using the "920" code for newly listed companies on April 22, 2024, and the preparation for existing companies commenced in December of the same year [2]. Group 2: Market Impact and Analysis - The introduction of the "920" code is expected to enhance the recognition and identity of BSE-listed companies, fostering a stronger market positioning for innovative small and medium-sized enterprises [4]. - Analysts believe that the previous use of codes from the New Third Board may have caused confusion among investors regarding the nature of BSE-listed companies; the new code aims to eliminate this ambiguity [4]. - The transition to the "920" code is seen as a crucial move for the BSE to establish itself as a distinct market, potentially attracting more investors and differentiating itself from the Shanghai and Shenzhen markets [4]. Group 3: Operational Readiness - The BSE has assured that the continuity of the identity of listed companies, investor rights, and related business operations will remain unaffected post-code switch [5]. - Market institutions, including brokerages, have completed the necessary technical upgrades and testing to ensure stable and continuous service for investors during the transition [5].