Core Viewpoint - The rumors regarding the online testing phase of the market capitalization-based IPO system at the Beijing Stock Exchange (BSE) are confirmed to be untrue, stemming from market expectations for reform rather than actual developments [1][2]. Group 1: Clarification of the Rumors - The BSE's new system implementation requires a strict procedural process, and the claim that it has entered an online testing phase is inaccurate [2]. - The strong market anticipation for reforms at the BSE is a key reason for the rapid spread of these rumors [3]. Group 2: Market Expectations and Impacts - The introduction of a market capitalization-based IPO mechanism is expected to enhance market trading vitality, although it may also increase overall market volatility [3][7]. - The progress of the North Certificate 50 ETF is clearer and is viewed positively for its potential impact on the BSE market [4][9]. Group 3: Understanding Market Capitalization-based IPOs - The BSE aims to optimize its IPO issuance system, with the market capitalization-based IPO being a new approach that links investor eligibility and quota to their stock holdings [6]. - This change is anticipated to alleviate liquidity pressure and attract long-term capital into the market [6]. Group 4: Potential Risks and Mechanism Evaluation - The market capitalization-based IPO mechanism could amplify market volatility, especially during downturns, where concentrated selling could exacerbate declines [7]. - The BSE should focus on improving the pricing mechanism to better support innovative enterprises, as merely changing the distribution of IPO profits may have limited impact on market competitiveness [8]. Group 5: North Certificate 50 ETF Launch - The North Certificate 50 ETF is expected to attract significant capital, potentially reaching a fundraising scale in the hundreds of millions, which would stabilize the funding structure of the BSE [10]. - The ETF will enhance market attention and liquidity, providing a low-cost investment tool for ordinary investors [10].