Beijing Stock Exchange steadily advances the review of new stock issuances, with capital elements converging towards the hard technology sector

Staff Reporter Meng Ke

Since 2026, the Beijing Stock Exchange (hereinafter referred to as “BSE”) has maintained a steady pace in reviewing new stock issuances, with a focus on companies in high-tech fields such as intelligent manufacturing, auto parts, and high-end equipment. On March 4th, one of China’s few globally influential high-end electroacoustic brands, Haifeiman, listed on the BSE. Additionally, within this week, two more new stocks submitted registration applications; according to the latest disclosures from the BSE, two listing committee review meetings will be held on March 5th, for Qiaolu Ming and Deshuo Technology.

Liu Xiangdong, Chief Analyst at Dongyuan Investment, told Securities Daily that the issuance of new stocks on the BSE is currently proceeding in a normalized manner, characterized by orderliness and predictability. From a market impact perspective, stable supply of new shares helps guide investors to form rational expectations, avoiding price distortions caused by scarcity or backlog, and encourages funds to focus more on companies’ intrinsic value rather than short-term speculation.

“From a valuation perspective, normalized issuance and clear pricing constraints make new stock pricing more aligned with fundamentals. In terms of market structure, continuous supply provides professional investors with a sufficient pool of targets, promoting a shift from simply chasing new listings to in-depth research and long-term allocation,” Liu further explained.

Tian Lihui, Professor of Finance at Nankai University, told Securities Daily that the current issuance of new stocks on the BSE shows a trend of ‘steady progress with quality and efficiency improving.’ This normalized issuance rhythm provides stable supply for IPOs, meeting diversified asset allocation needs. Meanwhile, the ongoing entry of high-quality companies helps restore valuation systems to fundamentals, creating a healthy ecosystem of financing and investment.

Specifically, on March 2nd, the BSE official website showed that Jiachen Intelligent and Longxin Intelligent had their public issuance and listing review statuses changed to “submitted for registration.”

Jiachen Intelligent’s main business involves the research, production, and sales of vehicle intelligent drive control systems. The proposed public offering is no more than 18 million shares (excluding over-allotment options), aiming to raise 260 million yuan, which will be used for the electric control system production base and R&D center construction projects. Longxin Intelligent is a national-level specialized and innovative “Little Giant,” mainly engaged in the research, production, sales, and service of micro-nano high-end composite material preparation equipment and automated production lines, serving fields such as new energy and fine chemicals.

As of March 4th, there are a total of 194 companies applying for listing on the BSE and currently in the review queue, including 127 in the inquiry stage, 12 that have passed the listing committee meeting, 15 that have submitted registration, and 40 that have been suspended.

Liu Xiangdong believes that the recent concentration of intelligent manufacturing and auto parts companies in review reflects industry upgrading. The emergence of companies in niche fields such as power semiconductors and precision components indicates that China’s manufacturing industry is advancing toward core links in the industrial chain, with the capital market precisely serving the high-end development of the industry. From a policy support perspective, this集中推进 demonstrates the BSE’s clear role in serving specialized and innovative enterprises and supporting advanced manufacturing, guiding capital factors toward hard technology fields.

Looking ahead to the trend of BSE listings this year, Liu predicts a threefold evolution: First, the issuance pace will become smoother and more orderly, forming a predictable supply rhythm to facilitate capital deployment. Second, industry structure will continue to focus on hard technology, with leading companies in intelligent manufacturing, semiconductor materials, auto parts, and other niche fields becoming the main force of listings, supporting market quality through industrial depth. Third, participation mechanisms will become more refined, further enhancing market professionalism.