Beijing Stock Exchange IPO Data Panorama, Four Major Data Leading the Way

AI Inquiry · Leading IPO on Beijing Stock Exchange, What Are the Key Drivers Behind the Shift in Corporate Preferences?

Cailian Press, March 23 (Reporter Zhao Xinrui) As XinHengtai was listed, the number of companies listed on the Beijing Stock Exchange (BSE) officially surpassed 300 this week. At the same time, a comprehensive overview of core data across all IPO stages on the BSE has been released.

Comparing data from the three major exchanges’ IPO processes, the BSE leads in four key areas: guidance filing, review, approval meetings, and issuance and listing, with market activity also ahead. These four data points highlight the current trend of high-quality expansion on the BSE.

Data Point 1: Guidance Filing Stage. Wind data shows that since 2026, 143 IPOs have been accepted. Among them, 66 are on the BSE, accounting for 45.52%, significantly ahead of Shanghai Stock Exchange’s 4 and Shenzhen Stock Exchange’s 3. The remaining 70 companies have not disclosed their intended listing boards.

Data Point 2: Under Review Stage. The BSE’s lead is further evident, with 97 IPOs currently under review, compared to 57 on the Shanghai Stock Exchange and 46 on the Shenzhen Stock Exchange.

Data Point 3: Approval Meeting Stage. So far this year, 27 BSE IPOs have been approved, with a pass rate of 96.3%. On the Shanghai and Shenzhen exchanges, 6 IPOs each have been approved, with Shenzhen’s approval rate at 83.33%.

Data Point 4: Issuance and Listing. The BSE has welcomed 13 new listed companies this year, while the Shanghai and Shenzhen exchanges have 8 and 2 respectively.

These four data points clearly show that the BSE consistently ranks first in all IPO review stages, gradually shifting from a backup option to the primary choice for companies. An investment banker told reporters that companies’ understanding of sector choices has fundamentally changed. Previously, many companies held biases toward the New Third Board and the BSE, aiming primarily for the Shanghai or Shenzhen exchanges, with the BSE often seen as an alternative. Now, this pattern has been completely reversed.

This shift is mainly supported by solid fundamental data of listed companies on the BSE. Among the 26 companies approved this year, over 50% had net profits exceeding 100 million yuan in their latest fiscal year, including 9 companies with profits between 100 million and 200 million yuan (34.62%), and 2 with profits over 300 million yuan. Companies with net profits above 60 million yuan are the main candidates for approval. Even among the 157 companies under review, 53 have net profits over 100 million yuan, accounting for 33.76%, highlighting the increasing profitability of BSE-listed IPO candidates.

Data Point 1: 66 BSE IPO Guidance Filings, Half Are Reapplications

Since 2026, 66 companies have had their IPO guidance filings accepted on the BSE. Notably, 34 of these are not first-time filings, accounting for 51.52%, with roughly equal numbers of new and refiled companies.

In terms of industry distribution, these 66 companies cover 26 sub-sectors, with manufacturing dominating, aligning with the BSE’s focus on innovative small and medium-sized enterprises and advanced manufacturing. Data shows that 37 of these IPOs are related to manufacturing, making up 56.1% of the total accepted filings. Key sub-sectors include industrial machinery (9 companies), electrical equipment (8), electronic devices (7), specialty chemicals (7), and auto parts (6).

Regional distribution shows a clear clustering effect, with the Yangtze River Delta region performing strongly. Jiangsu and Zhejiang provinces have the highest numbers, with 16 and 12 filings respectively. Guangdong and Shandong provinces also have notable numbers, with 8 and 4.

In terms of sponsors, 27 institutions participated. CITIC Securities led with 7 filings, followed by Guojin Securities (5), Everbright Securities (4), Guolian Minsheng Underwriting & Sponsoring (4), China International Capital Corporation (CICC) (4), Huatai United Securities (4), CITIC Construction Investment (4), Kaiyuan Securities (3), Shenwan Hongyuan Underwriting & Sponsoring (3), and Guotou Securities (3).

Data Point 2: 157 IPOs Under Review, 30% Are Industrial Companies

As of now, 157 IPOs are under review on the BSE. Industrial companies continue to dominate, with 49 under review, accounting for 31.21%. Among these, 27 are in industrial machinery. Other major sectors include materials (37 companies), consumer discretionary (29), and information technology (18), each representing over 10% of the review pipeline.

A total of 41 brokerages are sponsoring these IPOs. CITIC Construction Investment and Guotai Haitong Securities are tied for first, each sponsoring 14 companies. Kaiyuan Securities ranks third with 9, standing out among smaller firms.

Regarding profitability, 53 companies under review have net profits exceeding 100 million yuan, making up 33.76%. Five companies have profits between 300 million and 500 million yuan, representing 3.18%. This indicates a steady increase in the profitability of companies planning to go public on the BSE.

Data Point 3: 27 IPOs Approved, Over Half Have Profits Over 100 Million Yuan

This year, 26 IPOs on the BSE have been approved, with three more companies (Guangtai Vacuum, Jinge New Materials, Qianan Technology) awaiting approval.

The approval rate is high, with only one IPO (Xinsheng Technology, sponsored by Guoxin Securities) temporarily deferred—initially delayed at the January 16 meeting, but approved upon a second review on March 12.

Fifteen brokerages sponsored these 26 IPOs. Guotai Haitong Securities sponsored the most, with 7 companies approved. Others include CITIC Construction Investment and CITIC Securities (3 each), CICC (2), and 11 firms with one each.

Looking at profitability, over 50% of these companies had net profits over 100 million yuan in the latest fiscal year, with 9 companies (34.62%) in the 100-200 million yuan range. Even the least profitable among them achieved at least 60 million yuan in net profit.

Industry insiders believe these data reflect the effective implementation of the BSE’s high-quality expansion strategy. The exchange’s focus on specialized, innovative, and “little giant” companies is paying off, with increasing profitability and strong review results enhancing its market appeal and industry standing.

Data Point 4: 13 Companies Listed, Consumer Discretionary Sector Most Prominent

Since 2026, 13 companies have successfully listed on the BSE, with XinHengtai, sponsored by Zheshang Securities, being the latest.

Unlike the guidance filing and review stages, where industrial companies dominate, the listing stage features three main sectors, accounting for 92.3% of the total: consumer discretionary (5 companies), materials (4), healthcare (3). The remaining one is an industrial company.

In terms of sponsors, 12 firms participated in these 13 listings. Dongwu Securities sponsored the most, with 2 companies; the other 11 firms each sponsored one.

(Reporter Zhao Xinrui, Cailian Press)