【锋行链盟】北交所上市流程及核心要点

Core Viewpoint - The Beijing Stock Exchange (BSE) serves as a primary platform for innovative small and medium-sized enterprises (SMEs), featuring a listing process that adheres to the basic requirements of the registration system while integrating a progressive cultivation mechanism from the New Third Board's basic and innovative layers. Group 1: Listing Process - The listing process on the BSE consists of five main stages: preparation, restructuring and standardization, application and review, registration and issuance, and listing and ongoing supervision, typically taking 6-12 months in total [3][4][5][6][8][10][11][12]. - The preparation stage involves selecting intermediary institutions, conducting due diligence, and determining the appropriate listing segment based on the company's industry attributes and financial metrics [4][5]. - The restructuring and standardization stage requires the transformation of a limited liability company into a joint-stock company and rectifying any operational irregularities to comply with governance standards [5][6]. - The application and review stage includes submitting application materials, undergoing multiple rounds of inquiries, and obtaining approval from the listing committee [8][9]. - The registration and issuance stage involves the China Securities Regulatory Commission (CSRC) reviewing the registration application and the company conducting the issuance process [10]. - The final stage includes the actual listing on the BSE, where the stock begins trading without price limits on the first day [11][12]. Group 2: Core Listing Requirements - The BSE has established four differentiated listing standards based on market capitalization, financial performance, and operational compliance, allowing for flexibility in meeting at least one of the criteria [14][15][16]. - Companies must demonstrate clear ownership structures, sound governance practices, and compliance with legal regulations, including a minimum of 12 months of listing on the New Third Board [16]. - The review process emphasizes the authenticity of revenue, financial data integrity, and the company's innovation capabilities, ensuring that companies disclose potential risks adequately [17][19]. Group 3: Unique Mechanisms and Considerations - The BSE's listing process is designed to facilitate a gradual transition from the New Third Board, creating a comprehensive service system that supports SMEs [20]. - Companies listed for over a year may apply to transfer to the Sci-Tech Innovation Board or the Growth Enterprise Market without needing to delist first, enhancing access to multi-tiered capital markets [20]. - The BSE's review cycle is relatively short, averaging about two months from acceptance to registration, benefiting from the prior listing on the New Third Board [20]. - Intermediary institutions play a crucial role in ensuring compliance and quality during the listing process, with increased regulatory oversight from the BSE [20][21].