北交所发声！关于“十五五”时期北交所、新三板建设

Core Viewpoint - The Beijing Stock Exchange (BSE) aims to enhance its support for innovative small and medium-sized enterprises (SMEs) during the 14th Five-Year Plan period, focusing on optimizing listing standards, improving merger and acquisition regulations, and expanding the bond market [1][3]. Group 1: Enhancing Listing and Regulatory Framework - Continuous research to optimize the listing standard system of BSE, improving the adaptability and precision of the listing review system [1][3]. - Ongoing improvement of merger and acquisition regulations to guide financial resources towards key technology sectors [1][3]. - Development of differentiated regulatory arrangements for the New Third Board, enhancing its functionality and attractiveness [1][3]. Group 2: Supporting Innovative SMEs - BSE is committed to creating a platform for innovative SMEs, with over 280 listed companies, more than 80% being SMEs and nearly 90% being private enterprises [1][2]. - Establishing a regulatory framework that aligns with the characteristics of SMEs, allowing growth-stage and unprofitable companies to list [2][5]. - Promoting a collaborative market ecosystem where over 90% of listed companies distribute dividends, with nearly 9.5 million qualified investors participating [2][5]. Group 3: Strengthening the Bond Market - Regular issuance of government bonds to expand the functionality of the credit bond market [3][5]. - Introduction of more bond varieties aligned with national strategies, including technology innovation and green bonds [3][5]. Group 4: Market Product and Service Enhancements - Accelerating the launch of the North Certificate 50 ETF and exploring after-hours fixed-price trading [6][7]. - Improving market service mechanisms to enhance standardization, transparency, and regulatory compliance [6][7]. Group 5: Collaboration and Internationalization - Strengthening collaboration with government departments and market institutions to support the development of quality technology enterprises [7]. - Promoting international cooperation and exchanges to enhance the internationalization of the market [7].