政府新闻
上海科创板迎来六周年，筹资总额达1534亿美元 2025-07-22
Shanghai's Star Market has helped science and technology firms raise more than CNY1.1 trillion (USD153.4 billion) since its launch six years ago.
As of Tuesday, nearly 590 companies have gone public on the Nasdaq-style innovation board of the Shanghai Stock Exchange, with a combined market capitalization exceeding CNY7 trillion (USD976 billion), according to the latest data from the Shanghai Stock Exchange.
More specifically, these firms have raised CNY925.7 billion (USD129.1 billion) through initial public offerings and an additional CNY186.7 billion via refinancing.
The listed firms are mainly engaged in strategic emerging industries such as next-generation information technology, including 120 integrated circuit companies, more than 110 biomedicine firms, and over 120 high-end equipment manufacturers.
The companies prioritize research and development. In the five years through 2024, they invested more than CNY700 billion in R&D, including CNY168.1 billion last year alone. That year, these firms allocated a median of 12.6 percent of their revenues to R&D, significantly higher than the 2.7 percent median on the SSE's main board. By comparison, the Shenzhen Stock Exchange's main board logged 3.3 percent, while its ChiNext board recorded 5.3 percent.
To facilitate financing for tech firms, the Star Market has introduced diverse listing criteria. It has supported the listing of eight companies with special equity structures and 54 firms that had yet to turn a profit at the time of listing, 22 of which have since become profitable.
Since its establishment, the board has steadily improved regulations governing stock issuance, trading, delisting, refinancing, and mergers to foster a supportive environment for high-growth companies.
On June 18, the securities regulator announced the launch of a new "growth tier" on the Star Market to accommodate unprofitable tech firms. The scope of eligible companies has expanded beyond biomedicine to include sectors such as artificial intelligence, commercial aerospace, and the low-altitude economy.
The new tier will adopt differentiated supervision focused on development and risk control, reflecting the growing inclusiveness and adaptability of China's capital markets, said Huo Da, chairman of China Merchants Securities. He called the move an important measure to support China’s science and technology innovation.
Liu Jian, chairman of securities brokerage Shenwan Hongyuan Group, said continued institutional improvements to the Star Market will encourage more high-quality tech firms to list domestically or pursue dual listings, allowing Chinese investors to directly benefit from innovation.
Source: Yicai Global
