China’s youngest bourse, Beijing Stock Exchange (BSE), saw now the number of listed companies as of December 1 reached 131, up 62% from 81 when trading began on November 15 last year, China Daily reported.

“BSE finds firm foothold to grow against odds with pandemic headwinds, and attracts more market confidence with the latest shot in the arm coming from the BSE 50 index,” said China Daily on December 5.

Many BSE-listed companies have used IPO proceeds to make breakthroughs in key technologies, break monopoly of foreign companies in certain sectors and come up with China-made substitutes, said the report.

In the first three quarters of the year, total sales revenue of the BSE-listed companies surged 33.25% year-on-year to RMB73.2 billion ($10.47 billion), with total net profit surging 19% to RMB6.9 billion ($990 million).

The BSE 50 index was officially launched on November 21. Li Zhan, the chief economist with China Merchants Fund, said, “If the success of the STAR Market 50 index of the Shanghai Stock Exchange is any indication, additional capital will likely flow into the BSE as more products that will track the BSE 50 index will be developed soon.”

Right after the launch of the index, at least six prominent Chinese asset managers, including China Asset Management, China Southern Asset Management and E Fund Management, announced the launch of products based on the BSE 50 index, said the report.

BSE data showed 50 constituent companies of the index account for 71% of the total market capitalization. These companies are from high-end equipment, new energy, technology software and hardware, new materials and biopharmaceutical industries.

Moreover, on November 11, four days before its first anniversary, BSE announced margin trading rules, said the China Daily report.