北交所：服务创新型中小企业主阵地建设再上新台阶

Core Insights - The Beijing Stock Exchange (BSE) is focusing on supporting innovative small and medium-sized enterprises (SMEs) and plans to launch the North Exchange 50 ETF to attract passive investment and enhance market vitality [1][5] Group 1: Market Structure and Composition - Over 80% of the 280 listed companies on the BSE are SMEs, with nearly 90% being privately owned, and more than half classified as national-level specialized and innovative "little giant" enterprises [1] - The average R&D intensity of listed companies on the BSE is 4.5%, which is 2.86 percentage points higher than the average for regulated enterprises [1] Group 2: Regulatory and Institutional Enhancements - The China Securities Regulatory Commission (CSRC) emphasizes the need for continuous research on the characteristics and development patterns of innovative SMEs to improve the adaptability of institutional mechanisms and product services [2] - The BSE aims to optimize its listing standards and enhance the listing review system to better support technological innovation and traditional industry transformation [3] Group 3: Financial Support and Investment Attraction - The BSE is working to attract long-term patient capital to support innovative SMEs, addressing the funding gap often referred to as the "valley of death" in technology commercialization [4] - The BSE plans to establish more public fund products focused on investing in small-cap stocks and improve services for various types of funds, including social security and insurance [5] Group 4: Ecosystem Development - The BSE is committed to fostering a collaborative ecosystem by enhancing communication with government departments and financial institutions to better support innovative SMEs [6][7] - The BSE is in a critical phase of establishing a strong regulatory framework to ensure high-quality listings and maintain market integrity [7]