Deepen Passion of Patriotism, Cultivating the Land of Sci-tech Innovation: Symposium on Private Enterprises Sparks Heated Discussion Among STAR Market-Listed Companies

Source: Shanghai Securities News, www.cnstock.com

Author: He Xinyi

A symposium on private enterprises held on February 17 aroused an enthusiastic response from private enterprises listed on the SSE STAR Market. More than 482 private enterprises are listed on the STAR Market, representing over 80% of the total. The funds raised from initial public offerings exceed 680 billion yuan, while the total market value stands at approximately 5.4 trillion yuan. From the opening of the market to the first three quarters of 2024, these enterprises have invested more than 500 billion yuan in R&D, accounting for over 10% of their median revenue. In the first three quarters of 2024, these enterprises achieved an operating income of 777.5 billion yuan, a net profit of 29.1 billion yuan, taxes and fees amounting to 28.6 billion yuan, and distributed cash dividends totaling 33.8 billion yuan. They created more than 760,000 direct job opportunities, vividly reflecting the robust development of China's private sector.

Innovation is the fundamental "gene" driving the growth of private enterprises on the STAR Market. In the first three quarters of 2024, these enterprises invested 86.4 billion yuan in R&D, up 8% year on year, with the median R&D investment accounting for 12.6% of their expenditures. Many of these enterprises have expressed their commitment to enhancing independent innovation. Qi An Xin Technology Group Inc. stated that it will concentrate on its main business and use sci-tech innovation as its driving force; Cambricon Technologies Corporation Limited is committed to R&D investment to strengthen and enhance its main business; Beijing Kingsoft Office Software, Inc. advocates an innovation-driven approach with increased R&D investment; Trina Solar Co., Ltd. is expediting strategic transformation and upgrading to build a high-quality development system; Cathay Biotech Inc. is responding to policies with increased R&D efforts; Supcon Technology Co., Ltd. is continually exploring AI technology application; Bestechnic (Shanghai) Co., Ltd. is focusing intensively on the semiconductor field; and Leader Harmonious Drive Systems Co., Ltd. supports intelligent manufacturing.

Since 2025, China Securities Regulatory Commission and Shanghai Stock Exchange (SSE) have proactively facilitated the implementation of the "Eight STAR Market Measures" and "Six M&A Measures" to support private enterprises listed on the STAR Market. To address the problem of "expensive and difficult financing", SSE has issued criteria of enterprises with "light assets and high R&D" for refinancing. Dizal (Jiangsu) Pharmaceutical Co., Ltd. and Skyverse Technology Co., Ltd. have received relevant replies or their applications have been accepted. The STAR Market serves as the "main channel" for mergers and acquisitions (M&A). Since 2024, 90 enterprises have launched M&A activities, with a transaction amount approaching 230 billion yuan, and the number of transactions has doubled. The STAR Market's index system and indexed products have been "expanded". The total scale of 48 STAR Market exchange-traded fund (ETF) products has surpassed 240 billion yuan, and the initial sale of 13 STAR Composite Index ETF products will inject an additional 26 billion yuan in funding.

In recent years, SSE has intensified its efforts in visits and surveys, with the number of visits paid over the past three years totaling 364. In 2024, it collected over 460 opinions and facilitated their implementation. Several suggestions have been incorporated into the "Eight STAR Market Measures" and "Six M&A Measures". In 2025, SSE intends to pay visits to over 180 enterprises listed on the STAR Market, with relevant work already underway.

The above information is provided for reference purposes only and does not constitute investment advice.