Shanghai Securities News｜SSE: Sci-tech and Industrial Innovation Require Long-term Support from Patient Capital

Translated from Shanghai Securities News—www.cnstock.com

(Shanghai Securities News, www.cnstock.com) (Reporter Liu Yifeng) On April 26, a representative of the Shanghai Stock Exchange (SSE) outlined the STAR Market's role in supporting national sci-tech innovation and Anhui's high-quality development at the opening ceremony of the 3rd China (Anhui) Science and Technology Innovation Achievement Transformation Fair (hereinafter referred to as the "Fair").

As of April 22, 2025, the STAR Market hosted 586 listed companies, raising RMB 920.8 billion via IPOs with a total market capitalization of RMB 6.7 trillion. Among them, 80% are companies in next-generation information technology, biopharmaceuticals, and high-end equipment manufacturing, forming industrial chain clusters in key sectors such as integrated circuits, innovative drugs, and photovoltaics.

A growing number of STAR Market companies that used to be not profitable when listing have reached break even points and gradually turned profitable. The SSE emphasizes that this process requires strong support from patient capital and long-term capital, as the STAR Market's mission is to advance sci-tech innovation from "breakthroughs in individual areas" to "systematic progress".

Data shows that Anhui currently has 79 companies listed on the SSE, raising RMB 64.1 billion in IPOs, including 24 STAR Market firms (ranking sixth nationwide) with RMB 29.7 billion in IPO proceeds. Additionally, 22 SSE-listed Anhui companies completed M&A restructurings, significantly driving industrial upgrading.

Anhui-based enterprises have issued RMB 24.5 billion in sci-tech innovation bonds on the SSE. Last year, the SSE established the "Sci-tech Innovation Anhui Bond Innovation Service Base" in Hefei to address financing challenges for asset-light, high-risk sci-tech innovation firms. Alongside equity and debt financing support, Anhui has actively revitalized existing assets, issuing 54 ABS products on the SSE. The successful launch of the CICC Anhui Traffic Holding REIT, raising RMB 10.9 billion, set a benchmark for asset revitalization nationwide.

The related SSE representative stated that the exchange will further leverage the STAR Market's role as a "reform pilot zone", prioritizing equity and debt financing and M&A support for tech firms tackling core technologies while enriching capital market mechanisms. It will enhance integrated services across IPOs, follow-on offerings, M&A, and bonds to provide full lifecycle support, fostering market consensus and a robust innovation ecosystem.

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