Beijing Stock Exchange Listed Companies Reach 300! "Quality" and "Innovation Content" Continuously Improving

On March 20th, with the official listing of Xin Heng Tai (920028), the number of companies listed on the Beijing Stock Exchange reached 300.

As the main platform serving innovative small and medium-sized enterprises, since its opening in November 2021, the Beijing Stock Exchange has written a chapter of multi-level capital market services for the real economy and the cultivation of new productive forces through solid expansion and continuous quality improvement.

Data source: Wind, Zhong Tian / Chart

Achieving Rapid Development Over Four Years

Looking back to November 15, 2021, when the Beijing Stock Exchange officially opened, the first batch of 81 companies appeared collectively, with a total market value of less than 300 billion yuan. At that time, the market mainly consisted of transferred companies from the existing selected layer, with listed companies focused on traditional manufacturing, smaller scale, and an early-stage institutional ecosystem.

Currently, the number of listed companies on the Beijing Stock Exchange has increased to 300, 3.7 times the initial number, with a total market value of about 900 billion yuan; the number of qualified investors has surpassed 10 million, with continuous inflows from public funds, social security, insurance, and other institutional investors. Market liquidity, activity, and stability have all improved comprehensively, marking the exchange’s leap from “start-up” to “growth.”

Dongwu Securities believes that over the past four years, the market scale of the Beijing Stock Exchange has achieved rapid growth, with 2025 revenue showing strong resilience. Wind data shows that among 293 companies on the exchange that released 2025 performance forecasts, 185 reported positive revenue growth, accounting for 63%. Notably, Zhuozhao Diantiao, Anda Technology, and Dadi Electric saw revenue increases of over 100%. BTR, Tongli Co., Yinuowei, and Yingtai Biological each exceeded 5 billion yuan in revenue, highlighting the leading role of top companies. In terms of profit, 80% of companies are profitable, with industry leaders Hongyu Packaging and Huiwei Smart seeing net profit growth of over 300%, and Haineng Technology’s profit increasing by 222% due to industry recovery and high-end product volume.

Zhang Keliang, a researcher at the Central University of Finance and Economics, stated that the current achievements of the Beijing Stock Exchange in serving innovative small and medium-sized enterprises are remarkable. Among the 300 listed companies, nearly 60% are national-level specialized, refined, distinctive “little giants,” with an average R&D intensity of over 5%. They have raised over 60 billion yuan in total, most of which is used for R&D investment, technological upgrades, and capacity expansion. The exchange has truly attracted a batch of high-quality enterprises with core technologies and high growth potential in niche fields, with significant improvements in both “value” and “innovation.”

2026: New Stocks with Both Quality and Effectiveness

Wind statistics show that in 2026, 12 new stocks will be listed on the Beijing Stock Exchange, with both quality and effectiveness improving and distinctive features, especially in the technology sector.

In terms of industry distribution, new stocks mainly focus on high-end equipment, artificial intelligence, new materials, biomedicine, and industrial software—areas of new productive forces. Among them, nine are national-level “little giants,” accounting for over 70%. Most newly listed companies possess both hard technology and specialized, innovative attributes, with prominent leadership in their niche fields.

Compared to previous years, this year’s technology sector new stocks focus more on breakthroughs in “choke points” and frontier technological innovation. For example, Zuxing New Materials, one of the first domestic companies to enter the aluminum pigment industry, has broken the long-standing monopoly of foreign companies in China’s mid-to-high-end aluminum pigment market with its seven core technologies developed independently. The company is not only a main standard setter in the industry but also actively participates in the formulation of multiple international standards, holding 90 authorized patents, including 49 invention patents.

It is worth noting that many “hidden champions” in niche fields are also among this year’s new listings. For example, Mirui Technology is a high-tech enterprise focusing on smart network cameras and IoT video products, with edge computing capabilities, making it a “hidden champion” in the IoT video module track.

In terms of market performance, most new stocks on their first trading day have surged between 100% and 200%. The pace of issuance has accelerated, and valuation normalization is progressing, ensuring steady gains from initial investments and a more mature market ecosystem.

A New Starting Point for New Chapters

The increase to 300 listed companies on the Beijing Stock Exchange is not only a scale leap but also a new starting point.

Yu Wei, an expert from the China Xiaokang Construction Research Association’s Economic Development Working Committee, believes that the standards for companies listing on the New Third Board have long been raised, and the review process for companies planning to go public on the Beijing Stock Exchange has also been continuously strengthened. The core goal is to attract high-quality companies and promote healthy market development. He said, “The market and system of the Beijing Stock Exchange are constantly improving. The market is eager to see the launch of the Beijing Stock Exchange ETF soon and more measures to attract patient capital, further enhancing liquidity in the secondary market and helping listed companies’ valuations recover.”

Zhou Yunnan, a senior commentator on the New Third Board and founder of Nanshan Investment in Beijing, suggested that while accelerating new stock supply, the exchange should also focus on the “blood transfusion” function of the secondary market. He called for speeding up the implementation of the “Deep Reform 19 Articles” to let the market experience reform benefits, boost confidence, and enhance investor participation and gains.

Zhang Keliang believes that the core competitiveness of the Beijing Stock Exchange is not to copy a “Small Sci-Tech Innovation Board” or “Small Growth Enterprise Board,” but to focus on serving “earlier, smaller, and more innovative” SMEs. To create differentiated competitiveness, he suggests three key points: build a “specialized, refined, distinctive” value discovery highland, establish a “full lifecycle” service system, and foster an “inclusive and universal” market ecology. For high-quality SMEs, the appeal of the Beijing Stock Exchange lies in “more suitable thresholds, clearer expectations, and more sustainable growth.”

“300 companies are just a new starting point. The future of the Beijing Stock Exchange depends on sticking to its特色, deepening reforms, and optimizing the ecosystem, truly becoming an indispensable part of China’s economic transformation and upgrading,” said Zhang Keliang.

Proofread: Yang Shuxin