The birth of the North Exchange is not only to add a stock exchange, but also to make the capital market better serve innovative small and medium-sized enterprises. The main reason is that under the framework of previous A-share IPO approval system and approval system, whether an enterprise can realize IPO is more concerned with its past profitability, that is, its past "profitability", rather than its future growth expectations. As a result, China's capital market can't help excellent small and medium-sized enterprises to develop financing, and investors in China can't get much dividends from fast-growing enterprises.

The significance of establishing the North Exchange is that it has essentially completed the "step by step" cultivation path of small and medium-sized enterprises. In other words, the establishment of the North Exchange fundamentally supplements the functional defect that China's capital market cannot serve small and medium-sized enterprises. The key purpose of opening the Beijing Stock Exchange is to connect innovative SMEs with direct financing, so that many investors can invest and enjoy the benefits of the growth of innovative SMEs.

Beijing Stock Exchange (hereinafter referred to as "Beijing Stock Exchange") was incorporated on September 3, 20021year. The State Council approved the establishment of the first company-based stock exchange in China, which is supervised and managed by the China Securities Regulatory Commission. The business scope includes providing places and facilities for centralized securities trading according to law, organizing and supervising securities trading and securities market management services.

On the evening of September 2nd, 2002/KLOC-0, China International Fair for Trade in Services Global Service Trade Summit announced in its speech that it would continue to support the innovation and development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and build the main position of service-oriented small and medium-sized enterprises. On September 3, the CSRC publicly solicited opinions on the basic institutional arrangements of the Beijing Stock Exchange. On September 3rd, Beijing Stock Exchange Co., Ltd. was established.

2021September 10, Beijing Stock Exchange was put into trial operation in official website. 165438+1October 15, Beijing Stock Exchange officially opened in Jinyang Building, Financial Street, Xicheng District, Beijing; On June165438+1October 19, all eight theme funds of the North Exchange were sold out, and the "opening show" was completed. According to the guidelines of the North Exchange, the issuer shall not belong to an enterprise engaged in pre-school education, subject training and other businesses.