The Beijing Stock Exchange (BSE) closed out 2025 with a blazing rally, with its main index rising nearly 39%, trailing only the ChiNext board among the Chinese mainland’s major exchanges. Driving the surge was a wave of initial public offerings and a tailwind of government policies favoring small, innovative firms.
The upbeat performance has nonetheless stirred worries of overheating, as a growing number of stocks peaked on their debut and major shareholders moved swiftly to cash out — casting doubt on whether the exchange can sustain its momentum into 2026.
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