The Zhitong Finance App learned that Chairman Lu Songbin mentioned in his keynote speech at the Beijing Stock Exchange Parallel Forum at the 2026 Financial Street Forum Annual Meeting that in line with the Beijing Stock Exchange's development stage and market characteristics, the Beijing Stock Exchange market product system will be continuously improved to promote the coordinated development of both sides of investment and financing. Improve the issuance and underwriting system, promote the introduction of new stock issuance and market value placement, strengthen primary and secondary market linkage, enhance the sense of acquisition among investors in the secondary market; promote reasonable pricing of new stock issuance, and promote the implementation of more cases of inquiry and issuance. Enrich market index fund products, promote the implementation of the Beijing Stock Exchange 50 ETF, increase the supply of Beijing Stock Exchange fund products, continue to enrich market indices, and clear medium- to long-term capital entry channels.
Chairman Lu Songbin mentioned strengthening market functions and actively playing the role of nurturing early, young children, and nurturing new people. Optimize the hierarchical management of the New Third Board, improve differentiated information disclosure requirements, and enhance the innovative layer's brand effect and undertone of innovation. Improve the quality of listed companies, improve the new three-board listing and exit mechanism, improve the continuous supervision system for host brokerage firms, and promote structural optimization of listed companies. Give full play to the functions of the market making system, improve the incentive and restraint mechanism for market makers, reduce market making costs, promote more high-quality listed companies to adopt market making transactions, promote value discovery, and increase market activity. Strengthen the interface between the three and four boards, deepen cooperation in market cultivation and information sharing, and support high-quality enterprises in the fourth board market to easily list on the new third board through mechanisms such as green channels.
The original text is as follows:
Promoting the high-quality development of the Beijing Stock Exchange's new three-board integration - Chairman Lu Songbin's keynote speech at the 2026 Financial Street Forum Annual Meeting at the Beijing Stock Exchange Parallel Forum
Dear guests and friends,
Hello everyone! Welcome to the 2026 Financial Street Forum Annual Meeting Parallel Forum hosted by the Beijing Stock Exchange. On behalf of the Beijing Stock Exchange, I would like to warmly welcome all the guests to this forum! I would like to express my sincere thanks to all the leaders and friends from all walks of life who have cared about and supported the construction of the Beijing Stock Exchange for a long time!
Currently, the new round of scientific and technological revolution is evolving at an accelerated pace, driving profound changes in the industrial structure, and continuously spawning new momentum for economic development. Small and medium-sized enterprises are the most innovative and dynamic market players. They show characteristics such as diversified business formats and flexible mechanisms, and play an important role in promoting the development of new quality productivity. How to adapt the capital market to the new situation and better support scientific and technological innovation and the development of small and medium-sized enterprises is a topic that requires us to answer well together.
In the five years since the opening of the Beijing Stock Exchange, it has been committed to building a leading position to serve innovative small and medium-sized enterprises, adhering to a characteristic development path, and initially accumulating practical experience in serving the innovation and development of small and medium-sized enterprises in the capital market, and the market is showing a new upward trend.
First, always stick to the market position. Implementing the concept of inclusive finance, continuously improving the compatibility and adaptability of various systems, provides real opportunities for listing and development for all types of small and medium-sized enterprises in a critical period of growth. Currently, there are 351 listed companies on the Beijing Stock Exchange, over 70% of small and medium-sized enterprises, nearly 90% of private enterprises, over 80% of strategic emerging industries, and more than 60% of national-level specialized, special and new “little giant” enterprises. A number of high-quality enterprises representing the development direction of new quality productivity have achieved efficient listing. In particular, since 2025, “little giant” companies have accounted for nearly 80% of newly listed companies, and the “technology content” of the market has continued to increase.
Second, the service function is performed effectively. Continuously optimize the issuance and listing financing system, enrich the product system, and support high-quality small and medium-sized enterprises to develop and grow through capital market tools. The Beijing Stock Exchange has served small and medium-sized enterprises to achieve public offering financing of more than 83 billion yuan, and raised more than 80% of the capital to invest in green and low-carbon, digital economy, high-end equipment manufacturing, new materials, etc., providing a source of fresh water for enterprise innovation and development. 67 listed companies launched 129 refinancing plans, and 4 listed companies implemented major asset restructuring. The total R&D investment of listed companies in 2025 exceeded 10 billion yuan for the first time, and more than 120 listed companies introduced equity incentives or employee stock ownership plans. It has served credit bond financing exceeding 27 billion yuan, smoothly implementing private equity debt business, broadening financing channels for small and medium-sized enterprises, and meeting diversified financing needs.
Third, the effects of gradient cultivation have been shown. The Beijing Stock Exchange and the New Third Board insist on integrated development, strengthened the institutional interface with the Fourth Board market, and formed a gradient cultivation system adapted to the different stages and characteristics of small and medium-sized enterprises. In particular, the New Third Board played an encouraging role in the multi-level capital market, serving 14,000 small and medium-sized enterprises, with a total financing of over 600 billion yuan; sent nearly 850 listed companies to the Shanghai and Shenzhen-North Exchange, and over 80% received financing support during the listing period; and supported more than 200 four-board enterprises to easily list through green channels and publicity and review mechanisms, effectively playing a radiation-driving effect on innovative SMEs in various regions.
Fourth, the investment ecosystem is gradually being optimized. Focus on improving market functions that coordinate investment and financing, and guide financial capital to invest early, small, long-term, and hard technology. There are nearly 11.7 million qualified investors, a triple increase from when the market opened; more than 3,000 public funds allocated Beijing Stock Exchange shares, the investor structure is gradually being optimized, and market trading is becoming more and more active. The Beijing Stock Exchange and the New Third Board have strengthened the integrated development of private equity venture capital, effectively playing the role of “fund-raising, investment management and withdrawal” platforms, and promoting the accelerated formation of innovative capital. Since the opening of the Beijing Stock Exchange, private equity venture capital has participated in the targeted distribution of about 400 companies listed on the New Third Board, with an investment amount exceeding 26 billion yuan; 90% of companies listed on the Beijing Stock Exchange have received investment from venture capital institutions, with an average of 4 venture capital institutions per enterprise participating.
The “Outline” of the “15th Five-Year Plan” clearly proposes to enhance the inclusiveness and adaptability of the capital market system and promote the specialized and innovative development of small and medium-sized enterprises. The Securities Regulatory Commission has made arrangements to promote the integrated high-quality development of the Beijing Stock Exchange's new three boards. We will closely follow the main lines of risk prevention, strong supervision, and promotion of high-quality development, actively promote all aspects of market construction, and contribute more to the capital market's “Five Major Articles” in finance.
The first is to build a group of high-quality listed companies. Based on helping the growth of emerging industries, cultivating future industries, and upgrading traditional industries, the Beijing Stock Exchange's innovative evaluation standards were issued to better serve innovative small and medium-sized enterprises at the cutting edge of industry segments. Support high-quality enterprises to become better and stronger through refinancing, mergers, acquisitions and restructuring, and promote the strengthening, extension and chain repair of the industrial chain. Adhere to strict supervision and control, further promote anti-counterfeiting and anti-counterfeiting, strengthen restrictions on “key minority” behavior, strictly crack down on all types of illegal acts, strengthen the protection of investors' rights and interests, and focus on improving the quality of listed companies.
The second is to consolidate the balanced development pattern of investment and financing. Combining the development stage and market characteristics of the Beijing Stock Exchange, we will continuously improve the Beijing Stock Exchange market product system to promote the coordinated development of both sides of investment and financing. Improve the issuance and underwriting system, promote the introduction of new stock issuance and market value placement, strengthen primary and secondary market linkage, enhance the sense of acquisition among investors in the secondary market; promote reasonable pricing of new stock issuances; and promote the implementation of more cases of inquiry and issuance. Enrich market index fund products, promote the implementation of the Beijing Stock Exchange 50 ETF, increase the supply of Beijing Stock Exchange fund products, continue to enrich market indices, and clear medium- to long-term capital entry channels.
The third is to consolidate the new three-board cultivation and seedling raising function. Strengthen market functions and actively play the role of nurturing early, young children, and nurturing new people. Optimize the hierarchical management of the New Third Board, improve differentiated information disclosure requirements, and enhance the innovative layer's brand effect and undertone of innovation. Improve the quality of listed companies, improve the new three-board listing and exit mechanism, improve the continuous supervision system for host brokerage firms, and promote structural optimization of listed companies. Give full play to the functions of the market making system, improve the incentive and restraint mechanism for market makers, reduce market making costs, promote more high-quality listed companies to adopt market making transactions, promote value discovery, and increase market activity. Strengthen the interface between the three and four boards, deepen cooperation in market cultivation and information sharing, and support high-quality enterprises in the fourth board market to easily list on the new third board through mechanisms such as green channels.
Fourth, establish a mechanism for in-depth matchmaking and cooperation. Further forge consensus among all parties and jointly create a good atmosphere to serve innovative SMEs. Deepen communication mechanisms with national ministries and departments such as the Ministry of Industry and Information Technology, the Development and Reform Commission, and the Ministry of Science and Technology, and support the rapid financing development of key enterprises cultivated and recommended by ministries and departments. Strengthen cooperation with local governments, continue to deepen the “Beijing-Tianjin-Hebei” special service working mechanism, and support the coordinated development of the regional economy by making good use of the two equity and debt markets. Strengthen cooperation with industrial investment funds, private venture capital institutions, etc., do a good job of connecting with market institutions such as securities fund companies and commercial banks, guide the transformation of service concepts and the decline of service clients, and increase investment in inclusive finance. Improve the Beijing Stock Exchange's open ecosystem, continuously explore external cooperation with enterprises, investors, products, etc., and raise the level of institutional openness to the outside world.
Thank you all!
This article was published by the Beijing Stock Exchange. Zhitong Finance Editor: Chen Wenfang.