From the listing of the first 25 companies on the STAR Market on July 22, 2019, to the registration of ChangXin Technologies and Unitree Robotics in July 2026 ahead of their public listings, the STAR Market has grown to encompass 610 listed companies with a combined market capitalisation exceeding RMB 15 trillion. Behind this expanding roster lies an increasingly well-defined role as China’s primary capital market platform for fostering new quality productive forces.
Supported by institutional reforms and capital-market financing, clusters of hard-tech industries have rapidly taken shape on the STAR Market. It has now developed six major industrial clusters, including next-generation information technology, biopharmaceuticals, and high-end equipment manufacturing. Meanwhile, the fifth set of listing standards has been extended to frontier sectors such as commercial space and large artificial intelligence models.
“The STAR Market was designed to channel capital and other resources toward scientific and technological innovation,” Zhao Xijun, Co-Dean of the China Capital Market Research Institute at Renmin University of China, told Caijing. “After seven years of development, its performance has unquestionably validated that original vision.”
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