On September 23, Jiangsu Kaida Heavy Industry Co., Ltd. (referred to as "Kaida Heavy Industry") listed on the Beijing Stock Exchange (referred to as "BSE"). As a nationally recognized specialized and innovative "Little Giant" enterprise, the company had previously been listed on the National Equities Exchange and Quotations (referred to as "NEEQ" or the "New Third Board") in February 2023, and was subsequently promoted from the Basic Level to the Innovation Level in June of the same year.

Since the start of 2026, the number of newly listed companies on the BSE has reached 60, surpassing the full-year total of 26 in the previous year. Alongside the rapid growth in the number of new listings, their innovative characteristics are becoming increasingly prominent. Wind data shows that among the new listings on the BSE this year, 48 are nationally recognized specialized and innovative "Little Giant" enterprises, accounting for 80% of the total.

For small and mid-sized enterprises (SMEs) in the stages of technological research and development, result commercialization, and scale expansion, direct financing holds significant importance. Leveraging a tiered cultivation ecosystem that covers the entire growth cycle of innovative enterprises, the BSE provides an efficient direct financing channel for eligible SMEs.

In recent years, an increasing number of innovative SMEs have been growing along the path of "New Third Board listing, Innovation Level cultivation, and BSE listing." As of now, the New Third Board has a total of 5,781 listed companies, including 3,499 at the Basic Level and 2,282 at the Innovation Level. Within the year, more than 200 New Third Board-listed companies have been transferred into the Innovation Level. A stable reserve force of listed companies and a continuously growing enterprise echelon serve as an important foundation for maintaining market vitality.

The BSE is building a full-chain cultivation and progressive listing channel. The Basic Level accommodates a broader range of SMEs, the Innovation Level further aggregates enterprises with growth potential and innovative capabilities, and eligible companies can secure more substantial capital support through listing on the BSE.

Judging from the performance of BSE-listed companies, innovation-driven development has become a distinctive feature of enterprise growth. In the first half of 2026, the total R&D investment by BSE-listed companies reached 5.346 billion yuan, a year-on-year increase of 9.63%; the median R&D intensity stood at 4.52%. More than half of the companies saw an increase in R&D investment compared to the previous year, and 17 companies invested over 50 million yuan in R&D.

Looking ahead, as more high-quality SMEs enter the capital market, the quality of listed companies continues to improve, and a virtuous cycle forms between the investment and financing sides, the comprehensive effect of finance empowering the real economy will continue to manifest, injecting more capital market momentum into the development of new quality productive forces.