On November 15, the Beijing Stock Exchange will celebrate its fifth anniversary. Starting from the first batch of 81 companies, now there are 355 listed companies with a total market value of nearly 780 billion yuan. Over the past five years, the Beijing Stock Exchange has always adhered to its market positioning and continued to optimize its issuance and listing financing system. According to Wind statistics, the aforementioned 355 listed companies have raised a total of approximately 83 billion yuan. In terms of the "reserve army", there are currently more than 200 companies queuing up to apply for listing on the Beijing Stock Exchange, far exceeding the scale of IPOs in the Shanghai and Shenzhen markets during the same period. Regarding the subsequent construction of the North Exchange, at the parallel forum of the 2026 Financial Street Forum Annual Meeting, North Exchange Chairman Lu Songbin said that efforts will be made from four aspects: building a group of high-quality listed companies, consolidating a balanced development pattern of investment and financing, consolidating the soil cultivation function of the New Third Board, and building a deep-level docking and cooperation mechanism to promote the construction of the main position to a new level.
scale
The total market value is nearly 780 billion yuan
In the five years since the market opened, a group of specialized and new enterprises have gathered on the Beijing Stock Exchange. The number of listed companies and total market value have increased more than three times compared with the initial market opening, and the transaction volume has increased nearly 10 times. An important leap has been achieved from the establishment of the market to the basic formation of the system and then to the basic improvement of the ecology.
According to Wind statistics, there are currently 355 listed companies on the Beijing Stock Exchange. Among them, 75 new stocks were listed on the fifth anniversary and 69 new stocks were listed during the year. This is a significant expansion compared to the 25 new stocks listed on the fourth anniversary.
In terms of market value, as of the close of trading on November 12, the total market value of the 355 listed companies on the Beijing Stock Exchange was approximately 777.438 billion yuan, of which 5 stocks with a market value of tens of billions were born. Specifically, Heng Dongguang ranks first with a market value of 39.771 billion yuan. It is understood that Hengdongguang will be listed on the Beijing Stock Exchange on December 31, 2025. The company focuses on the research and development, manufacturing and sales of passive optical device products in the field of optical communications.
After that, the closing market values of Beterui, Jinbo Biotech, Jerry Technology, and Zhongkeyi were approximately 20.465 billion yuan, 16.735 billion yuan, 13.422 billion yuan, and 12.927 billion yuan respectively.
In terms of individual stock prices, Hengdongguang also holds the top spot with a stock price of 415.8 yuan/share. In addition to Hengdongguang, other North Exchange stocks that have squeezed into the camp of 100-yuan stocks include Jinbo Biological. The company’s closing price on November 12 was 141.02 yuan per share.
In addition, from the perspective of fundraising scale, according to Wind statistics, the total amount of funds raised by the aforementioned 355 companies listed on the Beijing Stock Exchange is approximately 83 billion yuan, of which Beterui and Kaifa Technology raised more than 1 billion yuan in their initial offerings, approximately 1.672 billion yuan and 1.169 billion yuan respectively.
The “15th Five-Year Plan” outline clearly states that the capital market system should be enhanced to be more inclusive and adaptable, and promote the specialized and innovative development of small and medium-sized enterprises. Looking at the fundamentals of the 355 listed companies on the Beijing Stock Exchange, more than 70% are small and medium-sized enterprises, nearly 90% are private enterprises, more than 80% are strategic emerging industries, and more than 60% are national-level specialized, special and new "little giant" companies. A group of high-quality companies representing the development direction of new productivity have achieved efficient listings. Since 2025, "little giant" companies have accounted for nearly 80% of newly listed companies, and the "science content" of the market has continued to increase.
Profit
Over 80% reported good news in the first three quarters
In the first three quarters of this year, the operating performance of companies listed on the Beijing Stock Exchange continued to improve.
According to Wind statistics, 288 of the 355 companies listed on the Beijing Stock Exchange achieved profits in the first three quarters of this year, accounting for 81.36%. Among them, Zhongkeyi ranked first in terms of profit in the first three quarters.
It is understood that Zhongkeyi was listed on the Beijing Stock Exchange in April this year. The company's main business is the research and development, production and sales of dry vacuum pumps and vacuum scientific instruments and equipment, and the provision of related technical services. In the first three quarters of this year, the company achieved attributable net profit of approximately 1.262 billion yuan, making it the only company on the Beijing Stock Exchange with profits exceeding 1 billion yuan in the first three quarters of this year.
After Zhongkeyi, Hengdongguang, Tongli Co., Ltd., Beterui, and Changying Hard Technology ranked second to fifth with net profits of 656 million yuan, 645 million yuan, 611 million yuan, and 470 million yuan respectively in the first three quarters.
Among the North Exchange stocks that suffered net profit losses in the first three quarters, Haitai New Energy ranked first in terms of loss. It is understood that the company will be listed in August 2022. It is a new energy enterprise with the design, research and development, manufacturing and sales of photovoltaic modules as its core and the development, construction and operation of photovoltaic power stations as one. In the first three quarters of this year, Haitai New Energy achieved attributable net profit of approximately -237 million yuan, a slight decrease from -254 million yuan in the same period last year.
In response to the relevant situation, Haitai New Energy said in an interview with a Beijing Business Daily reporter that the company's losses in the first three quarters narrowed year-on-year, single-quarter revenue improved in the third quarter, and a loss reduction trend has initially emerged. "There are still uncertainties in price competition in the photovoltaic industry. The company is promoting cost reduction and efficiency improvement, optimizing product structure, expanding high-quality orders, and striving to continue to reduce losses. The time for turning losses cannot be accurately predicted. Please refer to the company's subsequent announcements for relevant progress."
In addition to Haitai New Energy, there are four stocks on the Beijing Stock Exchange that suffered losses of more than 100 million yuan in the first three quarters: Ningxin New Materials, *ST Recreation, Sugon Digital, and Silane Technology. The remaining loss-making companies all had net profit losses of less than 100 million yuan in the first three quarters.
"Reserve Army"
207 companies queued up, surpassing Shanghai and Shenzhen
In addition to listed companies, the Beijing Stock Exchange also has many listed "reserve forces." According to Wind statistics, as of now, 207 companies are queuing up to log on to the Beijing Stock Exchange.
Judging from the status of IPO companies, among the 207 companies, 85 companies including Wuxiao Group and Chengfeng New Materials are in the inquiry stage. The latest status of 6 companies including Xingji Intelligent Manufacturing and Tiejin Technology is approved by the listing committee meeting; 21 companies including Xinfu Technology and Suxun New Materials have submitted for registration; 85 Beijing Stock Exchange IPOs including Ruilong Technology and Heshuofeng are in a suspended state.
In addition, Wind data shows that the IPOs of eight companies including Tianguangshi and Jiumu Chemical have been registered and effective on the Beijing Stock Exchange; Huasheng Intelligent and Jule shares have completed their issuances and are waiting in line for listing.
From the perspective of IPO entry points, the number of "reserve forces" of the North Exchange has far exceeded that of the Shanghai and Shenzhen Stock Exchanges. According to Wind statistics, as of the latest, a total of 89 companies are queuing up to be listed on the Shanghai Stock Exchange, and a total of 101 companies are queuing up on the Shenzhen Stock Exchange.
Zhu Haibin, general manager of the Kaiyuan North Exchange Research Center, told a reporter from the Beijing Business Daily that the current North Exchange IPO market has the most abundant reserve force, the overall quality of the company has improved, the review efficiency is high, and the cycle is predictable, forming an echelon with the New OTC Market.
Looking forward to the follow-up, Zhu Haibin said that the issuance of new shares on the Beijing Stock Exchange will maintain a "normalized and stable pace" of issuance. First, the queue stock of more than 200 companies is enough to support issuance demand for more than one year in the future; second, as market capacity expands and liquidity improves, larger and higher-quality leading companies will accelerate their choice of the North Exchange; third, the issuance side will pay more attention to matching the secondary market's undertaking capabilities to avoid imbalances in supply and demand.
"Currently, the North Exchange leads the three major markets in direct financing, especially in terms of the number of listed companies, but the market expects the North Exchange to attract more funds on the investment side. Only when the secondary market, that is, the investment side is active, can it support more new share issuances and achieve active primary and secondary markets." Zhou Yunnan, a senior New OTC commentator and founder of Beijing Nanshan Investment, said.
Sustainability
Service innovation enterprise
The Beijing Stock Exchange and the New OTC Market carry the important task of the capital market to serve the innovative development of small and medium-sized enterprises.
After five years of construction, the integrated development pattern of the Beijing Stock Exchange and the New OTC Market has initially taken shape, and the construction of the main position for serving innovative small and medium-sized enterprises has achieved phased results.
At the opening ceremony of the 2026 Financial Street Forum, Wu Qing, chairman of the China Securities Regulatory Commission, said that he would anchor the creation of an innovative service platform for small and medium-sized enterprises and steadily launch a series of measures such as the Beijing Stock Exchange 50ETF, the Beijing Stock Exchange's new share placement, innovative evaluation standards, and optimize the hierarchical management of the New Third Board to promote the integrated high-quality development of the New Third Board.
Lu Songbin also said that the Beijing Exchange will closely adhere to the main lines of risk prevention, strengthening supervision, and promoting high-quality development, actively promote various market construction tasks, and contribute more to the "five major articles" of finance in the capital market. The first is to create a group of high-quality listed companies; the second is to consolidate the balanced development pattern of investment and financing; the third is to consolidate the soil cultivation and seedling function of the New Third Board; the fourth is to build a deep docking cooperation mechanism.
Zhu Haibin told a Beijing Business Daily reporter that the demonstration effect and wealth effect of the Beijing Stock Exchange will enhance the listing appeal of the New Third Board, activate financing and transactions at the basic and innovative levels, and form a "source of living water"; while the New Third Board will steadily transport high-quality companies that have been tested by the market, ensuring that the expansion of the New Third Board is both "quality" and "quantity".
Today, the Beijing Stock Exchange and the New OTC Market are continuing to release a series of positive results. On the morning of October 21, at the parallel forum of the 2026 Financial Street Forum Annual Meeting hosted by the North Exchange, the North Exchange, the National Equities Exchange and Quotations, and the Small and Medium Enterprises Development Promotion Center of the Ministry of Industry and Information Technology jointly released the "Beijing Exchange and New OTC Market Service Zone". It is understood that the "Beijing Exchange and New OTC Market Service Zone" will give full play to the platform's systematic service advantages, accurately deliver policy and market resources to small and medium-sized enterprises, and better assist the innovative development of small and medium-sized enterprises.
“The fifth anniversary is a watershed for the Beijing Exchange from ‘building’ to ‘strengthening’.” Zhu Haibin said.
Theme Fund
The highest rate of return reaches 77%
In the past five years, the Beijing Stock Exchange has achieved significant increases in quantity, scale, and institutional participation. 61 theme funds and 24 securities firms have further strengthened the market making of funds and transactions, and the overall liquidity has improved. However, from the perspective of product performance, there are also obvious differences between different theme funds. The performance difference between the first and last batch of eight products exceeds 100 percentage points. Industry insiders said that in the future, policy directions such as the Beijing Securities 50 ETF and the value placement of new shares will still be the focus of market expectations and are expected to further stimulate market vitality.
Chu Kefan, manager of the Yongying BESE 50 Component Index Fund, said that since the fifth anniversary of the establishment of the BESE, it has grown from a "test field" for serving innovative small and medium-sized enterprises to a "main position", forming a good pattern of misaligned development, complementary advantages, and synergy with the Shanghai and Shenzhen exchanges. While the market scale is expanding, the Beijing Stock Exchange pays more attention to quality improvement and ecological construction, and provides full-chain services from listing and cultivation to listing and financing to mergers and acquisitions for specialized and new enterprises, becoming an indispensable and important link in China's multi-level capital market system.
At the same time, Chu Kefan pointed out that in recent years, the Beijing Exchange has promoted the implementation of a number of important measures to improve functional construction. For example, the Beijing Stock Exchange released specialized new indexes and selected fund companies to promote the productization of the index; the country's first Xiong'an development company bond was issued and listed on the Beijing Stock Exchange; the share limit of the Beijing Stock Exchange 50 Index Fund was raised from 500 million to 15, and the total size of the index fund exceeded 15 billion yuan; the first batch of thematic funds with a three-month holding period of the Beijing Stock Exchange was approved. In addition, the exchange will further optimize basic systems such as the "Trading Rules", "Listing Rules" and "Refinancing Review Rules" in 2026.
With the continuous good development of the Beijing Exchange, the Beijing Exchange Theme Fund is about to celebrate its fifth anniversary. Looking back on November 23, 2021, the first batch of 8 Beijing Stock Exchange theme funds were established, with a single fundraising limit of 500 million yuan and a total of 4 billion yuan. They were sold out in half a day on the day of sale. Five years later, the number of related public offering products of the Beijing Stock Exchange has been expanded to 61, of which 49 are the North Securities 50 Index products, and the scale of tracking products exceeds 15 billion yuan. At the same time, the product form has also been extended from the initial two-year fixed opening to a three-month holding period, index enhancement, etc., forming a layered adaptation tool matrix.
Although the number of products has expanded rapidly, performance has been significantly differentiated. According to Wind data, as of November 11, 7 of the first batch of 8 theme funds have achieved positive returns since their establishment, with the highest yield reaching 77.67%. They are the two-year fixed-open hybrid selected by CITIC Construction Investment and Beijing Stock Exchange; the only loss-making one is the Harvest Beijing Exchange's selected two-year fixed-open hybrid, with a cumulative loss of about 26.49% since its establishment. It can be seen that the performance difference between the first and last batch of products has reached 104.16 percentage points.
The "proportion of profitable investors" disclosed for the first time in the 2026 fund interim report further shows the differentiation between products: China Universal, E Fund, and Dacheng's Beijing Stock Exchange Theme Fund accounted for 99.94%, 99.9%, and 90.66% of the number of profitable investors in the past year (July 1, 2025 - June 30, 2026) respectively, ranking among the top three among the first batch of products. Among the remaining five products, the highest proportion of profitable investors during the same period was 47.72%, and the lowest was only 7.79%. The same batch of products, the same starting point, but a completely different holder experience.
Regarding the causes of performance differentiation, Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, broke it down into four layers: First, the difference in the timing of opening positions. The BSE 50 index fluctuates greatly. Those who open positions at high positions are easy to be trapped, while those who open positions at low positions can enjoy flexibility; second, position and track selection, those with heavy positions in new energy, semiconductors, and specialized new leaders have greater flexibility. , industry mismatches have drawn back significantly; third, the difference between active and passive, active funds look at stock selection, while passive funds are affected by the lag in quarterly adjustment of constituent stocks and insufficient liquidity of individual stocks, and the tracking error is amplified; fourth, the product mechanism, the two-year fixed opening and closing period is long, and the profit redemption during the opening period amplifies the fluctuations in net value, further leading to the widening of the gap between the first and last performance.
Financial commentator Guo Shiliang interpreted it from the perspective of the fund manager himself: "The performance differentiation of theme funds is mainly related to asset allocation capabilities, risk management levels and individual stock mining capabilities. The volatile market will test the stock selection and timing capabilities of fund managers."
In addition to actively managed BASE theme funds, the importance of passive products tracking the BASE 50 Index is also being further amplified. In April 2026, more than 10 fund companies including E Fund, China Asset Management, GF, and Harvest issued announcements to relax the total share limit of their BSE 50 Index Fund from 500 million to 1.5 billion, and simultaneously relaxed the single-day subscription limit.
In this regard, Bai Wenxi pointed out that the expansion of this type of quota brings three benefits: First, incremental funds. The industry estimates that after the quota limit is relaxed, tens of billions of increments can be released; second, structural optimization, the increase in the proportion of institutions makes the secondary market pricing more rational; third, ecological paving, the over-the-counter index fund has passed the stress test of passive funds, which is also paving the way for the official implementation of the Bei Securities 50 ETF.
As Bai Wenxi said, on October 19, Wu Qing, Chairman of the China Securities Regulatory Commission, proposed at the 2026 Financial Street Forum Annual Meeting that a series of measures will be steadily launched, including the Beijing Stock Exchange 50ETF, the Beijing Stock Exchange New Stock Market Value Placement, innovative evaluation standards, and optimizing the hierarchical management of the New Third Board, to promote the integrated high-quality development of the New Third Board of the North Exchange.
On the one hand, the theme funds of the Beijing Stock Exchange provide "living water" on the capital side, and on the other side, securities firms make market positions on the trading side to fill positions. On January 19, 2023, the Beijing Stock Exchange issued the "Beijing Stock Exchange Stock Market Making and Trading Business Detailed Rules" and the "Beijing Stock Exchange Stock Market Making and Trading Business Guidelines", which stipulate the procedures, rights and obligations, supervision and management of securities companies carrying out the stock market making and trading business of the Beijing Stock Exchange. The announcement at that time also pointed out that the Beijing Exchange introduced market makers to implement a mixed trading system based on bidding transactions, which would help increase the depth of market orders, improve market stability, narrow the market bid-ask spread, reduce investor transaction costs, introduce incremental funds, improve market liquidity, and serve the high-quality expansion of the market.
According to official website data, as of November 12, the Beijing Stock Exchange has 24 securities firms that are qualified for market making business and have officially started operations. Many other securities firms have also been approved for market making qualifications and are preparing to start operations. At present, CITIC Securities ranks first with 68 market makers. At the same time, China National Finance Securities and SDIC Securities rank second and third with 63 and 54 market makers respectively.
