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Beijin Stock Exchange Strategy Report Summary

The report analyzes developments in the Beijin Stock Exchange (北交所), focusing on recent market activities, bond issuance, IPO trends, and risks. Key highlights include:

• First Company Bond Issuance: On January 3, 2024, Beijing State-owned Capital Operation Co., Ltd. successfully issued its first Beijin Exchange credit bond, raising 10 billion RMB with a 388% subscription rate. This marks the launch of the Beijin Exchange credit bond market, encouraging more corporate listings.

• Market Performance: Beijin A-stock overall PE valuation decreased to 26x, down from 2655x. Trading activity saw a 116% increase in daily average turnover to 195 billion yuan, reflecting strong liquidity.

• New Listings in 2024: Jiangzhong Technology was listed on January 2, 2024, with a 125% first-day price increase. Average first-day gains for 78 companies since 2023 were 57.76%, with high performers like Kunbo Energy and Weic Magnetic showing exceptional growth.

• IPO Reviews: Recent updates include one company successfully registered (Haiseng Pharma) and several in submission or feedback stages. The next IPO review will consider one company. Applications reflect diverse industries with varying financial health.

• Risks: The report highlights potential risks, such as unmet policy expectations and macroeconomic uncertainties, which could impact Beijin Exchange stability.

Overall, the Beijin Exchange shows growing market influence, with improved liquidity and new opportunities, but risks remain. The first credit bond issuance is a significant milestone for the exchange's credit market development.