On October 30, the Beijing stock exchange officially issued four basic business rules and six supporting rules and guidelines for listing and review. The above business rules will come into force as of November 15. These four basic business rules include listing rules and three review rules, namely issuance and listing review rules, refinancing review rules and restructuring review rules. From the business rules released this time, in terms of public offering and listing, the overall translation of the selected layer to layer standard is taken as the listing condition to maintain inclusiveness and accuracy. At the same time, we implemented the pilot requirements of the registration system, clarified the connection and division of labor between the examination of the exchange and the registration of the CSRC, and established a listing committee. The placement of remaining shares was adjusted from "priority according to time" to "priority according to the number of subscription, and priority according to the same number of time", so as to alleviate the pressure of centralized subscription by investors. In terms of financing and M & A of listed companies, we have built a diversified financing tool system with common shares, preferred shares and convertible bonds. In terms of issuance mechanism, it is clear that the securities issuance of listed companies needs to be sponsored and underwritten by securities companies, defines the responsibilities of the lead underwriter in the process of issuance pricing and offering, and introduces the competitive issuance mechanism. In terms of continuous supervision of listed companies, the system requirements are in line with the current main supervision arrangements of listed companies, the host securities firm system is no longer implemented, and the sponsor institution performs the continuous supervision within the specified period; At the same time, fully consider the operation characteristics and development law of innovative small and medium-sized enterprises, and strengthen corporate autonomy and market constraints. The listing rules also specify the impact period requirements for failure to disclose periodic reports in the negative list of listing, that is, those who fail to disclose annual reports and interim reports as required within 36 months before reporting shall not be issued and listed on the Beijing stock exchange. During the listing period of the new third board, the equity incentive implemented according to law can continue to be implemented after the listing of the Beijing stock exchange, and the arrangements such as sales restriction and exercise of rights remain unchanged. (outlook new era)