STAR Market helps high-tech companies build China's new high-quality manufacturing capacity

STAR Market Photo: VCG

The Shanghai Stock Exchange's Nasdaq-style China Science and Technology Innovation Board, also known as the STAR Board, celebrated its fifth anniversary on Monday. The board has helped more than 570 technology companies raise 1 trillion yuan ($137 billion), 60 percent of which have helped advance import substitution efforts and become a key driver of China's new high-quality manufacturing capacity.

According to a report by China Media Group, STAR Market has helped 573 companies go public in sectors including information technology, biopharmaceuticals, high-end equipment, new energy, new materials, energy conservation, environmental protection and strategic emerging industries.

These companies have a combined market capitalization of 5 trillion yuan, raised 910.8 billion yuan through IPOs, and raised 158.1 billion yuan in second round fundraising, totaling more than 1 trillion yuan.

Thanks to continuous heavy investment in research and development, 30% of STAR Market companies have created breakthrough products or projects, and 60% are pioneers in replacing imports with their own innovative technologies. STAR Market attracts many cutting-edge companies in the semiconductor and biotechnology industries, with 114 chip companies covering the entire industrial chain in the semiconductor sector and 111 in the biomedical field.

This influx of innovative companies has cemented STAR Market’s reputation as a hub for groundbreaking technology and advancements.

Qian Yujun, president of UBS China and chairman of UBS Securities, told the Global Times on Monday that STAR Market has supported more than 500 technology companies over the past five years, demonstrating its effectiveness in attracting and promoting innovation in the technology sector and the economy as a whole.

“These companies have seen a significant increase in research and development investment and a significant improvement in operating income and profits after their IPOs, indicating the positive impact of the STAR Market in promoting technological innovation,” Qian said.

According to a resolution adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, China will establish mechanisms to guarantee increased funding for future industries, improve policies and governance systems to promote the development of strategic industries such as next-generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology, and guide emerging industries toward healthy and orderly development.

China will also improve the functioning of capital markets, balance investment and lending, prevent risks, and strengthen regulations to promote the healthy and stable development of capital markets and facilitate the entry of long-term capital into the market.

China's capital market reform has accelerated this year through several measures.

China's top securities regulator in June announced new measures to further reform the new science and technology market to better serve science and technology innovation and promote the development of new, high-quality productivity, including prioritizing the listing of companies that have made breakthroughs in new industries, new business models and new technologies.

In April, the State Council released new guidelines, popularly known as the State Council's Nine Guidelines, to promote the high-quality development of capital markets by 2035.

The high-quality development of China's capital market has prompted foreign institutions to accelerate their entry into the Chinese capital market. According to the corporate information website Tianyancha, BNP Paribas established a securities division in China on July 16 with registered capital of 1.1 billion yuan, becoming the fourth foreign-funded securities firm in China.

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