In the heart of summer, the Shanghai Stock Exchange has introduced a new compartment within its Star Market technological market, baptized Sci-Tech Growth Tier. The initiative aims to provide direct access to capital markets to innovative companies with high R&D intensity, even if they are still in deficit. Thirty-two companies from strategic sectors such as biotechnology, semiconductors, artificial intelligence or robotics are there from the launch.
This compartment softens the rating criteria applied so far on the Star Market and allows companies to enter into it without obligation of profitability, but on condition of meeting reinforced requirements for disclosure and governance. The system is mainly aimed at DeepTech players whose development cycles are long and capital, such as IA processor designers, hydrogen batteries manufacturers, specialists in oncological treatments or suppliers of critical equipment for digital infrastructure.
The inaugural selection reflects the industrial priorities of Beijing. Fifteen companies belong to the biopharmaceutical sector, like beigene, junshi biosciences or biotechnology border, specialized in oncology, autoimmune diseases and antiviral therapies. Semiconductors and associated technologies are represented by Cambcon Technologies (IA processors), ASR Microelectronics (Puces for IoT) or Motorcomm (Ethernet circuits). Applied artificial intelligence is with Cloudwalk Technology (Computer Vision) and Intellified Technologies (Smart Surveillance Systems). Other players cover medical robotics, cybersecurity or hydrogen.
With this reform, regulators send a strong signal to national companies, to which they guarantee a domestic financing sector capable of competing with the NASDAQ or Hong Kong, while protecting strategic technologies from an early transfer to abroad. To investors, they open access to a pool of companies with high potential but high risk profile, in a controlled regulatory framework. And finally for Beijing, it is a tool of economic sovereignty as much as a lever to orient private capital towards the priorities fixed by the five -year plans.
The Shanghai Stock Exchange has formalized the creation of Sci-Tech Growth Tier In mid-July by five regulatory opinions and a question and answer session. The 32 companies integrated from the opening are all in deficit and active in fields identified as strategic. New admissions are expected in the coming months, strengthening the role of the star market as a central place for the financing of Chinese technological champions.
| Company | Sector | Activity |
|---|---|---|
| Suzhou Zelgen Biopharmaceuticals | Biotechnology | Development of innovative treatments in oncology and autoimmune diseases |
| Shanghai Junshi Biosciences | Biotechnology | Monoclonal antibodies for immuno-oncology and metabolic diseases |
| Biotechnologies Frontier | Biotechnology | Antivirals and innovative therapies against HIV and chronic infections |
| Qingcloud Technologies | Cloud Computing | IAAS/PAAS Hybrids and Multi-Cloud solutions for companies |
| Everdisplay Optronics | Electronic | Manufacturing of AMOLED panels for high definition screens |
| Jing-Jin Electric Technologies | Electric automobile | Transmission engines and systems for NEV vehicles |
| Beige | Biotechnology | Development of innovative oncological drugs worldwide |
| Dizal Pharmaceutical | Biotechnology | Targeted therapies and immunotherapy for cancer and inflammatory diseases |
| Mabwell Bioscience | Biotechnology | Therapeutic and biosimilane antibodies |
| ASR Microelectronics | Semiconductors | Chips for wireless communications and IoT |
| Jiangsu Yahong Meditech | Medical devices | Surgical instruments and orthopedic implants |
| Shouya Holdings | Biotechnology | Innovative pharmaceutical formulations |
| Hinova Pharmaceuticals | Biotechnology | Targeted therapies for oncology and rare diseases |
| Cloudwalk Technology | Artificial intelligence | Facial recognition, computer vision and Smart City solutions |
| Inventisbio | Biotechnology | Development of molecules for cancer treatment |
| Orbbec | 3D vision | Sensors and cameras for AI and robotics applications |
| Micurx Pharmaceutical | Biotechnology | Innovative antibiotics against bacterial resistance |
| Innocare Pharma | Biotechnology | Treatments for cancers and autoimmune diseases |
| Cict Mobile Communication Technology | Telecoms | Equipment and modules for mobile networks |
| Transwarp Technology | Software | Big data platforms and advanced analytics solutions |
| MOTORCOMM Electronic Technology | Semiconductors | Ethernet and IoT communication circuits |
| Intellification Technologies | Applied AI | Vision systems for public security and trade |
| TINAVI MEDICAL TECHNOLOGIES | Medical robotics | Orthopedic surgical robots |
| Qi an Xin Technology | Cybersecurity | Network security and cloud safety solutions for companies and government |
| CAMBROCON Technologies | IA semiconductors | Processors dedicated to inference and IA training |
| Beijing Sinohytec | Hydrogen | Fuel batteries for vehicles and industrial applications |
| Intelligent Efort Equipment | Industrial robotics | Robotic arms for assembly and production |
| Smarter Microelectronics | Semiconductors | Analog circuits for signal processing |
| United Nova Technology | Industrial software | Control and automation solutions |
| Chongqing Genrix Biopharmaceutical | Biotechnology | Therapeutic antibodies for oncology |
| Suzhou Centec Communications | Networks | Ethernet switches and network systems |
| Growing | Software | ERP and business management systems |
The rare accessible figures give a contrasting overview of this new compartment. Thus, Suzhou Zelgen Biopharmaceuticals displays 533 million yuan (around € 67.6 million) in turnover in 2024 for 910 employees, an average productivity still low, typical of biotech in the R&D phase. Shanghai Junshi Biosciences, with nearly 1.95 billion yuan (around € 247.6 million) and 2,578 employees, is close to an industrial scale while remaining in deficit. Frontier Biotechnologies (129 million yuan, or around € 16.4 million for 395 employees) illustrates the specialized actor profile at low volume but strong technological content. In the Cloud, Qingcloud Technologies achieves 244 million yuan (around € 31 million) over twelve months with 357 employees, translating an agile structure in a very competitive market. These fragmentary data show that the Sci-Tech Growth Tier Brought together both power leaders and niche structures, and that the absence of profitability does not prevent an increase in industrial or commercial capacity. Future operations to follow and which will measure the attractiveness of the place in front of the historic markets
