On April 22nd, the Beijing Stock Exchange launched the 920 code segment function, marking the completion of all new listed "ID cards" and an important step in market construction. In order to implement the "19 deep reforms" of the Beijing Stock Exchange and standardize the management of securities codes and abbreviations, the Beijing Stock Exchange and the National Equities Exchange Corporation have revised the "Guidelines for the Compilation of Securities Codes and Abbreviations in the National Equities Transfer System for Small and Medium Enterprises of the Beijing Stock Exchange", which will come into effect on April 22, 2024. According to relevant business rules, the securities code of the issuer is 920000-920999, and the management of securities codes shall be carried out in accordance with the relevant provisions of the Beijing Stock Exchange's Guidelines for Public Issuance and Listing of Stocks to Unspecific Qualified Investors No. 4- Securities Code Management. The issuer can determine the securities code through methods such as lottery or direct selection, and the securities code cannot be changed after it is determined. The Beijing Stock Exchange stated that in the future, newly listed companies will determine their securities codes through lottery or direct selection, and use the securities codes to complete inquiries, subscriptions, and list transactions on the Beijing Stock Exchange. Market parties can check the issuance and listing progress of newly listed companies using the 920 securities code through the "Issuance and Listing" section on the official website of the Beijing Stock Exchange. Yu Wei, an expert from the Economic Development Working Committee of the China Association for Building a Well off Society, told Securities Daily that the use of the 920 code segment by the Beijing Stock Exchange will enhance the recognition of listed companies on the exchange, making it easier for investors to pay attention to, understand, and invest in the exchange. In fact, the Beijing Stock Exchange has made sufficient preparations to enable the new code. Looking back, on September 1, 2023, the China Securities Regulatory Commission issued the "Opinions on the High Quality Construction of the Beijing Stock Exchange", which clearly proposed the use of the independent code number segment of the Beijing Stock Exchange to improve stock recognition. On November 17, 2023, the Beijing Stock Exchange initiated preparations for the use of the 920 code segment for the stocks of listed companies. This year, the Beijing Stock Exchange conducted two rounds of simulation testing for the use of new securities code segments. The first round of simulation testing was conducted from February 19, 2024 to March 1, 2024; The second round of simulation testing is from March 4, 2024 to March 15, 2024. From March 23 to April 13, 2024, the Beijing Stock Exchange conducted three full network tests. On April 20th, the Beijing Stock Exchange conducted a clearance test for the use of new securities code segments in its stock market. According to the previous introduction of the Beijing Stock Exchange, the 920 securities code will be allocated to the incremental listed companies after the switch. After the market preparation work is ready, the 920 securities code will be uniformly switched for the existing listed companies. After the securities code switch, the pre listing securities market, information disclosure, and holding changes of the listed company will no longer be continuously displayed. Investors can query the above content of the company during its listing period through the securities code during the listing period on the National Equities Exchange and Quotations System. The continuity of the main identity of listed companies, the calculation of investor shareholding balance and holding time, stock pledge and judicial freeze (including waiting freeze) are not affected by securities code switching. According to Zhu Haibin, an analyst at the North Exchange Research Center of Open Source Securities, "After the use of the 920 code segment, new trading trends, information disclosure, and other content of listed companies on the North Exchange will no longer be available."