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| Opinions of the China Securities Regulatory Commission on the High-quality Building of the Beijing Stock Exchange | | 中国证监会关于高质量建设北京证券交易所的意见 |
| All local offices of the China Securities Regulatory Commission (“CSRC”), all exchanges, all subordinate entities, all associations, and all departments of the CSRC: | | 中国证监会各派出机构，各交易所，各下属单位，各协会，会内各部门： |
| Deepening the reform of the NEEQ and forming the Beijing Stock Exchange as the primary platform serving innovative small and medium-sized enterprises are the major decisions and arrangements made by the CPC Central Committee with Comrade Xi Jinping as its core, and are important tasks in building a modern capital market with Chinese characteristics. Since the official operation of the Beijing Stock Exchange (“BSE”), innovative small and medium-sized enterprises have gathered rapidly and the market function has been steadily exerted. At present and in the foreseeable future, it is crucial for the BSE to expand its size, improve its functions, deepen interaction at different levels, and consolidate its ecosystem. These Opinions are developed for the purposes of seizing development opportunities, further implementing the guiding principles of the 20th National Congress of the Communist Party of China and the relevant decisions and plans of the CPC Central Committee and the State Council, and comprehensively promoting the high-quality development of the BSE. | | 深化新三板改革，设立北京证券交易所，打造服务创新型中小企业主阵地，是以习近平同志为核心的党中央作出的重大决策部署，是建设中国特色现代资本市场的重要任务。北京证券交易所（以下简称北交所）正式运行以来，创新型中小企业快速集聚，市场功能稳步发挥。当前和今后一段时期，是北交所规模发展攻坚期、功能完善关键期、层层互动深化期、生态培育巩固期。为把握发展机遇，进一步落实党的二十大精神和党中央、国务院相关决策部署，全面推进北交所高质量发展，制定本意见。 |
| I. General requirements | | 一、总体要求 |
| 1. Guiding ideology | | （一）指导思想 |
| Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the guiding principles of the 20th CPC National Congress shall be comprehensively implemented. Efforts shall be made to consolidate and develop the public sector, and at the same time encourage, support, and guide the development of the non-public sector. The new development philosophy shall be applied in a complete, accurate, and comprehensive manner for the purposes of building a well-regulated, transparent, open, dynamic, and resilient capital market. The general principle of pursuing progress while ensuring stability shall be adhered to. The direction of market-oriented and law-based development shall be adhered to. The regulatory philosophy of respecting the market, the rule of law, professionals, and risks to create a synergy shall be adhered to. In accordance with the requirements of sticking to positioning and leveraging characteristic and differential development, small and medium-sized enterprises shall be served. Through high-quality expansion and investment and financing structure optimization, breakthroughs shall be made in key institutional mechanisms to fully promote the high-quality development of the BSE. | | 以习近平新时代中国特色社会主义思想为指导，全面贯彻党的二十大精神，坚持“两个毫不动摇”，紧紧围绕“打造一个规范、透明、开放、有活力、有韧性的资本市场”的总目标，完整、准确、全面贯彻新发展理念，坚持稳中求进工作总基调，坚持市场化、法治化方向，坚持敬畏市场、敬畏法治、敬畏专业、敬畏风险，形成合力的监管理念，按照坚守定位、发挥特色、错位发展的要求，紧紧围绕服务中小企业这个主题，以高质量扩容为牵引，以优化投融资结构为依托，以关键制度机制创新为突破，全力推进北交所高质量发展。 |
| 2. Work principles | | （二）工作原则 |
| The efforts to serve the national situation shall be adhered to. The innovative development of small and medium-sized enterprises shall be supported, and the reform of the NEEQ shall be deepened. The BSE shall be built according to high-quality requirements as the primary platform serving innovative small and medium-sized enterprises, thus effectively enhancing the ability of the capital market to serve the national strategy. | | 坚持服务大局。支持中小企业创新发展，深化新三板改革，高质量建设北交所，打造服务创新型中小企业主阵地，切实提升资本市场服务国家战略的能力。 |
| Systematic thinking shall be adhered to. Efforts to improve the functions of the market, promote the sound development of small and medium-sized enterprises, and support the sci-tech self-reliance and self-strengthening at high levels shall be closely integrated to help the virtuous circle of "technology-industry-finance". | | 坚持系统思维。将健全市场功能与促进中小企业健康发展、支持高水平科技自立自强等紧密结合起来，助力“科技-产业-金融”良性循环。 |
| A problem-oriented approach shall be adopted. Practical and effective measures to address the difficulties and challenges in market development shall be gradually introduced. The efforts to improve the basic system and market functions shall be coordinated to promote the improvement of market ecology and efficiency. | | 坚持问题导向。聚焦市场建设难点堵点问题，循序渐进推出务实管用措施，统筹完善基础制度、健全市场功能，促进市场生态改善和效率提升。 |
| Holistic approaches shall be taken. Large-scale expansion and quality improvement, the optimization of the investment and financing structure and the reform of the trading mechanism, the development of the primary and secondary markets, and the interconnection of multi-level capital markets shall be coordinated based on market positioning. | | 坚持综合施策。紧扣市场定位，统筹规模建设与质量提升、投资端融资端结构优化与交易机制改革、一二级市场协调发展、多层次资本市场互联互通。 |
| The combination of short-and long-term targets shall be adhered to. The relationship between reform progress, development speed, and market affordability shall be grasped. Both the current situation and long-term development shall be considered to promote the formation of a sustainable market trend and enhance market attractiveness. | | 坚持远近结合。把握好改革进度、发展速度与市场可承受度的关系，立足当前、筹划长远，促进形成市场持续向好的趋势，增强市场吸引力。 |
| 3. Main objectives | | （三）主要目标 |
| After three to five years of efforts, the market size, efficiency, functions, level of activity, and stability of the BSE will have been significantly improved; the differentiated institutional arrangements that fit the market characteristics will have been more complete, and the market vitality and resilience will have been enhanced, forming the brand, characteristics, and comparative advantages of the BSE; its leveraging effect on the NEEQ will have become increasingly apparent. By then, a pattern of progressive progress, top-down coordination, headquarters mutual support, and grassroots boost between the BSE and the NEEQ will have been preliminarily in place, and the effect of the primary platform serving innovative small and medium-sized enterprises will have been more prominent. | | 争取经过3到5年的努力，北交所市场规模、效率、功能、活跃度、稳定性等均有显著提升，契合市场特色定位的差异化制度安排更加完善，市场活力和韧性增强，形成北交所品牌、特色和比较优势，对新三板的撬动作用日益显现；北交所与新三板层层递进、上下联动、头部反哺、底层助推的格局初步构建，服务创新型中小企业的“主阵地”效果更加明显。 |
| In another five to ten years, the BSE will become an exchange that has mature investors as the mainstay, a complete basic system, a system of diversified varieties, brand appeal, and market influence, provides various service functions, and is under transparent and efficient market supervision. This would make the NEEQ an incubator, demonstration place, and gathering place for the vigorous development of innovative small and medium-sized enterprises. | | 再用5到10年时间，将北交所打造成以成熟投资者为主体、基础制度完备、品种体系丰富、服务功能充分发挥、市场监管透明高效、具有品牌吸引力和市场影响力的交易所，带动新三板成为创新型中小企业蓬勃发展的孵化地、示范地、集聚地。 |
| II. Accelerating the supply of high-quality listed companies | | 二、加快高质量上市公司供给 |
| 4. Effectively improving the structure of newly added listed companies. As required by high quality, suitable quantity, and steady pace, inclusiveness and accuracy shall be balanced in a coordinated manner. The high-quality expansion of the BSE shall be promoted on a regular basis to lay a solid foundation for sound market development and liquidity improvement. The listing of enterprises that can support market depth, reflect market advantages, and have brand effect shall be promoted to make the BSE an important platform for innovative small and medium-sized enterprises to use the capital market to develop and grow. Local governments shall be supported in cultivating high-quality listed resources and playing an role of stimulating the coordinated development of surrounding regions. | | （四）有效改善新增上市公司结构。按照质优、量适、步稳的要求，统筹包容性和精准性要求，常态化推进北交所市场高质量扩容，夯实市场良性发展和流动性改善基础。促进能够支撑市场深度、体现市场优势、具有品牌效应的企业上市，使北交所成为创新型中小企业运用资本市场发展壮大的重要平台。支持地方政府培育输送优质上市资源，发挥好对区域协调发展的辐射带动作用。 |
| ．．．．．． | | ．．．．．． |
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