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Beijing Stock Exchange Reinstates IPO Inquiry Pricing to Lure Higher-Quality Listings

Published: Apr. 10, 2026 10:53 p.m. GMT+8

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The Beijing Stock Exchange. Photo: VCG

The Beijing Stock Exchange is reinstating an offline inquiry-based pricing mechanism for initial public offerings after a three-year hiatus, starting with the planned listing of Kyky Technology Co. Ltd.

The return to a more market-driven pricing approach is intended to attract higher-quality companies by allowing richer valuations than the exchange’s default direct-pricing model, which has helped fuel a speculative surge this year, with newly listed shares rising more than 150% on average.

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Beijing Stock Exchange reinstates offline inquiry-based IPO pricing after 3-year hiatus, starting with Kyky Technology's 52M new shares (23.2% of enlarged capital).
Inquiry allows richer valuations vs. direct pricing (13-14x P/E); used by only 5 firms since 2021; 2026 listings average 14.7x P/E.
Draft rules add after-hours fixed-price trading, block refinements; Shanghai proposes extensions to A-shares/ETFs.

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Who’s Who

Kyky Technology Co. Ltd.: Kyky Technology Co. Ltd. (京仪科技股份有限公司), a vacuum technology solutions provider, plans to list on the Beijing Stock Exchange using the reinstated offline inquiry-based pricing mechanism. It will issue 52 million new shares (23.2% of enlarged capital): 10% strategic placement, then 60% to institutions via bookbuilding, 40% to retail online.

Shandong Inov Polyurethane Co. Ltd.: Shandong Inov Polyurethane Co. Ltd. was the most recent company to use the Beijing Stock Exchange's inquiry-based pricing method for its IPO, in March 2023, prior to Kyky Technology. Only five firms have used this approach since the exchange opened four years ago.

Kaiyuan Securities: Zhou Jia, chief analyst for small- and mid-cap stocks at Kaiyuan Securities, noted direct pricing caps valuations at 13-14x earnings, potentially insufficient for Kyky Technology. He views inquiry-based pricing as enabling higher valuations via institutional input, but likely supplementary due to direct pricing's efficiency amid low liquidity.

Jiangyin Saiying Electronics Co. Ltd.: Jiangyin Saiying Electronics Co. Ltd. debuted on the Beijing Stock Exchange Friday at 28 yuan ($4.1) per share, with a price-to-earnings ratio of 13.8 times. It ended its first trading day up 120.7%, amid strong demand for new shares using direct pricing. (42 words)

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