Lu Songbin of the Beijing Stock Exchange: Over the past five years, we have adhered to a path of distinctive development. The Beijing Stock Exchange market has shown a momentum of development toward new and improved trends.

Lu Songbin, Chairman of the Beijing Stock Exchange, said on October 21 at the parallel forum "Building a New Ecosystem for Capital Markets Serving SMEs" during the 2026 Financial Street Forum Annual Conference that the BSE is committed to building itself into a main front for serving innovative SMEs, adheres to a path of distinctive development, and has initially accumulated practical experience in capital markets serving the innovative development of SMEs. It has always stayed true to its market positioning and provided listing and development opportunities for various types of SMEs in critical growth stages. The BSE currently has 351 listed companies, of which more than 70% are SMEs, nearly 90% are private enterprises, more than 80% are in strategic emerging industries, and more than 60% are national-level specialized, refined, distinctive and innovative "little giant" enterprises. In particular, since 2025, "little giant" enterprises have accounted for nearly 80% of newly listed companies, and the market's "technology content" has continued to rise. It has continued to optimize the issuance, listing and financing systems, enrich the product system, and support high-quality SMEs in growing stronger with the help of capital market tools. The BSE has cumulatively served SMEs in completing public offering financing of more than 83 billion yuan, with more than 80% of the raised funds invested in fields such as green and low-carbon, digital economy, high-end equipment manufacturing, and new materials, providing a source of vitality for enterprise innovation and development. Sixty-seven listed companies launched 129 refinancing plans, and four listed companies implemented major asset restructurings. Listed companies' total R&D investment in 2025 exceeded 10 billion yuan for the first time, and more than 120 listed companies launched equity incentive or employee stock ownership plans. It has facilitated credit bond financing of more than 27 billion yuan, smoothly implemented private placement bond business, broadened financing channels for SMEs, and met diversified financing needs.