Beijing Stock Exchange is launched with 81 companies, a milestone in China’s capital market

Beijing Stock Exchange Photo: Chi Jingyi/GT

The Beijing Stock Exchange (BSE) officially launched Monday with 81 companies, just 75 days after its announcement in September, hailed as a milestone in China’s A-share market, which is now in its early 30s.

A short opening ceremony was held Monday morning at the BSE building in the heart of Beijing’s financial street, where senior capital market officials sent resounding measures about the new exchange, a key platform for innovation-focused smaller companies.

Yi Huiman, chairman of the China Securities Regulatory Commission, and Beijing party chief Cai Qi, unveiled the new exchange and sounded the opening bell of the BSE.

The initial 81 BSE stocks mostly opened higher, with gains as high as 282.28% on opening before expanding further. Tongxin Transmission, a manufacturer of automotive steering axles in central China’s Henan province, led the increase, rising more than 500 percent over the course of the day.

The launch of BSE marked another milestone in China’s capital market reform and development, Yi said at the opening ceremony, hailing the move as an important policy decision to boost quality development, ramp up financial support for small and medium-sized enterprises (SMEs, and SMEs). ) and pushing for innovation-driven development and rebalancing and upgrading of the economy.

The vitality of the BSE lies in its distinctiveness, which means that the exchange is on the cusp of becoming an important platform for innovation-oriented SMEs, said Xu Ming, the new chairman of the exchange, at the opening ceremony of the BSE.

Xu pledged to improve BSE’s policies, institutional and service systems to make it more tolerant, accurate, innovative and vibrant.

In a sign of high anticipation, we saw many journalists and investors waiting across the street from the BSE building for the official launch ceremony, and about 50 representatives from various institutions and companies attended the ceremony, according to the Global Times on-site observation. .

Global times