The direction and measures for deepening reforms at the Beijing Stock Exchange have been further clarified.
At the 2026 Financial Street Forum Annual Meeting on October 21, Shang Qingjun, a first-level inspector from the Public Company Supervision Department of the China Securities Regulatory Commission (CSRC), stated that in the next step, the CSRC will further intensify efforts in building the investment side, coordinate the balanced development of the primary and secondary markets, and improve the functions of the capital market that are coordinated with investment and financing.
On one hand, he mentioned that efforts will be made to improve the issuance and underwriting system of the Beijing Stock Exchange, to implement the new share market value-based allocation method prudently, to promote reasonable pricing of new shares, and to continuously advance the implementation of inquiry-based issuance cases, with a moderate increase in pricing flexibility. On the other hand, there will be a focus on accelerating the improvement of the market product system, increasing the supply of public funds, and steadily launching the BEI 50 ETF to promote balanced development on both the investment and financing sides.
In terms of the integrated development of the Beijing Stock Exchange and the New Third Board, Shang Qingjun mentioned that the China Securities Regulatory Commission (CSRC) will issue innovative evaluation criteria for the Beijing Stock Exchange, continuously optimize the structure of listed companies, further strengthen the regulatory and cultivation functions of the New Third Board, improve the entry and exit mechanisms, optimize the tiered management of the New Third Board, and refine the differentiated information disclosure arrangements, in order to consolidate the development pattern of the Beijing Stock Exchange and the New Third Board, which features "progressive layers, upward and downward linkage, support from the top, and assistance from the base."
Lu Songbin, the chairman of the Beijing Stock Exchange, also mentioned during his speech that the number of qualified investors at the exchange has nearly reached 11.7 million, which is three times the number at the time of its opening; over 3,000 public funds have allocated investments in Beijing Stock Exchange stocks, and the investor structure is gradually improving, with market trading becoming increasingly active.
Lu Songbin stated that the Beijing Stock Exchange will actively promote various aspects of market construction, with specific measures covering four areas:
First, to build a group of high-quality listed companies, including the establishment of innovative evaluation criteria; to support quality enterprises in becoming stronger and more efficient through refinancing, mergers, and reorganizations; to adhere to strict supervision and management, and to strengthen the behavioral constraints on the 'key minority'; to enhance the protection of investors' rights and interests, and to focus on improving the quality of listed companies.
Secondly, it is to consolidate the balanced development pattern of investment and financing. In line with the development stage and market characteristics of the institution, we continuously improve the product system to promote coordinated development on both the investment and financing sides. We refine the issuance and underwriting system, advance the introduction of market value allocation for new share issuances, and promote reasonable pricing of new share offerings, thereby facilitating more cases of inquiry-based issuances to be implemented.
"Enrich the market index fund products and promote the implementation of the BEIC 50 ETF," said Lu Songbin. The Beijing Stock Exchange will increase the supply of fund products, continuously enrich the market indices, and facilitate the entry of medium- and long-term funds into the market.
The other two measures are as follows: First, to strengthen the function of nurturing and supporting new companies on the New Third Board. Optimize the hierarchical management of the New Third Board and improve the requirements for differentiated information disclosure. Leverage the functions of the market-making system, improve the incentive and restraint mechanisms for market makers, reduce market-making costs, and encourage more high-quality listed companies to adopt market-making transactions; second, to establish a deeper level of cooperation and connection mechanisms.
Earlier on, at the opening ceremony of the forum on the 19th, Wu Qing, the chairman of the China Securities Regulatory Commission, delivered a keynote speech, clarifying the direction of the reform for the Beijing Stock Exchange.
Wu Qing said that the China Securities Regulatory Commission will focus on building a main platform to serve innovative small and medium-sized enterprises, and steadily introduce a series of measures such as the Beizheng 50 ETF, new share market value allocation for the Beijing Stock Exchange, innovative evaluation criteria, and optimization of the tiered management of the New Third Board, in order to promote the integrated and high-quality development of the Beijing Stock Exchange and the New Third Board.
In the five years since the establishment of the Beijing Stock Exchange, a group of specialized and innovative enterprises have gathered and grown in strength. The number of listed companies and their total market value have more than tripled compared to the beginning of the exchange's operation, while trading volume has increased by nearly tenfold. This represents a significant leap from the initial establishment of the market to the basic formation of its systems and then to theほぼ complete development of its ecosystem, said Wu Qing.
