四载筑基赋能北交所助力中小企业向“新”成长

Core Viewpoint - The Beijing Stock Exchange (BSE) has matured over four years, demonstrating resilience and vitality in a complex external environment, with the North Exchange 50 Index rising over 50% and a continuous improvement in liquidity and company valuations [1][3]. Group 1: Regulatory Framework - The BSE emphasizes strict regulation and risk prevention, establishing a system that respects the development of innovative small and medium-sized enterprises (SMEs) while maintaining compliance [2][3]. - The BSE's regulatory approach is characterized by clear guidelines that encourage market participants to innovate within a compliant framework, balancing regulation and development [2][3]. - Approximately 80% of the 282 listed companies on the BSE are SMEs, with over half being national-level "specialized and innovative" enterprises, indicating a significant focus on quality [2][3]. Group 2: Financing Tools - The BSE has facilitated over 60 billion yuan in direct financing for listed companies, averaging 20 million yuan per company, addressing the financing challenges faced by SMEs [4]. - The BSE has made significant strides in the bond market, issuing over 13 trillion yuan in national bonds and nearly 990 billion yuan in local government bonds, supporting regional economic development [4]. - A diverse financing system has been established, allowing companies to choose financing tools based on their development stages, marking a shift from merely providing a "listing channel" to offering comprehensive financial solutions [4][6]. Group 3: Market Mechanisms - The BSE is exploring the introduction of after-hours fixed-price trading to reduce transaction costs and enhance market participation, particularly for individual investors [5][6]. - The anticipated launch of the North Exchange 50 ETF aims to provide a convenient investment pathway for long-term funds, such as social security and insurance [5][6]. Group 4: Ecosystem Development - The BSE aims to build a collaborative ecosystem that supports long-term enterprise development, moving from a focus on "hard systems" to enhancing the "soft ecosystem" [7][8]. - Strategic partnerships with government bodies and local authorities are being established to improve service quality for SMEs [7]. - The BSE plans to optimize its listing standards and enhance investor protection while promoting collaboration with financial institutions and expanding international cooperation [7][8].