12 Companies Heading to Board Meeting! Beijing Stock Exchange Accelerates IPO Review

The review process for IPOs at the Beijing Stock Exchange is quietly accelerating.

As of March 13, the Beijing Stock Exchange has scheduled 12 IPO companies to meet with the review committee since March, setting a new monthly record for this year.

A reporter from China Securities Journal noted that since November last year, the review efficiency at the Beijing Stock Exchange has significantly improved, and the pace has further increased this year. With the first quarter not yet over, the total number of companies scheduled for review has already surpassed that of the entire fourth quarter last year.

Looking at the review cycle, the average time from acceptance to review meeting for IPO companies at the Beijing Stock Exchange this year is 268 days, noticeably shorter than the 285 days in the fourth quarter of last year.

The number of companies meeting in the first quarter has already exceeded the performance of each quarter last year.

On March 13, the Listing Committee of the Beijing Stock Exchange issued two review meeting announcements, planning to review IPO applications from Jieli Technology and Anda Co., Ltd. on March 20. This means that since March, 12 IPO companies have been scheduled for review, setting a new monthly high for this year.

According to data from Wind and collected by China Securities Journal, in January and February this year, 11 and 6 companies respectively were scheduled for review at the Beijing Stock Exchange. Over a longer period, since November 2025 (except February 2026 due to the Spring Festival holiday), the number of companies meeting each month has been above 10. From January to October 2025, the monthly review count was only single digits.

In December 2025, a peak was reached with 14 companies meeting. If the current pace continues in March 2026, the number of meetings could match or even surpass December 2025.

From a quarterly perspective, the first quarter of this year has not yet ended, but a total of 29 companies (including one that met twice) have been scheduled for review, surpassing the 27 companies in the entire fourth quarter of 2024. In comparison, the first to third quarters of 2025 saw 1, 11, and 13 companies respectively.

An investment banker from a securities firm stated that in recent years, due to its inclusive listing system, the Beijing Stock Exchange has become the first choice for more and more companies planning to go public. Some companies originally planning to list on the Shanghai or Shenzhen markets have chosen to “go through” the Beijing Stock Exchange instead, leading to a higher number of reviews than the Shanghai and Shenzhen exchanges.

According to data from China Securities Journal, as of March 14, there are 160 IPO projects under review (including acceptance, inquiry, and suspension stages) at the Beijing Stock Exchange, exceeding the total number of projects queued at the Shanghai and Shenzhen exchanges combined. Specifically, the Shanghai Stock Exchange has 56 IPO projects pending review, and the Shenzhen Stock Exchange has 46.

A mid-sized securities firm investment banker mentioned that for companies planning to file with financial data from the third quarter of 2025, the end of March will be the last window for IPO applications. Otherwise, they will need to supplement their annual reports, and some companies are expected to apply to the Beijing Stock Exchange.

Average review time from acceptance to review meeting has shortened

The acceleration in review speed is reflected not only in the number of meetings but also in the change in review cycles. A securities firm investment banker noted that the review cycle at the Beijing Stock Exchange is relatively more predictable, and time costs are a key consideration for issuers when choosing a listing path.

According to data from China Securities Journal on IPO companies scheduled for review this year, nearly 80% received acceptance by June 2025. These companies took an average of 26 days (calendar days) from acceptance to inquiry, generally undergoing two rounds of inquiry; from acceptance to review meeting, the average was 268 days.

For example, Chuangguang Electric’s review cycle was relatively short, taking 194 days from acceptance to passing the review. Jieli Technology and Anda Co., Ltd., both accepted in December 2024 and scheduled for review soon, took over 400 days from acceptance to review meeting.

In contrast, the 27 companies reviewed in the fourth quarter of 2025 had longer cycles, averaging 30 days from acceptance to inquiry and 285 days from acceptance to review meeting.

High-quality companies are accelerating their gathering

Looking at the fundamentals of companies meeting in review, the Beijing Stock Exchange’s attractiveness to high-quality enterprises is gradually increasing.

In terms of industry sectors, data from China Securities Journal shows that among the companies scheduled for review this year, 8 belong to “Specialized Equipment Manufacturing,” 5 to “Automobile Manufacturing,” and 3 to “General Equipment Manufacturing.” Some are from traditional sectors, such as Zhengda Seed Industry, which was approved on March 13 and comes from the “Agriculture, Forestry, Animal Husbandry, and Fishery” sector.

In terms of performance scale, 14 IPO companies reported net profits attributable to parent company shareholders exceeding 100 million yuan in their latest annual reports, excluding non-recurring gains and losses. Among them, Jieli Technology, scheduled for review, reported a non-recurring net profit of 734 million yuan. Also, Qiaolu Ming, approved in early March, expects a non-recurring net profit of 405-420 million yuan in 2025. Companies like Oulun Electric and Southern Dairy have non-recurring net profits over 200 million yuan.

Additionally, about four companies have relatively smaller non-recurring net profits, ranging from 40 million to 70 million yuan.

Proofreader: Liu Xingying

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