Group 1 - The Beijing Financial Street Service Bureau has proposed measures to enhance the capital market ecosystem and promote high-quality development of listed companies, particularly supporting the Beijing Stock Exchange (BSE) in improving its internationalization level and allowing eligible BSE-listed companies to list on the Hong Kong Stock Exchange (HKEX) [1][2] - The measures aim to strengthen the BSE's role in serving innovative small and medium-sized enterprises (SMEs) and enhance the effectiveness of inclusive finance [1][2] - The proposal includes establishing regular communication mechanisms with foreign exchanges and encouraging international financial institutions to participate in the development of the BSE [1][2] Group 2 - The measures will enrich the product system of the BSE, including support for the development of a government bond market, credit bond market, and research on publicly issued convertible bonds [2][3] - The expansion of index-based investments, including exchange-traded funds (ETFs), publicly offered real estate investment trusts (REITs), and asset securitization products, is expected to attract more long-term capital and enhance market activity [2][3] - The proposal also emphasizes supporting listed companies in increasing their technological innovation, with funding support based on R&D intensity, providing up to 2 million yuan in special funds per year for qualifying companies [3] Group 3 - The BSE primarily serves innovative SMEs, with over 90% of its listed companies being high-tech enterprises and nearly 80% from strategic emerging industries and advanced manufacturing [4] - More than half of the listed companies on the BSE are recognized as national-level specialized and innovative "little giant" enterprises [4]

Core Viewpoint - The Beijing Financial Street Service Bureau has proposed measures to enhance the capital market ecosystem and promote high-quality development of listed companies, focusing on supporting the Beijing Stock Exchange (BSE) and addressing the financing challenges faced by small and medium-sized enterprises (SMEs) [1][7]. Group 1: Support for the Beijing Stock Exchange - The proposed measures include supporting the BSE in developing a diverse product system, such as public convertible bonds and various investment funds [2]. - There is an emphasis on enhancing the legal framework and international cooperation for the BSE, including establishing communication platforms with foreign exchanges [2]. - The measures aim to create a favorable market environment for the BSE to explore innovations in issuance, trading mechanisms, and risk control [2]. Group 2: Professional Service Ecosystem - The proposal emphasizes the creation of a diverse professional service institution system to support companies in their listing processes, including services from securities firms, public funds, and private equity [3]. - Financial support will be provided to qualifying institutions to enhance their capabilities in serving technology-driven enterprises [3]. Group 3: Financial Institutions and Investment Ecology - Financial institutions are encouraged to develop differentiated financial products to meet market demands and expand investment channels [4]. - The measures promote the active participation of asset management institutions and qualified foreign institutional investors in the BSE [4]. Group 4: Comprehensive Support for Enterprises - The proposal outlines a full-chain service approach for enterprises seeking to go public, including support for intellectual property protection and financing connections [5][6]. - There is a focus on nurturing innovative enterprises that align with national strategic development goals, creating a resource pool for potential listings [6]. Group 5: Encouragement of Technological Innovation - The measures include financial incentives for listed companies to increase their investment in technology innovation and upgrades, with specific funding caps based on R&D intensity [7]. - Support will also be provided for talent acquisition and retention to foster a conducive environment for innovation within listed companies [7].

Group 1 - The article emphasizes the support for the Beijing Stock Exchange (BSE) to enhance its product system and ensure high-quality development [1] - The Beijing Financial Street Service Bureau plans to introduce publicly issued convertible bonds as part of its initiatives [1] - There is a focus on expanding the index system of the BSE and promoting various investment products such as ETFs, LOFs, REITs, and asset securitization [1]