The Number of Beijing Stock Exchange Listed Companies Reaches 300, with Continuously Increasing Quality

Securities Times Reporter Zhong Tian

On March 20, with the official listing of Xin Hengtai (920028), the number of listed companies on the Beijing Stock Exchange reached 300. As the main platform serving innovative small and medium-sized enterprises, the BSE has, since its opening in November 2021, written a chapter of multi-level capital market service for the real economy and the cultivation of new productive forces through solid expansion and continuous quality improvement.

Achieving leapfrog development over four years

Looking back to November 15, 2021, when the BSE officially opened, the first batch of 81 companies appeared collectively, with a total market value of less than 300 billion yuan. At that time, the market mainly consisted of companies transferred from the existing selected layer, with a focus on traditional manufacturing, small scale, and an early-stage institutional ecosystem.

Currently, the number of listed companies has increased to 300, 3.7 times the initial number, with a total market value of about 900 billion yuan; qualified investors have exceeded 10 million households, with continuous inflows from public funds, social security, insurance, and other institutional investors. Market liquidity, activity, and stability have all improved, marking the BSE’s transition from “start-up” to “growth.”

Dongwu Securities believes that over the past four years, the market scale of the BSE has achieved leapfrog growth, with 2025 revenue showing strong resilience. Wind data shows that among 293 BSE companies that released 2025 performance forecasts, 185 reported positive revenue growth, accounting for 63%. Notably, Zhuozhao Diantiao, Anda Technology, and Dadi Electric saw revenue increases of over 100%. Bettery, Tongli Shares, Yinuowei, and Yingtai Biological each surpassed 5 billion yuan in revenue, highlighting the leading role of top enterprises. In terms of profit, 80% of companies are profitable, with industry leaders Hongyu Packaging and Huiwei Intelligent experiencing net profit growth of over 300%, and Haineng Technology’s profit increasing by 222% due to industry recovery and high-end product volume.

Zhang Keliang, a researcher at the Central University of Finance and Economics, stated that the BSE’s service for innovative small and medium-sized enterprises has achieved remarkable results. Among the 300 listed companies, nearly 60% are national-level specialized, refined, and innovative “little giants,” with an average R&D intensity of over 5%. The total fundraising exceeds 60 billion yuan, most of which is used for R&D, technological upgrades, and capacity expansion. The BSE has attracted a batch of high-quality enterprises with core technologies and high growth potential in niche fields, with significant improvements in both “value” and “innovation.”

2026: New stocks with both quality and efficiency

Wind statistics show that in 2026, 12 new stocks will be listed on the BSE, with both quality and efficiency improving and distinctive features, especially in the technology sector.

In terms of industry distribution, new stocks mainly focus on high-end equipment, artificial intelligence, new materials, biomedicine, and industrial software—areas of new productive forces. Among them, nine are national-level “little giants,” accounting for over 70%. Most newly listed companies possess both hard technology and specialized, innovative attributes, with prominent leadership in their niche fields.

Compared to previous years, this year’s technology sector new stocks focus more on breakthroughs in “bottleneck” areas and frontier technological innovation. For example, Zuxing New Materials, one of the first domestic companies to enter the aluminum pigment industry, has broken the long-standing monopoly of foreign companies in China’s mid-to-high-end aluminum pigment market with its self-developed seven core technologies. The company is not only a main standard setter domestically but also actively participates in the formulation of multiple international standards, holding 90 authorized patents, including 49 invention patents.

It is worth noting that many “hidden champions” in niche fields are among this year’s new listings. For example, Mirui Technology is a high-tech enterprise focusing on smart network cameras and IoT video products, with edge computing capabilities, making it a “hidden champion” in the IoT video module track.

Market performance shows that most new stocks’ first-day gains are between 100% and 200%. The pace of issuance has accelerated, and valuation normalization is progressing, with steady gains from IPOs and a more mature market ecosystem.

A new starting point for new chapters

The increase to 300 listed companies on the BSE is not only a scale leap but also a new starting point.

Yu Wei, an expert from the China Xiaokang Construction Research Association’s Economic Development Working Committee, believes that the standards for companies listing on the New Third Board have long been raised, and the review process for proposed IPO companies on the BSE has also been continuously strengthened. The core goal is to attract high-quality companies and promote healthy market development. He said, “The BSE’s market and system are constantly improving. The market is eager to see the launch of BSE ETFs soon and more measures to attract patient capital to invest in the BSE, further enhancing liquidity in the secondary market and helping restore valuations of listed companies.”

Zhou Yunnan, a senior commentator on the New Third Board and founder of Nanshan Investment in Beijing, suggested that while accelerating new stock supply, the BSE should also support the secondary market’s “blood transfusion” function. He called for speeding up the implementation of the “Deep Reform 19 Articles” to let the market experience reform benefits, boost confidence, and enhance investors’ participation and gains.

Zhang Keliang believes that the core competitiveness of the BSE is not to copy a “Small Sci-Tech Innovation Board” or “Small Growth Enterprise Board,” but to focus on serving “earlier, smaller, and more innovative” small and medium-sized enterprises. To create a differentiated competitive edge, he suggests three key points: building a “specialized, refined, and innovative” value discovery highland, establishing a “full lifecycle” service system, and fostering an “inclusive and universal” market ecosystem. For high-quality SMEs, the attractiveness of the BSE lies in “more suitable thresholds, clearer expectations, and more sustainable growth.”

“300 companies are just a new starting point. The future of the BSE depends on坚持特色、深化改革、优化生态，真正成为中国经济转型升级中不可或缺的一环。”