政府新闻
上海科创板将推出“成长层”以支持尚未盈利的科技初创企业 2025-06-19
China on Wednesday announced a series of capital market reforms, including the launch of a new "growth tier" on the Nasdaq-style Star Market to support unprofitable startups in sectors such as artificial intelligence and the low-altitude economy.
Establishing the growth tier represents an opportunity to revive the Star Market’s fifth listing standard, which allows unprofitable companies to go public, Wu Qing, chairman of the China Securities Regulatory Commission, said at the 2025 Lujiazui Forum on Wednesday.
The move also aims to more precisely support science and technology enterprises with major technological breakthroughs, sustained research and development investment, and strong business prospects, Wu added.
The Star Market’s fifth listing standard is a special pathway that imposes no requirements on an applicant’s profits or revenue. However, it does require that the company’s core business or products have received approval from relevant central government authorities and demonstrate significant market potential and milestone progress.
Since the tech-focused segment of the Shanghai Stock Exchange launched in July 2019, around 20 companies have gone public using the fifth standard. However, the pathway has been inactive for nearly two years, with the most recent listing being Chongqing-based Genrix Biopharmaceutical in June 2023.
Wu added that the CSRC will expand the eligible sectors under the fifth standard beyond biomedicine to include fields such as artificial intelligence, commercial aerospace, and the low-altitude economy. The goal is to build a financing system aligned with emerging industrial development trends.
Reforms will not be limited to the Star Market. Shenzhen’s ChiNext board -- another technology and innovation-focused stock market -- will also see changes. The CSRC plans to introduce a third set of listing criteria, enabling companies that are not yet profitable but have annual revenue of at least CNY300 million (USD41.8 million) to go public.
Looking ahead, the CSRC will continue to build on these reforms to enhance the inclusiveness and flexibility of the listing system and to create a more attractive and competitive capital market through a broader product and service offering, Wu concluded.
Source: Yicai Global
