Recently, Wanda Bearing successfully broke through the IPO of the Beijing Stock Exchange, becoming the first stock of the Beijing Stock Exchange's direct connection mechanism, and at the same time creating a record for the fastest meeting of the Beijing Stock Exchange. From the acceptance of the project to the meeting, it lasted only more than 2 months.
On December 21, 2022, the Beijing Stock Exchange and the National Equities Exchange and Quotations Corporation (NEEQ) studied and launched a direct review and supervision mechanism for listing (hereinafter referred to as the "direct linkage mechanism"). The direct connection mechanism links various links such as "listing review, daily supervision, and listing review" to form a "fast lane" for high-quality enterprises to apply for listing on the Beijing Stock Exchange.
Through the direct connection mechanism, high-quality enterprises can be listed on the Beijing Stock Exchange 1-2 months after one year of regular listing.
In addition, the "19 Articles of Deep Reform" have also been optimized and adjusted for the calculation of "listed for one year". For the original declaration, the condition of "being listed for 12 months and being an innovative enterprise" was adjusted to "the date of the review meeting of the Listing Committee of the Beijing Stock Exchange has been listed for 12 months". The adjustment from the "declaration time" to the "review time point" can greatly shorten the listing time, and combined with the direct connection mechanism, the efficiency of the company's application for the Beijing Stock Exchange can be greatly improved.
39 companies listed on the direct linkage mechanism
According to Elephant Jun's statistics, in 2023, 39 companies will be successfully listed on the Beijing Stock Exchange by applying for the use of the direct connection mechanism, and the listing plan will be launched on the Beijing Stock Exchange. Among them, 1 is in the stage of submitting for registration, 3 are in the stage of inquiry, and most of the enterprises are in the stage of counseling and filing. 
Overall, the average revenue of 39 companies in 2022 is 66.2 billion yuan, the average net profit was 6793270,000 yuan. In 2022, there will be a total of 20 companies with a net profit of more than 50 million yuan, accounting for 5128%。Among them, Southern Dairy, Tiankang Pharmaceutical, Jinghua Optics, Dongsheng Gold, Watchdata Data, Clean Energy Co., Ltd., Great Wall Information, Hailong Wind Power, and Ruineng SemiconductorThe net profit of 9 companies in 2022 exceeded 80 million yuan. 7 companies have a net profit of more than 100 million yuan. The highest net profit in 2022 is Watchdata data. The company's operating income in 2022 is 121.7 billion yuan, net profit of 28.5 billion yuan. The company is a high-tech enterprise specializing in the research and development, production and sales of information security products. Based on security protection technology and secure operating system, the company uses chips as the carrier to provide functions such as identity identification, key generation, secure storage, and data protection through the delivery of information security products, so as to realize data and information security in connection, payment, identity authentication and digital infrastructure. The direct review will pass the meeting "quickly".
Jiangsu Wanda Special Bearing Co., Ltd. *** hereinafter referred to as: Wanda BearingThe main business is the research and development, production and sales of forklift bearings and slewing rings, the main products include forklift bearings (main roller bearings, side roller bearings, sprocket bearings, composite bearings, composite bearing components), slewing bearings, etc. Wanda Bearing will be listed on January 12, 2023 on January 12, 2024, just after the expiration of 12 months, the company has become the first company to be scheduled to be listed for just 12 months after the release of the "19 Articles of the Beijing Stock Exchange". Wanda Bearing is one of the first companies to apply for the direct review mechanism, and its application for listing on the Beijing Stock Exchange was accepted on November 6, 2023, according to the announcement of the 4th review meeting of the Listing Committee of the Beijing ** Stock Exchange in 2024, Wanda Bearing will meet on January 19, 2024It has created a record for the fastest meeting of the Beijing Stock Exchange, and has become the first company to be directly reviewed by the Beijing Stock Exchange. 
The company is one of the first batch of enterprises in China to start the professional production of forklift bearings, and is the first batch of specialized and new "little giant" enterprises and national manufacturing single champion enterprises, and has successively won the honorary titles of China's well-known trademark, the national bearing industry "Twelfth Five-Year Plan" development advanced enterprise, China's excellent accessories for industrial vehicles, the first China Industrial Vehicle Innovation Achievement Award, Jiangsu Famous Brand Products, and Jiangsu Small and Medium-sized Enterprises Innovation Capacity Building Demonstration Enterprise. As of the date of this Prospectus, Wanda Management directly held 4427% of the shares, the controlling shareholder of the company. The actual controllers of the company are Xu Qunsheng, Xu Fei and Xu Ming. Wanda Bearing plans to raise 300 million yuan this time, which is intended to be used for the production capacity improvement project of special bearings for industrial vehicles, the development and industrialization of special bearings for intelligent equipment, and the replenishment of working capital projects. 
During the reporting period, Wanda Bearing's operating income was 26.1 billion yuan, 35.4 billion yuan, 33.8 billion yuan, 17 billion yuan; The net profit after deducting non-attributable to the parent company was 2757320,000 yuan, 4268830,000 yuan, 4113840,000 yuan, 2395300,000 yuan. 
The issuer selects Article 2 of the Listing Rules of the Beijing Stock Exchange (for Trial Implementation).1.The listing criteria stipulated in Item (1) of Paragraph 1 of Article 3 "The expected market value shall not be less than 200 million yuan, and the net profit in the last two years shall not be less than 15 million yuan and the weighted average return on equity shall not be less than 8%, or the net profit in the most recent year shall not be less than 25 million yuan and the weighted average return on equity shall not be less than 8%". Newly listed companies frequently appear for direct review
On March 1 this year, five companies, including Jinhong Shares, Sturgeon Technology, Angbili, Weirong Shares and Dingjia Precision, were collectively listedAmong them, Jinhong shares and Sturgeon Technology went straight to the Beijing Stock Exchange, and these two companies applied for the direct review mechanism of the Beijing Stock Exchange when they declared. From the acceptance of the project on November 15, 2023 to the official listing, Jinhong shares lasted more than 3 months, during which it experienced two rounds of review and inquiry; Sturgeon Technology was accepted by the stock transfer company on December 27, 2023, and was approved for listing on February 2, 2023, after only one round of review and inquiry, which lasted only more than 2 months.
At the same time as the listing, Jinhong shares and Sturgeon Technology both announced the issuance and listing plan of the Beijing Stock Exchange. Jinhong said that the company has signed a Beijing Stock Exchange issuance and listing service agreement with ** companies, accounting firms and law firms, and plans to submit issuance and listing application documents to the Beijing Stock Exchange within 12 months after listing.
According to the public transfer book, Jinhong Co., Ltd. is mainly engaged in the research and development, production and sales of natural abrasives, titanium raw materials and other materials, using dolerite rutile ore as raw materials, through gravity separation, magnetic separation, screening and other technological processes to achieve comprehensive development and utilization of raw ore, the main products are garnet sand, rutile and by-product machine-made sand. The company is a provincial-level specialized and special new enterprise in Jiangsu.
Sturgeon Technology also said that the company has signed an issuance and listing service agreement with ** companies, accounting firms and law firms, and plans to submit issuance and listing application documents to the Beijing Stock Exchange within 18 months after listing.
According to the application draft, the main business of Sturgeon Technology is artificial breeding of sturgeon, ecological and healthy breeding, processing and sales of caviar, sturgeon and sturgeon meat products. According to reports, the company has developed into a leading enterprise in the global caviar industry, according to the certificate issued by the Aquatic Wildlife Conservation Branch of the China Wildlife Conservation Association, the company's caviar exports in 2022 accounted for 68 percent of China's exports48%。According to EUMOFA statistics, the company produces about 1 3 of the world's caviar, making it the world's largest caviar producer.
Conclusion
The direct linkage mechanism of listing and listing refers to the centralized management of the whole chain review, supervision and service of directly connected enterprises within the Beijing Stock Exchange and the stock transfer system, so as to realize the seamless connection of various business links and support the rapid completion of the issuance and listing process after the company has been listed for one yearIPO acceleration mechanismFrom the acceptance of the IPO to the approval of the meeting, the time can be shortened to about 2 months.
It is recommended that enterprises with strong profitability, good growth and outstanding technological innovation ability apply the direct connection mechanism. According to Elephant Jun's statistics, the average revenue of companies listed through the direct connection mechanism in 2023 will be in 20226.6.2 billion yuan, the average net profit6793.270,000 yuan. The net profit of more than 50 million yuan accounts for more than half of the total.
In the current review process, a company applying for listing on the Beijing Stock Exchange needs to go through multiple rounds of inquiries, and various issues existing in the previous listing stage may be asked again during the IPO process. Under the direct linkage mechanism, the listing stage is the transition period before the company plans to land on the Beijing Stock Exchange. In principle, no public inquiries will be conducted during the application period and the matters that have been verified and confirmed during the listing application period, and the number of inquiry rounds will be reduced, the number of questions will be streamlined, the review procedures will be simplified, and the review efficiency will be improved if there is a relevant basis. The direct connection mechanism is launched to promote the goal of rapid listing of enterprises one year after listing, help more qualified high-quality enterprises to achieve listing and financing in the shortest possible time, and provide a strong guarantee for enterprises to achieve high-quality development. Which enterprises can apply for the direct connection mechanism:1. The enterprise must comply with the national industrial policy and the market positioning of the Beijing Stock Exchange, meet one of the four sets of financial listing standards of the Beijing Stock Exchange when applying for listing, and there is no major violation of laws and regulations and other circumstances stipulated in the negative list for issuance and listing during the reporting period; 2. There is a clear issuance and listing plan of the Beijing Stock Exchange, and an issuance and listing service agreement has been signed with an intermediary, and it is planned to submit the issuance and listing application documents within 18 months after listing; 3. During the listing period, the intermediary team can remain stable, and there shall be no change in any intermediary agency or change in the two project leaders of any intermediary agency; 4. Each intermediary agency has determined the person in charge of signing the issuance and listing project and is responsible for the signing of the listing recommendation business, and at least one sponsor representative has more than 2 IPO projects (including the selected layer) sponsor and sign experience; 5. It is necessary to voluntarily accept and cooperate with the arrangements of the National Equities Exchange and Quotations Company (Beijing Stock Exchange) for direct review and supervision. **Elephant IPO,**please specify**.