Core Viewpoint - The Beijing Stock Exchange (BSE) has shown significant growth and potential in supporting innovative small and medium-sized enterprises (SMEs) in China, with a focus on optimizing liquidity, upgrading market structure, enhancing capital attractiveness, and improving corporate governance [1][6]. Group 1: BSE Achievements - As of September 2, 2025, the BSE has listed 274 companies with a total market capitalization exceeding 900 billion yuan, and the number of qualified investors has surpassed 9 million [2]. - Monthly trading volume has increased from approximately 20 billion yuan in 2022 to around 600 billion yuan currently, indicating a growing market activity [2]. - The BSE is transitioning to a new "920 code" system to enhance market recognition and sector identity for listed companies [2]. Group 2: Importance of Innovative SMEs - Innovative SMEs are crucial for China's economic development, yet they face multiple financing challenges due to their asset-light business models and the financial system's focus on collateral [3]. - The establishment of the BSE has created a pathway for SMEs to achieve technological breakthroughs and scale up, while also stimulating investment from venture capital and private equity funds [3]. Group 3: Market Structure and Regulations - Over 90% of companies listed on the BSE are high-tech firms, with more than half being recognized as national-level specialized and innovative "little giant" enterprises, forming five major industrial clusters [4]. - The BSE has implemented inclusive listing standards that accommodate both profitable and non-profitable companies, allowing SMEs to choose suitable listing criteria based on their development stage [4]. - Recent regulatory updates, such as the introduction of a "small and fast" review mechanism for mergers and acquisitions, aim to enhance the efficiency of corporate restructuring [4]. Group 4: Future Challenges and Opportunities - Despite the BSE's achievements, it still faces challenges such as low trading liquidity for some stocks and the need for improved valuation systems [5]. - The BSE is encouraged to introduce index funds and promote its securities in cross-market index funds to attract more institutional investment [5]. - The ongoing reforms reflect a commitment to better serve as a platform for innovative SMEs, with the goal of reaching a market capitalization of one trillion yuan [5].
经观社论|北交所四周年:百分之一的分量
经济观察报·2025-09-06 09:07