Group 1: Core Points - The Beijing Stock Exchange (BSE) aims to provide a flexible and inclusive platform for innovative small and medium-sized enterprises (SMEs) to access financing, with listing requirements that differ from those of the Shanghai and Shenzhen exchanges [2][3] Group 2: Basic Listing Conditions - Companies must be listed on the New Third Board for at least 12 months as a prerequisite for BSE listing, with a requirement for compliant operations and no major legal violations in the past year [3] - BSE has established four differentiated financial standards, allowing companies to meet any one of them to qualify for listing [4][5][6][7] - The average market capitalization for new stocks on BSE is between 1.5 billion to 2 billion, with a public shareholding ratio requirement of at least 25% [8] Group 3: Industry Attributes and Negative List - BSE prioritizes support for innovative enterprises in advanced manufacturing, digital economy, green and low-carbon technologies, and biomedicine, with these sectors accounting for 78% of listed companies in 2024 [9] - Certain industries, such as finance and real estate, face strict restrictions, with companies in these sectors needing to divest certain assets to qualify for listing [10] Group 4: Corporate Governance and Compliance Requirements - Companies must have a clear ownership structure, with no changes in actual control in the past 24 months, and major shareholders must sign a concerted action agreement [11][12] - Internal control systems must comply with the Corporate Governance Code, particularly regarding related party transactions [13] - BSE employs a "precise inquiry" mechanism for information disclosure, requiring detailed descriptions of innovative features in the prospectus [14] Group 5: Review Process and Timeframes - The review process consists of four stages, including pre-communication, application acceptance, inquiry, and meeting stages, with an average approval rate of 83% under the registration system [15][18] - A "direct connection review" mechanism allows eligible companies to shorten the review period to four months [19] Group 6: Ongoing Supervision and Refinancing - Companies transitioning from the innovation layer to BSE enjoy a 24-month grace period, with annual reports required to include "specialized and innovative" indicators [21] - The limit for small and rapid financing has been raised to 300 million, with an average refinancing time of only 38 days in 2024, representing a 40% efficiency improvement over the Shanghai and Shenzhen markets [22] Group 7: Practical Suggestions - Companies are advised to initiate compliance rectification 12 months prior to listing, particularly regarding related party transactions [23] - The average price-to-earnings ratio for new stock issuances on BSE is between 18-25 times, with strategic timing for applications recommended [24] - Selecting intermediary institutions with successful BSE case experience is crucial, as leading brokerage firms have a project approval rate exceeding 90% [25] Group 8: Future Outlook - With the implementation of the "Deep Reform 19 Articles" in 2025, BSE is expected to further optimize listing standards and introduce a "green channel" for cutting-edge technology companies [26]

Core Viewpoint - The listing conditions and requirements of the Beijing Stock Exchange (BSE) are dynamic and crucial for companies aiming to go public, particularly for innovative small and medium-sized enterprises (SMEs) [2][4]. Group 1: Listing Conditions - Companies must meet at least one of the following financial criteria: 1. Market capitalization of at least 200 million yuan, with net profits of at least 15 million yuan in the last two years and an average return on equity of at least 8%, or a net profit of at least 25 million yuan in the last year with an average return on equity of at least 8% [2]. 2. Market capitalization of at least 400 million yuan, with average annual revenue of at least 100 million yuan over the last two years, a revenue growth rate of at least 30% in the last year, and positive cash flow from operating activities in the last year [2]. 3. Market capitalization of at least 800 million yuan, with revenue of at least 200 million yuan in the last year and R&D investment accounting for at least 8% of total revenue over the last two years [2]. 4. Market capitalization of at least 1.5 billion yuan, with total R&D investment of at least 50 million yuan over the last two years [2]. Group 2: Qualification and Shareholder Requirements - Companies must be listed on the National Equities Exchange and Quotations (NEEQ) for at least 12 months and have a net asset of at least 50 million yuan at the end of the last year [3]. - Post-issuance, the total share capital must be at least 30 million yuan, with a public offering ratio of at least 25% if total shares do not exceed 400 million, and at least 10% if total shares exceed 400 million [3]. - The number of shareholders must be at least 200, with a minimum of 1 million shares offered to unspecified qualified investors and at least 100 investors participating in the offering [3]. Group 3: Compliance and Challenges - Companies must not have significant legal violations in the last 36 months, nor have received administrative penalties from the China Securities Regulatory Commission or public reprimands from stock exchanges in the last 12 months [3]. - The BSE's listing conditions provide more opportunities for SMEs compared to the main board, but the delisting rate is relatively high, posing risks for companies that fail to meet ongoing requirements [4]. - The BSE aims to support the development of innovative SMEs while safeguarding investor interests, necessitating a thorough understanding of the rules by companies seeking to list [4].