On August 21st, the Beijing Stock Exchange, in collaboration with China Securities Depository and Clearing Co., Ltd., released the revised "Implementation Rules for the Public Offering and Underwriting of Beijing Stock Exchange Stocks to Unspecified Qualified Investors" and two supporting guidelines, which optimized the listing process of new shares on the Beijing Stock Exchange and reduced the overall time consumption by about 20%. Market participants told reporters from China Securities News that the optimization of the listing process for this issuance has conveyed a positive signal that the Beijing Stock Exchange is steadily promoting reform, helping to reduce the cost of investors' "new" capital occupation and enhance their enthusiasm for participating in subscription. Reducing the listing process requires the introduction of the Beijing Stock Exchange. After a company publicly issues and is listed on the Beijing Stock Exchange, it must submit an issuance plan, pricing (direct pricing, bidding, inquiry), disclose an issuance announcement, subscription, placement, disclose an issuance result announcement, disclose a listing announcement, and go public after being approved by the Beijing Stock Exchange and registered with the China Securities Regulatory Commission. The optimization of the IPO process has focused on internal process improvement and efficiency tapping, without increasing the burden on market entities. The overall time spent on the IPO process has been reduced by about 20%. The specific measures are: firstly, to shorten the freezing time of subscription funds. The Beijing Stock Exchange and China Clearing Corporation have reduced the freezing time for investors' participation in new stock subscriptions from 3 trading days to 2 trading days through collaborative technological transformation and streamlined information exchange processes. The second is to reduce the business processing interval between subscription and listing processes. By optimizing internal working mechanisms and minimizing business processing time as much as possible, adjust the interval between direct pricing issuance from disclosure of issuance announcements to subscription from 2 trading days to 1 trading day, consistent with the current situation of inquiry issuance; Shorten the interval between the disclosure of listing announcements and the listing of new shares by one trading day. After the adjustment, the overall process of direct pricing and competitive issuance and listing has been reduced from 13 trading days to 10 trading days, and the overall process of inquiry issuance and listing has been reduced from 17 trading days to 15 trading days. The relevant person in charge of the Beijing Stock Exchange stated that the optimization of the issuance and listing process is a key measure for the Beijing Stock Exchange to promote the "three services" action and optimize market services. It has positive significance for further improving the efficiency of market investment and financing coordination, reducing investor participation costs, and promoting active market trading. One is to reduce the cost of investors' "new" capital occupation and enhance their enthusiasm to participate in subscription applications; The second is to reduce the overall time required for issuance and listing, and improve the financing efficiency of enterprises; The third is to revitalize market trading funds, improve the overall efficiency of fund utilization, and promote the balanced development of the primary and secondary markets. After the optimization of the issuance and listing process, the Beijing Stock Exchange will continue to adopt a full cash subscription model for 'Daxin', "said Zhou Yunnan, founder of Beijing Nanshan Investment. However, the occupation of funds for 'Daxin' has been reduced by one day, that is, from the evening of the second trading day after the current 'Daxin' to the evening of the next trading day after the optimization. At the same time, the subscription duration has been shortened, improving the efficiency of fund circulation and the amount of single share subscription funds. In terms of investment, the cost of capital is also the opportunity cost. The opportunity cost can be seen as a fixed income, such as depositing in a bank or buying wealth management products, and its level can be related to the expected winning rate of the 'new' subscription