北交所“五问五答”（第二期）

Listing Process - The listing process on the Beijing Stock Exchange (BSE) consists of 8 steps: application, acceptance, review, deliberation, submission, registration, issuance, and listing. The typical time from acceptance to listing is generally 12 to 18 months based on the situation of several companies listed in 2025 [1]. Review Process - The review institution is established by the BSE. Within twenty working days from acceptance, the review institution issues the first round of review inquiries through the review system. The issuer and its sponsors must respond to these inquiries within twenty working days. The review consists of two parts: one focuses on the issuance and listing conditions, while the other examines the authenticity and completeness of information disclosure [2]. - If the BSE deems that no further inquiries are necessary after receiving the responses, it issues a review report and submits it for deliberation by the listing committee [3]. Pricing Methods for New Stock Issuance - There are three pricing methods for new stock issuance on the BSE: direct pricing, inquiry-based pricing, and competitive pricing. Direct pricing is preferred, with 228 companies using this method compared to 43 using inquiry-based pricing [4][5]. Suspension and Termination of Review - Suspension of review refers to a temporary halt in the review process, which can be resumed later. This usually occurs due to the issuer's initiative or objective circumstances, such as outdated financial data or changes in intermediary institutions. If the issues causing the suspension are resolved within a specified time, the review can be resumed; otherwise, it may lead to termination [6][7]. - Termination of review indicates a complete end to the review process, often due to the issuer's withdrawal, outdated financial data not being updated in time, or significant compliance issues. Historically, the BSE has seen only 3 cases of termination, while 204 companies have withdrawn their applications [7]. Common Violations in Information Disclosure - Common violations include: 1. Untruthful or inaccurate financial information, such as data falsification or significant accounting errors [8]. 2. Failure to timely disclose significant events that could impact stock prices, such as major lawsuits or shareholder actions [8]. 3. Non-disclosure of related party transactions, leading to penalties from regulatory bodies [9]. 4. Violations in performance forecasts, where discrepancies exceed 20% without timely corrections [8][9]. 5. Delays in announcing changes in shareholder equity or insider trading issues [9].