On August 28th, the Beijing Stock Exchange welcomed its fifty-third listed company of the year as Hangzhou Huadahaitian Technology Co., Ltd. rang the opening bell. Beijing Stock Exchange officials noted that proactive services and early communication channels helped streamline the company's path to listing. Xia Guiling, Deputy General Manager of Huadahaitian, highlighted that the exchange's on-site communication mechanism allowed auditors to engage directly with the firm, helping to clarify issues related to fundraising project logic, innovation feature validation, and valuation pricing ahead of time.
As the registration system reform deepens, the Beijing Stock Exchange has continuously refined its service functions, solidifying its role as the primary platform for innovative small and medium-sized enterprises. On the financing side, the exchange has facilitated the listing of 339 companies, achieving a combined market value exceeding 840 billion yuan. Meanwhile, liquidity conditions on the investment side have improved significantly, with the number of qualified investors surpassing 11 million, nearly triple the figure at the market's inception. Average daily trading volume has surged from under 1 billion yuan in the early days to over 20 billion yuan since 2026.
Since its establishment was announced on September 2, 2021, the Beijing Stock Exchange has not only steadily expanded its market scale but has also remained committed to driving high-quality development through institutional reform. Focusing on serving new quality productive forces, the exchange has designed diversified listing criteria tailored to the characteristics of SMEs, opening its doors to a wider range of enterprises with high technological content. Currently, over 60% of listed companies are national-level "little giant" enterprises specializing in niche sectors, spanning areas such as robotics, new energy, and aerospace. Notably, since 2025, more than 80% of newly listed companies have qualified as such specialized and innovative firms.
The exchange has also played a pivotal role in empowering the construction of a modern industrial system. Through precise, flexible, and inclusive institutional design, it supports SMEs in scaling up and strengthening. In direct financing, it has helped SMEs raise approximately 80 billion yuan cumulatively, with over 80% of proceeds channeled into green and low-carbon initiatives, the digital economy, and high-end equipment manufacturing. In terms of refinancing and restructuring, the Beijing Stock Exchange has supported 41 listed companies in launching 46 refinancing plans, with registered projects aiming to raise a total of 5.063 billion yuan. Additionally, four listed companies have undertaken major asset restructurings.
Contributing to coordinated regional development, the exchange has enhanced service coverage and targeting precision for enterprises across various regions. By shifting service focus downward, it better supports county-level economies. To date, the Beijing Stock Exchange has helped 217 companies from the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area go public, fostering the growth of regional industrial clusters. It has also aided SMEs rooted in local communities, driving employment, income growth, and industrial upgrades.
Zhu Haibin, General Manager of the Beijing Stock Exchange Research Center at Kaiyuan Securities, stated that the exchange has formed a full-chain service system supporting innovative SMEs. Leveraging its integrated development with the National Equities Exchange and Quotations, it has created a tightly connected, multi-tiered cultivation system. This allows SMEs to choose flexible capital market development paths based on their specific growth stages. Tian Xuan, Dean of Guanghua School of Management at Peking University, added that the Beijing Stock Exchange is further clearing the path for a virtuous cycle between technology, industry, and finance, guiding innovative capital to invest earlier, smaller, and more heavily in hard technology. Since its inception, private equity funds have participated in private placements of approximately 400 NEEQ-listed companies, investing over 26 billion yuan cumulatively, with 90% of Beijing Stock Exchange listed companies having received venture capital investment.
Looking ahead, exchange officials stated that the Beijing Stock Exchange will continue to enhance institutional inclusiveness and adaptability, broaden listing channels for SMEs, and strengthen coordinated development across both financing and investment sides. It will rigorously assess company quality and innovation attributes, channeling more resources toward SMEs and technological innovation. At the same time, it will remain steadfast in risk prevention and strict regulation, maintaining a high bar at the market entry point to ensure the market's continued healthy and stable operation.