The IPO review of the Beijing Stock Exchange is steadily accelerating. As of March 23rd, the Beijing Stock Exchange has held 29 meetings with the Municipal Party Committee during the year, far exceeding the same period last year, and the efficiency of enterprise meetings has also improved synchronously. In the same month, the number of listed companies on the Beijing Stock Exchange officially exceeded 300. Overall, an increasing number of high-quality small and medium-sized enterprises with stable performance growth and outstanding innovative features are choosing the Beijing Stock Exchange as their target listing location. In the eyes of industry insiders, under the combined effect of institutional accumulation, policy guidance, and endogenous market forces, the "growth and quality improvement" of the Beijing Stock Exchange's IPO has become an inevitable choice. The efficiency of IPO review has significantly improved. Since 2026, the efficiency of IPO review on the Beijing Stock Exchange has continued to steadily improve. Data shows that the first quarter has not yet ended, and the Beijing Stock Exchange has held 29 meetings with the Municipal Party Committee, far exceeding the same period last year. The efficiency of enterprise meetings has also been improved, and 28 enterprises have been approved by the Beijing Stock Exchange Shanghai Municipal Committee during the year. At the same time, the number of listed companies on the Beijing Stock Exchange officially exceeded 300 in March this year. The frequent convening of the Shanghai Municipal Party Committee meeting is a direct reflection of the acceleration of the IPO review process by the Beijing Stock Exchange. According to the meeting announcement, as of March 23, the Beijing Stock Exchange has held 29 Shanghai Municipal Committee meetings this year, with the March Shanghai Municipal Committee meeting being even more frequent. So far, 12 Shanghai Municipal Committee meetings have been held. And on March 26th and 27th, there will be three more municipal party committee meetings to be held. As of the end of March 2025, the Beijing Stock Exchange has only made one announcement at the municipal party committee meeting. Efficiency will be improved synchronously after the meeting. According to Wind statistics, since 2026, 28 companies have passed the Beijing Stock Exchange Municipal Committee Meeting, with March being the most frequent, with as many as 12 companies passing. For example, on the 20th, Jieli Technology, sponsored by Guotai Junan, passed the meeting; On the 17th, Oulun Electric, sponsored by Guolian Minsheng, attended the meeting; On the 13th, the meeting was attended by companies sponsored by Galaxy Securities, such as Koleridi, and CITIC Securities, such as Zhengda Seed Industry. It is worth noting that while the Beijing Stock Exchange improves its review efficiency, it also maintains strict quality control over IPOs. Taking Xinsheng Technology as an example, the company was temporarily suspended from review at the Shanghai Municipal Party Committee meeting on January 16th, with inquiries regarding the authenticity of performance and third-party payments. Subsequently, after the company and its sponsor Guoxin Securities responded to relevant questions, it was approved by the Beijing Stock Exchange Listing Committee meeting on March 12th, less than two months later. Overall, the Beijing Stock Exchange market is showing a steady expansion trend. According to Wind data, using the listing date as the statistical standard, as of March 23rd, among the 23 newly listed companies in the market since 2026, the Beijing Stock Exchange has monopolized 13 seats, accounting for more than half. With the listing of New Hengtai on March 20th, the number of listed companies on the Beijing Stock Exchange has reached 300. Continuously attracting high-quality small and medium-sized enterprises is accompanied by factors such as institutional optimization and improvement, and increased market liquidity. The attractiveness of the Beijing Stock Exchange market to high-quality small and medium-sized enterprises is "increasing day by day". Taking the newly listed New Hengtai on March 20th as an example, the public offering price of New Hengtai this time is 9.40 yuan/share, with a P/E ratio of 14.99 times, and the online popularity of new listings is soaring. The issuance result data shows that the effective subscription quantity of this online issuance is as high as 98.778 billion shares, with over 580000 effective subscription accounts. The online effective subscription multiple is as high as 2671.03 times, demonstrating investors' recognition of the Beijing Stock Exchange market. The frozen funds of a single new stock have repeatedly reached new highs, currently exceeding one trillion yuan. Previously, the issuance results disclosed by Meide Le showed that the stock attracted 592500 households to participate in new listings, with an effective subscription quantity of 25.283 billion shares. Ultimately, 61000 households were allocated, with an online lottery rate of 0.057% and frozen funds of approximately 1.06 trillion yuan. The technological content and growth potential of companies listed on the Beijing Stock Exchange are also widely recognized. In January of this year, Koma Materials from Zhejiang officially landed on the Beijing Stock Exchange, becoming the first stock of the exchange in 2026. Public information shows that the company's main products are dry clutch friction plates and wet paper-based friction plates, with customers including domestic and foreign clutch manufacturers. After more than 20 years of development, the company has grown into a provincial-level hidden champion and a national level specialized and innovative "little giant" enterprise. On the first day of listing, Koma Materials' stock price performed strongly, soaring 585% during trading and closing at 54.95 yuan/share, up 371.27% from the issue price. At the same time, in recent years, both Hong Kong and A-share companies have pushed their subsidiaries to the Beijing Stock Exchange, forming a parallel trend of "Hong Kong splitting north" and "A-shares splitting north", which also demonstrates the attractiveness of the Beijing Stock Exchange as the main battlefield for service innovation oriented small and medium-sized enterprises. On March 10th, Caike Technology successfully passed the meeting, becoming the second case for a Hong Kong stock company to spin off a subsidiary and land on the Beijing Stock Exchange, and the first since 2026, marking the further maturity of the "Hong Kong to North" path. It is reported that the parent company of Caike Technology is Caike New Energy, which is listed on the Hong Kong Stock Exchange. Caike Technology belongs to the field of fine chemicals, with core products covering high-performance organic pigment intermediates, food additive intermediates, and light stabilizer intermediates. It is a national level specialized and innovative "little giant" enterprise, a national intellectual property advantage enterprise, and has also been awarded the title of Hebei Province Manufacturing Industry Single Champion Enterprise. In this sprint to go public, the company plans to raise approximately 210 million yuan in funds. On March 10th, another case of "A demolishing the north" was also announced. The A-share company Yinlun Shares announced that its holding subsidiary Langxin Electric has successfully passed the meeting. Langxin Electric's main business is the research and development, production, and sales of electric drive components for thermal management systems. It is the largest domestic market share supplier of electronic fans for passenger car thermal management systems. The company is a national high-tech enterprise and was awarded the title of National Specialized, Refined, Unique and New "Little Giant" Enterprise in 2024. In the eyes of industry insiders, the resonance of multiple factors promotes the improvement of market growth and quality. Behind the "growth and quality improvement" of the Beijing Stock Exchange IPO, on the one hand, it stems from the deep reconstruction of the listing standard system and audit logic, and on the other hand, it is an inevitable choice for policy guidance and market endogenous power resonance. The coexistence of speeding up and improving the quality of the Beijing Stock Exchange is the result of the resonance of policy expectations, market ecology, and enterprise reserves. ”Tian Lihui, Dean of the Institute of Financial Development at Nankai University, told reporters that at the policy level, the implementation of the "19 deep reforms" has been effective, and measures such as direct linkage mechanisms and optimization of listing processes have released institutional dividends, resulting in more stable audit expectations. At the market level, the number of listed companies on the Beijing Stock Exchange is about to exceed 300, and the wealth effect is evident. High quality enterprises are shifting from "wait-and-see" to "declaration". At the reserve level, the "nursery" function of the New Third Board continues to strengthen, with over 40% of newly listed companies being specialized, refined, and new "little giant" enterprises, providing sufficient high-quality reserve forces for the Beijing Stock Exchange. The recent positive trend of 'speeding up without compromising quality' demonstrated by the Beijing Stock Exchange is not accidental, but the result of the combined effects of previous institutional accumulation, policy guidance, and endogenous market forces. ”Zhang Keliang, a researcher at the Central University of Finance and Economics, told reporters that after several years of deep cultivation, the screening and cultivation functions of the New Third Board as a "nursery" have been fully utilized. A large number of enterprises have undergone preliminary tests of standardized governance, information disclosure, and market transactions at the basic and innovation levels, especially those national level specialized, refined, and new "little giant" enterprises, which have already achieved high levels of standardization and growth before landing on the Beijing Stock Exchange. This "natural" listing path not only shortens the review cycle, but also ensures the quality of listed companies from the source. In Tian Lihui's view, choosing the Beijing Stock Exchange is a market recognition of its "precise adaptability". At the market construction level, the Beijing Stock Exchange has established an institutional system that matches the growth patterns of small and medium-sized enterprises. The listing threshold is more inclusive, allowing unprofitable companies to go public; The audit expectation is more clear, and the cycle from acceptance to submission has been significantly shortened; Refinancing is more flexible, and the "small and fast" private placement mechanism meets the financing needs of enterprises. At the level of economic development, China has the world's most complete team of specialized, refined, and new enterprises, having cultivated 14600 specialized, refined, and new "little giant" enterprises and over 140000 provincial-level specialized, refined, and new enterprises. The Beijing Stock Exchange happens to be the "best gateway" for these enterprises to connect with the capital market. On the one hand, for small enterprises in the growth stage and in urgent need of funds, the listing threshold of the Beijing Stock Exchange is more reasonable and the review process is more friendly, which is the best choice they can afford and keep. ”When it comes to the "two-way rush" between enterprises and the Beijing Stock Exchange, Zhang Keliang also stated that on the other hand, it is the enhancement of market liquidity and the reshaping of valuation logic. With the continuous construction and improvement of various market mechanisms of the Beijing Stock Exchange, market liquidity has been greatly improved, and its valuation system is returning to rationality and showing advantages, providing more reasonable pricing basis for the "hidden champions" in these segmented fields. At present, the Beijing Stock Exchange has sufficient reserve enterprises. According to Wind data, as of March 23, a total of 165 companies are preparing for an IPO on the Beijing Stock Exchange (excluding companies that have "withdrawn", "terminated review", "terminated registration", etc.). Among them, 11 companies have already passed the deadline and are waiting to be reported to the China Securities Regulatory Commission. It is expected that the pace of subsequent issuances will continue to maintain a steady expansion trend. (New Society)