Core Viewpoint - The article emphasizes the importance of understanding the strategic placement of investors in the Beijing Stock Exchange (北交所) and outlines the rules and regulations governing this process to enhance investor knowledge and participation in the market. Group 1: Eligibility for Strategic Placement - Investors eligible for participating in the strategic placement of stocks on the Beijing Stock Exchange must have a good market reputation, strong financial capability, and recognize the long-term investment value of the issuer. They must also commit to subscribing to the stocks at the final determined issuance price [1]. Group 2: Determination of Strategic Investor Placement Ratio - The number of strategic investors participating in the public issuance of stocks on the Beijing Stock Exchange cannot exceed 10. For public offerings exceeding 50 million shares, the total amount of stocks allocated to strategic investors should not exceed 30% of the total issuance. For offerings below 50 million shares, this limit is set at 20%. Additionally, stocks allocated through special asset management plans and employee stock ownership plans cannot exceed 10% of the total issuance [2]. Group 3: Holding Period for Strategic Placement - The holding period for stocks allocated to strategic investors must be no less than 6 months. For stocks allocated through special asset management plans and employee stock ownership plans, the holding period is set at a minimum of 12 months, starting from the date the stocks are listed on the Beijing Stock Exchange [3]. Group 4: Participation in Online or Offline Issuance - Strategic investors are prohibited from participating in online or offline issuance. However, public funds, social security funds, pension funds, and annuity funds managed by securities investment fund managers that do not participate in strategic placement are exceptions to this rule [4]. Group 5: Information Disclosure for Strategic Placement - The issuer and the lead underwriter must disclose in the prospectus and issuance announcement whether a strategic placement method is used, the selection criteria for strategic investors, the upper limit of stocks allocated, the names of strategic investors, the committed subscription amount or stock quantity, the proportion of the total issuance, and the lock-up period arrangements. The final allocation results must also be disclosed, including the names of strategic investors, stock quantities, and lock-up period arrangements [5].