BEIJING STOCK EXCHANGE IPO ACCELERATES, 5 COMPANIES IN ONE WEEK, NEW STOCKS ACCOUNT FOR 52% OF TOTAL MARKET AS MAIN BATTLEFIELD

Cailian Press, March 19 (Reporter Gao Yanyun) The Beijing Stock Exchange has rapidly emerged as an important hub for serving innovative small and medium-sized enterprises, with its IPO “speeding up” becoming a market focus.

Latest data shows that as of March 18, out of 21 newly listed companies this year across the entire market, the Beijing Stock Exchange accounts for 11, over half. Meanwhile, the exchange’s review efficiency has significantly improved, with a total of 29 review committee meetings scheduled, and last week setting a new record with five companies approved in a single week.

Currently, 190 companies are queued for review, accounting for 63.12% of the market. The average time from acceptance to approval has shortened by 15 days quarter-over-quarter, and only 2 companies have had their approvals terminated at the final review stage, indicating a high level of review certainty.

The “speeding up” of IPOs at the Beijing Stock Exchange stems from a deep restructuring of listing standards and review logic. The exchange has redefined “specialized, refined, distinctive, and innovative” companies as a high threshold, shifting review focus from financial compliance to core technological capabilities, thereby opening a fast track for innovative enterprises to access capital.

Half of the listed companies are concentrated on the Beijing Stock Exchange

According to Yi Dong Data, this year, 21 companies have gone public, a 10.53% increase compared to the same period last year; total fundraising reached 17.291 billion yuan, up 47.06% year-over-year.

The Beijing Stock Exchange has the highest number of new listings this year, with 11 companies, accounting for 52.38% of the market. Other listings include 4 on the STAR Market and Shanghai Main Board each, and 1 on the Shenzhen Main Board and ChiNext. Total fundraising on the Beijing Stock Exchange this year has reached 3.414 billion yuan, 11.3 times that of the same period last year. However, liquidity for individual stocks on the exchange still needs improvement, and overall fundraising scale remains lower than other exchanges.

Companies with “specialized, refined, distinctive, and innovative” characteristics are prominent. Among this year’s listed companies, 63.6% meet these criteria, reflecting strong support for innovative SMEs. Many companies exhibit high technological content, with 54.5% possessing both hard technology and “specialized, refined, distinctive, and innovative” attributes. These companies are the core target clients of the Beijing Stock Exchange, aligning with its strategic positioning as a main platform for serving innovative SMEs.

The average fundraising per company this year is 310 million yuan, meeting the financing needs of SMEs; the highest fundraising was by lithium battery equipment companies (670 million yuan), reflecting the hot growth of the new energy industry.

Five companies approved in a single week

The high frequency of review committee meetings is a direct reflection of the Beijing Stock Exchange’s acceleration. According to announcements, as of March 18, the exchange has held 27 review committee meetings this year, with two more scheduled on March 20, totaling 29 meetings. In comparison, the same period in 2025 only saw the first review committee meeting announcement.

Moreover, this quarter’s review meetings have already exceeded the total for the fourth quarter of last year, which had 26 meetings.

In March alone, 10 review committee meetings have been held so far, and with the two upcoming meetings, the total for the month will be no less than 12.

Approval efficiency has also improved. Since March, 8 companies have been approved by the review committee, with a particularly active week from March 9 to 13, during which 5 companies received approval. On March 10, CITIC Construction Investment sponsored Longxin Electric; Zhongtai Securities sponsored Caike Technology; on March 12, Guoxin Securities sponsored Xinsheng Technology; and on March 13, Galaxy Securities sponsored Kolaidi and CITIC Securities sponsored Zhengda Seed Industry. In contrast, only one company was approved on the main boards of the Shanghai and Shenzhen exchanges during that week.

Additionally, on March 17, Oulun Electric, sponsored by Guolian Minsheng, was approved.

While improving review efficiency, the Beijing Stock Exchange maintains strict standards for IPO quality. For example, Xinsheng Technology was initially deferred at the review meeting on January 16 due to questions about performance authenticity and third-party payments. After responses from the company and sponsor Guoxin Securities, it received approval less than two months later, on March 12.

190 companies in queue

The Beijing Stock Exchange has the largest review backlog, with significant improvements in company reserves and review cycle efficiency.

As of now, 301 companies are under review across the market, with 190 on the Beijing Stock Exchange, 41 on the STAR Market, 35 on ChiNext, and 19 and 16 on the Shanghai and Shenzhen main boards, respectively.

The review cycle for companies listed on the Beijing Stock Exchange this year has been significantly shortened. The average time from acceptance to approval is 332.33 days, with the shortest being 162 days, down 15 and 31 days respectively from the fourth quarter of last year.

New companies applying for review across the entire market remain low. As of March 15, only 3 new companies were accepted this year, with 1 on the Beijing Stock Exchange and 2 on the STAR Market.

The number of companies terminated from review remains low, with 6 companies announced as having their review terminated this year—3 on the Shanghai Stock Exchange, 2 on the Beijing Stock Exchange, and 1 on the Shenzhen ChiNext.

Optimization of listing standards at the Beijing Stock Exchange

The “speeding up” of IPOs at the Beijing Stock Exchange is driven by a deep overhaul of its listing standards and review logic, which began as early as mid-2022 or even the first half of 2023.

At the 2025 Financial Street Forum, Lu Songbin, Chairman of the Beijing Stock Exchange, stated that the exchange will continue to research and optimize its listing standards to improve the adaptability and precision of its review system.

Zhang Keliang, a researcher at Central University of Finance and Economics, told Cailian Press that he has clearly felt the acceleration of IPO reviews at the Beijing Stock Exchange.

“Since the second half of last year, the review process has undergone internal optimizations, greatly increasing efficiency. We’ve seen more companies listed since December last year, and this trend has become even more apparent this year, with room for further improvement,” Zhang said.

He emphasized that the review efficiency continues to improve, and the review logic is constantly evolving. The Beijing Stock Exchange is demonstrating to the market that the capital market is no longer exclusive to mature companies but also a vital platform for gathering, developing, and growing “specialized, refined, distinctive, and innovative” enterprises.

“When the review focus shifts entirely toward future growth and innovation, only companies with core technological capabilities will be able to accelerate on the new journey of the Beijing Stock Exchange,” Zhang concluded.