Core Viewpoint - The Beijing Stock Exchange (BSE) is enhancing its services for innovative small and medium-sized enterprises (SMEs) through reforms and improved institutional arrangements, aiming to create a new ecosystem that meets diverse financing needs [1] Group 1: Multi-layered Capital Market Development - The BSE and the New Third Board (NTB) will focus on differentiated positioning and functional synergy to better serve innovative SMEs, enhancing the adaptability of institutional mechanisms and product services [2] - The BSE will improve its listing mechanisms, utilizing the fourth set of listing standards for unprofitable companies, and optimize disclosure requirements to support technological innovation and traditional industry upgrades [2] - The NTB will enhance its role as a "nursery" for SMEs by optimizing access systems and improving tiered arrangements to stimulate market vitality and elevate the quality of listed companies [2] Group 2: Cultivating Patient Capital - A balanced market dynamic is essential for sustainable development, with a focus on cultivating patient capital to support innovative SMEs [3] - The BSE will prioritize enhancing the investment value of listed companies and will maintain a regular issuance and listing process while optimizing the new stock issuance system [3] - Efforts will be made to attract long-term capital through the establishment of special funds and by addressing bottlenecks in private equity fund operations [3] Group 3: High-Quality Regulatory Framework - The BSE is committed to high-quality regulation to promote the development of listed companies, focusing on standardization, innovation, returns, and accountability [4] - Strengthening information disclosure and internal controls will be prioritized to ensure compliance and enhance corporate governance [4] - The BSE will encourage companies to focus on core businesses and increase R&D investments while ensuring accountability for fraudulent activities [4] Group 4: Collaborative Innovation Support - The construction of a national innovation system requires collaboration among various stakeholders to support the financing of innovative SMEs [5] - The China Securities Regulatory Commission (CSRC) will enhance cooperation with various government departments to promote the formation of innovative capital and support high-quality SMEs [5] - Efforts will be made to deepen international cooperation and enhance the BSE's global presence, including partnerships with foreign regulatory bodies [5]

Core Insights - The New Yue Business Training Camp, organized by the Guangdong Small and Medium Enterprises Service Center, successfully concluded its three sessions aimed at enhancing capital market knowledge for specialized small and medium enterprises in Guangdong [1][3] Group 1: Event Overview - The training camp took place in three sessions from August 28-29, September 11-12, and October 13-14, 2025, at the Shenzhen Stock Exchange and Shenzhen Capital Market Academy [1] - A total of 129 senior management personnel from high-quality small and medium enterprises participated, including specialized "little giant" enterprises and provincial specialized enterprises [1] Group 2: Training Focus and Content - The camp focused on the capital market knowledge enhancement and equity financing needs of specialized small and medium enterprises in key manufacturing industry chains in Guangdong [3] - Course topics included market listing planning, financial auditing practices, investment strategies, compliance operations for listings, and AI digital transformation for enterprises [3] Group 3: Learning Experience and Outcomes - Participants expressed significant gains in understanding capital market development planning and received direct and effective guidance for standardized enterprise development [3] - The training included practical components such as site visits to the Shenzhen Stock Exchange and the Financial Museum, allowing participants to experience the vitality and development of the capital market firsthand [3] Group 4: Future Plans - The Guangdong Small and Medium Enterprises Service Center plans to continuously optimize course design and introduce multi-level capital market resources, tailoring content to meet actual enterprise needs [3] - The initiative aims to build a comprehensive service system to support the high-quality development of small and medium enterprises, injecting new momentum into Guangdong's economic growth [3]