证监会：完善北交所发行上市机制 研究优化新股发行制度｜资本市场

Core Viewpoint - The speech emphasizes the importance of enhancing the multi-tiered capital market to support the innovation and development of small and medium-sized enterprises (SMEs) in China, particularly through the Beijing Stock Exchange (BSE) and the New Third Board (NTB) [3][4]. Group 1: Capital Market Development - The BSE and NTB should continuously study the characteristics and development patterns of innovative SMEs to improve the adaptability of institutional mechanisms and product services [3]. - The BSE aims to optimize the listing mechanism for unprofitable companies, enhancing disclosure requirements for innovation attributes to support technological innovation and traditional industry upgrades [3]. - The NTB is positioned as a "nursery" for SMEs, focusing on optimizing access systems and enhancing market vitality to improve the quality of listed companies [3]. Group 2: Market Coordination and Integration - There is a need to deepen coordination among multi-tiered markets, strengthening institutional connections to promote a development pattern where the BSE and NTB support each other [3]. - The integration of the NTB with regional equity markets is essential to provide seamless capital market services for innovative SMEs characterized by specialization and innovation [3]. Group 3: Investment Value and Long-term Capital - Emphasis is placed on cultivating patient capital and enhancing the investment value of listed companies, with a focus on normalizing the issuance and listing processes at the BSE [4]. - The need to optimize the new stock issuance system and expand the market maker team is highlighted to provide more participation opportunities and investment convenience [4]. - Encouraging various types of long-term funds to enter the market and promoting the establishment of special funds at the local level is crucial for building a robust professional investor base [4].