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].

此外，记者尝试拨打北交所电话进行核实，但语音提醒处于"非工作时间段"，未能成功接通。 相关修订说明称，本次修订主要对投资者参与科创板网下发行业务，增加了持有科创板市值的要求。自 2024年10月1日起，网下投资者及其管理的配售对象参加科创板新股网下发行的，除需符合现行市值门 槛要求外，主承销商还应要求其在基准日（初步询价开始日前两个交易日）前个交易日（含基准日）所 持有科创板非限售股股票和非限售存托凭证总市值的日均市值为600万元（含）以上。 从科创板市值打新的调整流程来看，先有证监会发布相关意见要求，再由上交所发布修订版规则，最后 才进入推进落地的阶段。 此外，北交所曾在2025年4月修订了《北京证券交易所证券发行与承销管理细则》，优化北交所新股战 略配售安排，较大幅度提高了战略投资者参与家数及获配比例的上限。彼时，对于修改，北交所称"为 深入贯彻落实《关于高质量建设北京证券交易所的意见》《关于严把发行上市准入关从源头上提高上市 公司质量的意见（试行）》等政策文件的要求"。 其中，《关于高质量建设北京证券交易所的意见》由证监会于2023年8月发布，《关于严把发行上市准 入关从源头上提高上市公司质量的意见（试 ...