Analysis of Core Considerations for Meiya Technology’s Decision to List on the Beijing Stock Exchange (BSE)

Based on collected materials, I will systematically analyze the core considerations for Meiya Technology’s choice to list on the Beijing Stock Exchange (BSE) instead of the Hong Kong Stock Exchange (HKEX).

---

Meiya Technology (Guangdong Meiya Tourism Technology Group Co., Ltd.) was founded in 2003, and is a well-known domestic digital ticketing provider and comprehensive pan-business travel solutions provider[1]. Its main businesses include air travel ticketing distribution and digital business travel management services, with clients including large enterprises such as China Petroleum & Chemical Corporation (Sinopec), PowerChina, and CRRC[1]. In October 2023, Meiya Technology was listed on the New Third Board (NEEQ), setting a goal of sprinting for BSE listing within 18 months; its IPO was accepted by the BSE in June 2024, and it successfully passed the review on December 12, 2025[2].

---

According to the “Summary of Listing Requirements for the Hong Kong Stock Market” released by PwC, listing on the HKEX Main Board requires meeting one of the following financial conditions[3][4]:

Test Type	Specific Requirements
Profit Test	Cumulative profit over three years ≥ HK$50 million (profit in the year before listing ≥ HK$20 million), market capitalization ≥ HK$500 million
Market Capitalization/Revenue Test	Revenue in the most recent year ≥ HK$500 million, market capitalization ≥ HK$4 billion
Market Capitalization/Revenue/Cash Flow Test	Revenue in the most recent year ≥ HK$500 million, market capitalization ≥ HK$2 billion, total operating cash flow over the previous three years ≥ HK$100 million

In addition, HKEX listing also requires meeting requirements such as a minimum public shareholding (generally 25%), at least 300 shareholders, and no changes in management over the most recent three years[5].

The BSE has established four sets of diverse and inclusive listing standards to support the listing and development of enterprises aligned with the direction of new-quality productive forces[6]. Its key features include:

• Allows listing of unprofitable enterprises (3 unprofitable enterprises have successfully listed to date)
• The average net profit in the year before IPO for newly listed enterprises in 2025 reached RMB 113 million, exceeding the profit benchmark of the main board
• Significantly improved audit efficiency, with an average time of approximately 442 days, shorter than the 701 days of Shanghai A-shares and 885 days of Shenzhen A-shares[7]

---

After the China Securities Regulatory Commission (CSRC) released the “827” New Policy in 2023, the pace of A-share IPOs has continued to adjust, and listing “certainty” has become a core consideration for enterprises in choosing a listing venue[7]. The BSE’s outstanding advantages in audit efficiency and timeline predictability are making it the preferred listing venue for an increasing number of high-quality enterprises.

A senior investment bank sponsor representative pointed out: “For enterprises that align with the BSE’s positioning and have excellent performance, choosing the BSE instead of targeting other A-share boards is largely to seize the ‘certainty’ of listing”[7]. Among the 177 enterprises accepted by the BSE in 2025, more than one-third (at least 60) had previously targeted or planned to target the Shanghai and Shenzhen Stock Exchanges, showing a significant trend of switching to the BSE[7].

Meiya Technology was successfully listed on the NEEQ as early as October 2023, and at that time, the BSE had clear policy support for enterprises transferring from the NEEQ[1]. This “list first, then go public” path choice has enabled Meiya Technology to:

• Lay a solid foundation through standardized operations during its NEEQ listing period
• Enjoy audit conveniences provided by the BSE for listed enterprises
• Reduce costs of re-standardization and communication

According to statistics from Wind, the average time from IPO acceptance to initial listing for the 26 newly listed BSE enterprises in 2025 was approximately 442 days[7]. This duration is significantly shorter than that of:

Exchange	Average IPO Duration
BSE	Approximately 442 days
Shanghai A-shares	701 days
Shenzhen A-shares	885 days

Although it took Meiya Technology approximately 18 months from acceptance to passing the review (far exceeding the BSE average of 339 days), the BSE’s overall audit efficiency still has relative advantages[1].

The core positioning of the BSE is to serve “innovative small and medium-sized enterprises”, which aligns with Meiya Technology’s business characteristics:

• Digital Technology Positioning
  : Meiya Technology independently developed digital systems for air travel ticketing and business travel management, integrating and analyzing over 50 million pieces of flight seat fare data daily, with strong technological innovation capabilities[8]
• Qualified R&D Investment
  : R&D expenses from 2022 to 2024 were RMB 23.53 million, RMB 23.36 million, and RMB 25.39 million respectively, with R&D expense ratio maintained between 5%-7%, meeting the BSE’s R&D investment requirements[1]
• High-Tech Enterprise Certification
  : The company continuously conducts R&D activities that conform to the definition in “Accounting Standard for Business Enterprises No. 6 - Intangible Assets”[9]

From the comparison of financial indicators, Meiya Technology’s choice of the BSE over HKEX may be based on the following considerations:

: The profit test requires cumulative profit over three years ≥ HK$50 million, or the market capitalization/revenue test requires revenue in the most recent year ≥ HK$500 million and market capitalization ≥ HK$4 billion[3][4]. For an enterprise with 2024 revenue of RMB 401 million and net profit of RMB 77.4 million[2], the market capitalization and revenue requirements of the HKEX Main Board may pose certain obstacles.

: The BSE has established four sets of diverse and inclusive listing standards, which are more friendly to unprofitable and innovative enterprises[6].

---

It is worth noting that Meiya Technology also faces certain challenges and questions in choosing the BSE:

Most listed enterprises on the BSE are specialized, sophisticated, unique, and new enterprises in sectors such as biomedicine, new materials, and high-end equipment[1]. As a digital ticketing service provider, Meiya Technology has obvious differences from the aforementioned enterprises. In the audit inquiry letter, regulators required the company to “explain its core technologies in easy-to-understand and concise language”, and there are certain doubts from the outside world about whether it aligns with the BSE’s positioning[1].

Meiya Technology faces significant accounts receivable pressure: from 2022 to June 2025, the accounts receivable balances were RMB 295 million, RMB 545 million, RMB 663 million, and RMB 806 million respectively, accounting for over 68% of the company’s total assets[1]. This financial characteristic may affect its valuation in more mature markets such as HKEX.

The review meeting required Meiya Technology to “explain future business growth in combination with industry development trends, introduction of new technologies and new business models, market competition pattern, and the issuer’s own advantages and disadvantages”[2], reflecting regulators’ concerns about its business sustainability.

---

Based on the above analysis, the core considerations for Meiya Technology’s choice to list on the BSE instead of HKEX can be summarized as follows:

1. Prioritize “Certainty”
   : Against the background of adjusted A-share IPO pace, the BSE’s audit efficiency and timeline predictability have become key advantages
2. Policy Path Dependence
   : Transferring from the NEEQ to the BSE enjoys policy support, reducing listing costs and uncertainties
3. Alignment with Board Positioning
   : The BSE’s positioning of serving innovative small and medium-sized enterprises aligns with Meiya Technology’s technological innovation attributes
4. Avoid High Thresholds
   : Compared with the high market capitalization and revenue requirements of the HKEX Main Board, the BSE’s requirements are more flexible and friendly
5. Domestic Market Advantages
   : As a ticketing service provider serving large domestic enterprise clients, listing on the BSE helps enhance brand recognition in the domestic market

This choice reflects the strategic shift in listing decisions of small and medium-sized enterprises from “pursuing maximum valuation” to “pursuing listing certainty” under the current capital market environment.

---

[1] Chuangye Zuiqianxian - “Meiya Technology’s IPO Was Suspended Three Times, Cashier Embezzled RMB 19 Million from the Company in Ten Years Without Being Detected” (https://m.sohu.com/a/974805332_116132)
[2] The Beijing News - “Two BSE IPO Enterprises Passed the Review on the Same Day, Quality of Accepted Enterprises Further Improved” (https://m.bjnews.com.cn/detail/1765537689129702.html)
[3] PwC - “Summary of Listing Requirements for the Hong Kong Stock Market 2024” (https://www.pwchk.com/en/going-public/hk-2024-chi.pdf)
[4] PwC - “Summary of Listing Requirements for the Hong Kong Stock Market 2025” (https://www.pwchk.com/en/going-public/hk-2025-chi.pdf)
[5] MoneyHero - “Overview of Listing Requirements for HKEX Main Board and GEM” (https://www.moneyhero.com.hk/blog/zh/)
[6] China Securities Regulatory Commission (CSRC) - “Fourth Anniversary of the Establishment of BSE: Gathering ‘New’ Momentum to Embark on a New Journey” (http://www.csrc.gov.cn/shanxi/c106408/c7580926/content.shtml)
[7] 21st Century Business Herald - “Qualitative Change of BSE IPOs in 2025: From ‘Small and Beautiful’ to ‘Strong and Excellent’” (https://m.21jingji.com/article/20260106/herald/7d9008fcd20469f8bbf6813137b70f1e.html)
[8] Meiya Technology’s Audit Inquiry Letter Response - “Response to the Audit Inquiry Letter on the Application Documents for Public Offering of Shares and Listing on the BSE by Guangdong Meiya Tourism Technology Group Co., Ltd.” (https://pdf.dfcfw.com/pdf/H2_AN202512051794608735_1.pdf)
[9] Meiya Technology’s Audit Inquiry Letter Response - “Response to Technology-Related Questions” (http://qxb-pdf-osscache.qixin.com/AnBaseinfo/c38fda94702a2d75da4a7da72dff59d8.pdf)