On February 20, 2023, the Beijing Stock Exchange launched stock market-making trading services, officially implementing a hybrid trading system that combines auction trading with market-making trading. A total of 13 securities firms participated in the initial batch of market-making transactions, covering 36 stocks designated for market making. NORTHLAND was listed among the first batch of stocks eligible for market making.

Market-making trading is a mature trading mechanism in capital markets, with functions including enhancing market liquidity and stability. Under a hybrid trading system, market makers continuously provide bid and ask quotes that meet specified price spreads and volume requirements, thereby retaining the advantages of continuous auction trading—such as rapid price discovery and timely execution—while also achieving further narrowing of bid-ask spreads, moderating market volatility, and improving overall market liquidity through a series of continuous quotes within a relatively narrow price range.

On January 19, 2023, the Beijing Stock Exchange officially released and implemented the "Detailed Rules for Market-Making Trading of Stocks on the Beijing Stock Exchange" along with supporting operational guidelines, clearly establishing a hybrid trading system that combines auction-based and market-making approaches in individual securities transactions. In just one month—from the release of the regulations to their implementation—the rapid rollout of the Beijing Stock Exchange’s stock market-making trading system underscores the exchange’s commitment to promoting market reform and innovation, refining market trading mechanisms, and enhancing market vitality and resilience. Regarding the initial batch of market-making stocks, the Beijing Stock Exchange’s selection covers four major industry categories and 17 sub-categories. Among these, private enterprises account for nearly 80%, and small- and medium-sized enterprises make up over 60%. According to relevant officials from the Beijing Stock Exchange, overall, these selected stocks largely encompass leading companies listed on the exchange and boast numerous strengths, including robust growth potential, distinctive innovation characteristics, and consistently strong performance in their respective industries. As for market makers, as of February 17, a total of 13 securities firms—including Guojin Securities, CITIC Securities, and Anxin Securities—have signed up to participate in the Beijing Stock Exchange’s stock market-making trading. With the launch of the Beijing Stock Exchange’s market-making trading system, market liquidity is expected to improve, investor willingness to participate in trading will increase, and trading continuity will be enhanced, thereby boosting overall market activity. At the same time, the system will provide listed companies with reference quotes, helping stabilize market expectations regarding secondary-market prices.

Since the launch of the Beijing Stock Exchange over a year ago, reform efforts have continued to intensify. The orderly implementation of the BSE 50 Index, margin trading and short selling, and the hybrid trading system will help the Beijing Stock Exchange gradually improve its liquidity and accelerate market development. NORTHLAND’s inclusion as a market-making stock on the Beijing Stock Exchange makes it one of the 17 companies currently listed on the BSE 50 Index, eligible for margin trading and short selling, and serving as a market-making stock—all at the same time. This demonstrates that the company’s growth prospects and investment value have been highly recognized by the market. At the same time, it will encourage the company to continuously enhance its operational capabilities and improve corporate governance standards, accelerate the R&D of new drug projects, keep pace with market trends, make good use of the various policies offered by the Beijing Stock Exchange, and promote the company’s high-quality development.