Beijing Stock Exchange IPO review accelerates! 12 enterprises scheduled for review in March, quality companies accelerating aggregation

Recently, the pace of IPO review approvals at the Beijing Stock Exchange has significantly accelerated, becoming a focal point in the market. Data shows that since March, 12 companies have been scheduled for review, setting a new monthly high for the year. On March 20 alone, the Listing Committee reviewed applications from Jieli Technology and Anda Shares. If the current pace continues, the number of companies approved this month could match or even surpass the peak of 14 companies in December last year.

Compared to quarterly data, the first quarter of this year has not yet ended, but the Beijing Stock Exchange has already scheduled 29 companies for review, including one second review. This exceeds the 27 companies reviewed in the fourth quarter of last year, when the number of companies reviewed in the first three quarters was only 1, 11, and 13 respectively. Notably, since November 2025, aside from February during the Spring Festival, the number of companies reviewed each month has remained in double digits, a stark contrast to the single-digit monthly averages from January to October of that year.

The shortened review cycle also confirms increased efficiency. Statistics show that this year, the average time from acceptance to review for companies is 268 days, down nearly 17 days from 285 days in the fourth quarter of last year. Specifically, Morning Light Electric leads with a review cycle of 194 days, while projects accepted in December 2024, such as Jieli Technology and Anda Shares, have taken over 400 days. However, such long-cycle cases have significantly decreased. Most companies enter the inquiry stage within 26 days of acceptance, and after two rounds of feedback, they can generally be scheduled for review.

Changes in the scale of projects under review reflect market preferences. As of March 14, the Beijing Stock Exchange was reviewing 160 IPO projects across all stages, including acceptance, inquiry, and suspension, surpassing the total number of queued projects at the Shanghai and Shenzhen stock exchanges (56 at SSE and 46 at SZSE). This trend is closely related to the exchange’s inclusive listing system, with some companies originally aiming for the Shanghai or Shenzhen markets now shifting their strategies to the Beijing Stock Exchange. Industry insiders say that the end of March will be the last window for companies to apply using financial data from Q3 2025, and a batch of companies is expected to submit applications before their annual reports are updated.

Industry distribution shows that the Beijing Stock Exchange is attracting more high-quality companies. Among the companies reviewed this year, specialized equipment manufacturing leads with 8 companies, followed by 5 in automobile manufacturing and 3 in general equipment manufacturing. The Zhengda Seed Industry, approved on March 13, represents the agriculture, forestry, animal husbandry, and fishery sectors. In terms of performance, 14 companies reported net profits exceeding 100 million yuan in their latest annual reports, with Jieli Technology leading at 734 million yuan. Qiaolu Ming expects net profits after non-recurring gains to reach between 405 million and 420 million yuan in 2025. Companies like Oulun Electric and Southern Dairy also reported profits over 200 million yuan. Although four companies reported net profits between 40 million and 70 million yuan, overall performance quality has improved significantly compared to previous years.