Beijing Stock Exchange

The Beijing Stock Exchange (BSE) is China's third national stock exchange, launched in 2021 to serve "earlier, smaller, newer" innovative SMEs that fall outside the reach of the Shanghai and Shenzhen boards . Its core mandate is to fill a gap in the multi-tier capital market: while the STAR Market accommodates hard-tech firms with relatively mature business models and the ChiNext board excludes loss-making companies, the BSE targets companies still in early industrialization with leading technology but unproven commercialization .

Operationally, the BSE sits atop a layered structure: companies must first list on the NEEQ (New Third Board), spend 12 months in the innovation layer, then apply for BSE IPO, with average review timelines of 3-4 months . Listing conditions emphasize inclusivity over profitability—four sets of market-value-based standards with financial thresholds below ChiNext or STAR Market requirements, and explicit allowance for loss-making enterprises . Post-IPO, the exchange applies "lenient yet strict" ongoing supervision with flexible arrangements for governance, disclosure, and equity incentives suited to smaller companies . Share lock-up rules are also lighter: only controlling shareholders, actual controllers, directors, supervisors, senior executives, and 10%+ holders face 12-month restrictions; other shareholders, including most PE investors, can trade immediately upon listing .

The BSE's investor threshold is set at RMB 500,000, matching the STAR Market, and the exchange maintains open connectivity with NEEQ layers and transfer mechanisms to Shanghai/Shenzhen boards . As Gaorong Ventures described it in 2021, the BSE's significance lies not merely in adding another exchange but in pushing registration-system reform forward and expanding access to public capital for younger innovation-driven firms .