Core Viewpoint - The Beijing Stock Exchange (BSE) is transitioning all existing stock codes to the new "920 code segment" starting from October 9, 2025, to enhance the identification of listed companies and improve market recognition [1][2]. Group 1: Code Transition Details - The transition to the "920 code segment" aims to eliminate confusion caused by the previous codes used during the New Third Board listing, which included various prefixes like 400, 430, and 830 [1]. - The China Securities Regulatory Commission (CSRC) issued guidelines on September 1, 2023, emphasizing the need for a distinct code segment to improve stock identification [1]. - The transition will occur in phases, starting with new listings using the "920 code" from April 22, 2024, followed by existing companies' codes being switched by October 9, 2025 [2]. Group 2: Broker Responses and Investor Guidance - Multiple brokerage firms have begun educating investors about the code switch, assuring that trading systems will automatically update to reflect the new codes without requiring manual intervention from investors [3]. - Investors will need to use the new codes for trading; entering old codes will result in errors, as systems will not process transactions under the previous codes [3]. - Brokerage platforms, including those from Guotou Securities and Everbright Securities, have confirmed that their systems will automatically handle the transition, ensuring continuity in trading and record-keeping for investors [3].

Core Viewpoint - The Beijing Stock Exchange (BSE) will fully implement the "920" new code for existing listed companies starting from October 9, 2025, enhancing the identification and recognition of companies listed on the exchange [1][8]. Group 1: Implementation Details - The transition to the "920" code is part of a phased approach, with preparations having been underway since November 17, 2023, and the first phase involving new listings starting from April 22, 2024 [5][6]. - The BSE has conducted multiple network tests to ensure readiness for the code switch, which is now confirmed for October 9, 2025 [7]. Group 2: Benefits of the New Code - The introduction of the "920" code aims to eliminate confusion caused by the previous codes from the New Third Board, thereby improving the recognition of BSE-listed companies and differentiating them from New Third Board entities [8][9]. - The unified "920" code is expected to strengthen the BSE's identity as a platform for innovative small and medium-sized enterprises, potentially attracting more quality companies to the exchange [1][9]. Group 3: Market Impact - The transition to the "920" code is seen as a significant step in establishing the BSE's market position, facilitating a shift from niche to mainstream trading, and enhancing brand recognition [9]. - The continuity of the identity of listed companies and investor rights will be maintained during the transition, ensuring a smooth operational process for market participants [9].

Core Viewpoint - The Beijing Stock Exchange (BSE) will implement a new securities code "920" for existing listed companies starting from October 9, 2025, enhancing the identification and recognition of companies listed on the exchange [1][5]. Group 1: Code Transition Process - The transition to the new code will be conducted in phases, with a focus on ensuring a smooth process for both existing and new listings [2][3]. - The China Securities Regulatory Commission (CSRC) emphasized the need for an independent code segment to improve stock identification [2]. - The BSE has conducted multiple tests to ensure readiness for the code switch, which is set to officially take place on October 9, 2025 [4]. Group 2: Benefits of the New Code - The introduction of the "920" code will eliminate confusion caused by the previous codes used in the New Third Board, thereby improving the recognition of BSE-listed companies [5]. - The unified code is expected to enhance the BSE's market position as a third exchange, differentiating it from the New Third Board and attracting more investors [5][6]. - The transition to the "920" code is seen as a significant step in the BSE's market development, promoting the exchange as a primary platform for innovative small and medium-sized enterprises [6].