Core Viewpoint - The Beijing Stock Exchange (BSE) aims to deepen reforms of the New Third Board, optimize differentiated systems, and establish a service system covering the entire lifecycle of enterprises [1] Group 1: Support for Technological Innovation - The BSE will enhance its role in supporting technological innovation by optimizing its functions [1] - Plans include improving listing standards and review mechanisms, and developing tools for mergers and acquisitions to direct financial resources towards key technological fields and the upgrading of traditional industries [1] Group 2: New Third Board Reforms - The BSE will strengthen the regulatory and nurturing role of the New Third Board by deepening its reforms [1] - There will be an emphasis on optimizing differentiated systems and promoting the alignment of the third and fourth boards [1] - A comprehensive service system covering the entire lifecycle of enterprises will be constructed [1] Group 3: Bond Market Development - The BSE plans to enrich its bond market product offerings [1]

（文章来源：第一财经） 人民财讯10月29日电，北交所董事长鲁颂宾在10月29日的2025金融街论坛年会上表示，下一步将夯实新 三板规范培育功能，研究深化新三板改革，完善差异化的制度安排，深入推进三四板制度对接，着力提 升吸引力。 ...

Core Viewpoint - The chairman of the Beijing Stock Exchange, Lu Songbin, emphasized the importance of strengthening the new third board's regulatory and nurturing functions, as well as advancing reforms to enhance its attractiveness [1] Group 1 - The next steps include solidifying the regulatory and nurturing functions of the new third board [1] - Research will focus on deepening reforms of the new third board and improving differentiated institutional arrangements [1] - There will be efforts to promote the integration of the third and fourth boards' systems [1] Group 2 - Continuous optimization of the Beijing Stock Exchange index system is planned [1] - The launch of the North Exchange 50 ETF is being accelerated [1] - Research is underway to introduce after-hours fixed-price trading to enhance investment and trading convenience [1]

北交所董事长鲁颂宾在10月29日的2025金融街论坛年会上表示，下一步将夯实新三板规范培育功能，研 究深化新三板改革，完善差异化的制度安排，深入推进三四板制度对接，着力提升吸引力。（第一财 经） ...

近日，证券时报·券商中国记者从相关渠道获悉，中证协结合监管变化，组织配套修订形成了《非上市公众公司挂牌推荐和定向发行业务工作底稿 内容与目录指引（征求意见稿）》（下称《底稿指引》），目前正向各大券商征求意见。 据悉，此举是为引导主办券商全面落实《全国中小企业股份转让系统主办券商尽职调查工作指引》（下称《尽调指引》），进一步规范新三板业务底稿编制 要求，提高主办券商尽职调查工作质量，促进新三板高质量发展。 促进提升主办券商执业质量 此前的《底稿指引》发布于2021年1月，对指导证券公司开展全国中小企业股份转让系统相关挂牌推荐业务、股票发行业务，编制、管理工作底稿发挥了重要 作用。 随着市场形势变化及新三板改革的持续推进，现行规则与业务实践要求存在较大差异，难以为证券公司展业提供有效指导。近期，全国中小企业股份转让系 统对《尽调指引》进行了修订，更好适应当前监管形势和市场要求。 为便于主办券商根据《尽调指引》的要求开展尽职调查、编制和管理工作底稿，中证协配套修订发布《底稿指引》，促进提升主办券商执业质量。 《底稿指引》修订思路有三个方面： 一是进一步明确主办券商尽职调查要求。明确财务真实性、股权合规性、经营规范性 ...

Core Viewpoint - The China Securities Association (CSA) is revising the "Guidelines for the Content and Directory of Work Papers for Non-Listed Public Companies' Listing Recommendations and Private Placements (Draft for Comments)" to enhance the quality of due diligence by lead underwriters and promote the high-quality development of the New Third Board [1][2][4]. Group 1: Purpose and Background - The revision aims to guide lead underwriters in fully implementing the "Guidelines for Due Diligence Work by Lead Underwriters of the National Equities Exchange and Quotations" [2]. - The previous version of the guidelines was published in January 2021 and has become less effective due to changes in market conditions and ongoing reforms in the New Third Board [3][4]. Group 2: Key Aspects of the Revision - The revision clarifies due diligence requirements for lead underwriters, emphasizing the importance of financial authenticity, compliance of equity, and operational norms [5]. - It reflects a more inclusive approach towards small and medium-sized enterprises (SMEs) by simplifying the due diligence item directory to avoid significantly increasing verification costs [6]. - The guidelines are designed to meet progressive market requirements, facilitating future applications for listing on the Beijing Stock Exchange by aligning with the "Directory of Work Papers for Underwriting Initial Public Offerings" [6]. Group 3: Specific Changes - The scope of application has been adjusted to better align with the management structure of the Beijing Stock Exchange, removing references to the "Selected Layer" as it has been integrated into the Beijing Stock Exchange [8]. - The content structure corresponds with the "Due Diligence Guidelines," consisting of three parts: due diligence documents, records of listing recommendation business, and application documents [8]. - The requirements for work papers have been simplified to better suit the characteristics of SMEs, including the removal of certain verification items that do not align with SME development [9]. - New verification materials specific to the New Third Board have been added, addressing the unique arrangements for simultaneous issuance and entry into the innovation layer [10]. - Additional requirements for verification of private placements of convertible bonds and preferred shares have been included to enhance the universality of the directory [11].