SSE Unveils First Batch of Companies on Sci-Tech Growth Tier
The Shanghai Stock Exchange (SSE) on Tuesday released the first batch of enterprises listed on a sci-tech growth tier on the country’s Nasdaq-style Science and Technology Innovation Board, also known as the STAR Market. This landmark development marks a solid new step forward in the capital market’s support for technological innovation and the development of new quality productive forces.
What Is the Sci-Tech Growth Tier?
The sci-tech growth tier was announced by the China Securities Regulatory Commission (CSRC) on June 18, 2025. This new tier specifically targets high-quality tech enterprises that are not yet profitable. The STAR Market’s sci-tech growth tier provides better support for companies with significant technological breakthroughs, sustained research and development investment, and strong business prospects.
Key Features of the STAR Market Growth Tier
Li Chao, CSRC vice chairman, said at a listing ceremony on Tuesday that the latest move demonstrates the capital market’s commitment to supporting technological innovation. The STAR Market has been steadily advancing reforms since June, including the establishment of the sci-tech growth tier and the pilot introduction of senior professional institutional investors and pre-review mechanisms.
The sci-tech growth tier supports unprofitable enterprises without extra thresholds. Companies in cutting-edge fields such as artificial intelligence, commercial aerospace, biomedicine, and semiconductors are prioritized for listing. This reform represents a significant shift from continuous profitability focus to a new paradigm centered on technological breakthroughs and industrial contributions.
Market Impact and Future Outlook
Since the beginning of 2025, 11 companies have been listed on the STAR Market, with IPO financing amounting to 16.95 billion yuan (about 2.4 billion U.S. dollars), a year-on-year increase of 54 percent. Wu Qing, chairman of the CSRC, stated that the commission will steadily expand high-level institutional opening up, enhance investor rights protection, and strive to improve the inclusivity, adaptability, attractiveness and competitiveness of China’s capital market.
The sci-tech growth tier marks a transformative moment for China’s capital markets, creating financing channels for innovative enterprises and fostering the development of new quality productive forces.
DISCLAIMER
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with financial professionals before making any investment decisions. The information presented is based on publicly available sources and news reports.