CITIC Securities: Beijing Stock Exchange resumes offline inquiry, stepping into a new stage of high-quality development.

CITIC Securities research report stated that the Beijing Stock Exchange has been open for more than 4 years, with market liquidity continuously improving and institutional investors' participation increasing. The environment has improved along with institutional adjustments, and the conditions for restarting price inquiries are now in place. On April 14, 2026, Zhongke Instruments launched online inquiries for the first new stock issued through online inquiries in over 3 years on the Beijing Stock Exchange. The preliminary number of inquiry accounts was close to 2,000, with an oversubscription ratio of over 200 times. Institutional investors accounted for 77.1%, including 48% for public funds, 18.6% for private equity funds, and 7.2% for insurance companies. Looking ahead, the restart of online inquiries signifies that the Beijing Stock Exchange is aligning with the mainstream issuance mechanism of the Shanghai and Shenzhen markets, which prioritize market-based inquiries with direct pricing as a supplement. This is not only a signal of the Beijing Stock Exchange's transition to a new stage of high-quality development, but also further solidifies its positioning as the main platform for serving innovative small and medium-sized enterprises.