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 review efficiency at the Beijing Stock Exchange 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, and the average time from acceptance to approval has shortened by 15 days quarter-over-quarter. Only 2 companies have had their final review terminated, indicating increased 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, thus opening a fast track for innovative enterprises.

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%.

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

Companies with “specialized, refined, distinctive, and innovative” characteristics are prominent. Among the listed companies this year, 63.6% meet these criteria, reflecting strong support for innovative small and medium-sized enterprises. The companies tend to be highly technical, 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 hotness 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 the same period in 2025 (by March 19), only the first review committee meeting had been announced.

Moreover, the number of review meetings this quarter has already exceeded the total for the fourth quarter of last year, which had 26 meetings.

In March, review meetings have been held more frequently—10 times so far. Including the two upcoming meetings, the total for the month will be no less than 12.

The approval rate has also improved. Since March, 8 companies have been approved by the Beijing Stock Exchange’s review committee, with a particularly active week from March 9 to 13, when 5 companies received approval. On March 10, companies sponsored by CITIC Construction Investment and Zhongtai Securities were approved: Langxin Electric and Caike Technology, respectively; on March 12, Xinsheng Technology sponsored by Guoxin Securities; and on March 13, Kelaidi sponsored by Galaxy Securities and Zhengda Seed Industry sponsored by CITIC Securities. In comparison, only one company was approved on the Shanghai and Shenzhen Main Boards during that week.

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

While improving review efficiency, the Beijing Stock Exchange also maintains strict standards for IPO quality. For example, Xinsheng Technology was initially deferred on January 16 due to issues related to performance authenticity and third-party payments. After responses from the company and its sponsor, Guoxin Securities, the company was approved in less than two months, on March 12.

190 companies in queue

The Beijing Stock Exchange has the largest review backlog, with significant results in reserve company pipeline and review cycle optimization.

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

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 market remain low. As of March 15, only 3 new companies were accepted this year—1 at the Beijing Stock Exchange and 2 at the STAR Market.

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

Optimization of the Beijing Stock Exchange’s listing standards system

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 optimization and adjustments, greatly increasing efficiency. We’ve seen more companies going public since December last year, and this trend has become even more obvious 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 an important stage for “specialized, refined, distinctive, and innovative” enterprises to gather, develop, and grow.

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