中小企业北交所IPO热持续

Core Viewpoint - The North Exchange has approved its 31st IPO of the year, indicating a growing interest in the market, but also highlighting a backlog of 159 pending applications, with 70 suspended and 87 under inquiry [1][2]. Group 1: IPO Activity and Market Dynamics - As of November 4, 2023, 29 companies have listed on the Growth Enterprise Market, 11 on the Sci-Tech Innovation Board, and 19 on the North Exchange, reflecting a significant increase in IPO activity [2]. - The average time from application acceptance to listing on the North Exchange has increased from 218 days in 2022 to 430 days in 2025, indicating a backlog in the IPO process [2]. - The North Exchange has seen a surge in IPO applications, with a record 97 applications received in June 2025, showcasing its growing attractiveness to innovative SMEs [3]. Group 2: Regulatory Environment and Quality of Listings - The stringent regulatory environment and detailed inquiries are aimed at ensuring higher quality listings by focusing on financial integrity, revenue authenticity, and business sustainability [4]. - The average performance of pending companies has surpassed that of existing listed companies, with pending firms showing an average revenue of 800 million and net profit of approximately 99.79 million, compared to listed companies' average revenue of 689 million and net profit of 44.77 million [4]. - Over 92% of the pending companies have a net profit exceeding 50 million, indicating an improvement in the overall quality of new applicants [4]. Group 3: Future Outlook and Support for Innovative Companies - The Beijing Securities Regulatory Bureau has expressed intentions to support high-quality, unprofitable tech companies in listing on the North Exchange, emphasizing its role in serving innovative SMEs [4]. - Market experts anticipate that as the profit levels of IPO candidates increase, the overall fundraising amounts for North Exchange IPOs will also rise [4]. - There is a call for regulatory policies that align with the unique characteristics of emerging markets, aiming for a balanced financing pace while enhancing communication with market participants [5].