Beijing Stock Exchange

The Beijing Stock Exchange (北交所) is a national stock exchange launched on November 15, 2021, positioned to serve innovative small and medium-sized enterprises—specifically those that are "earlier, smaller, and newer" in their development than the companies typically served by Shanghai's STAR Market or Shenzhen's ChiNext board . It operates as a tiered extension of the New Third Board (新三板) reform: companies must first list on the NEEQ, enter the innovation layer, and complete 12 months before applying for a Beijing IPO . The exchange was designed with explicit geographic and strategic intent—to balance China's capital market geography by adding a northern hub to complement Shanghai and Shenzhen, while supporting Beijing's role as the national financial management center and advancing the innovation-driven development strategy . In its opening week, the exchange saw RMB 21.2 billion in trading volume across its initial 81 listed companies, which carried a combined market capitalization of roughly RMB 269.6 billion . The regulatory framework emphasizes inclusivity, allowing loss-making enterprises to list with diversified financial criteria, lower investor thresholds aligned with the STAR Market (RMB 500,000), and flexible share lockup rules that treat most pre-IPO shareholders as public shareholders with no mandatory lockup period .