Sci-Tech Innovation Board/ SSE STAR Market (上海证券交易所科创板)

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    The Sci-Tech Innovation Board (上海证券交易所科创板) (SSE STAR Market) is the NASDAQ-style board of the Shanghai Stock Exchange (SSE) that is dedicated to the listing of Chinese tech companies.

    On 5 November 2018 President Xi Jinping unveiled plans to launch a new board independent of the main board of the SSE, during his speech at the opening ceremony for the inaugural China International Import Expo.

    Xi also flagged the launch of registration system trials for the new SSE board, which would focus on financing for innovative tech companies.

    On 30 January 2019 the China Securities Regulatory Commission (CSRC) issued the “Implementation Opinions Concerning the Shanghai Stock Exchange’s Establishment of the STAR Market Board and Trial Registration System (关于在上海证券交易所设立科创板并试点注册制的实施意见).

    On 1 March CSRC followed upward with the release of the “STAR Market Board Initial Public Offering Stock Registration Administrative Measures (Trial)” (科创板首次公开发行股票注册管理办法(试行)) and the “STAR Market Board Listed Company Ongoing Supervisory and Regulatory Measures (Trial)” (科创板上市公司持续监管办法(试行)).

    The STAR Market officially opened on 13 June 2019, and its first group of companies listed on 22 July, followed by a second group on 8 August.

    In August 2019 CSRC released the “Special Provisions for STAR Market Board Listed Company Major Asset Restructuring” (科创板上市公司重大资产重组特别规定), for the establishment of a high-efficiency system for mergers and restructuring.

    Data from CSRC indicates that STAR Market raised 123 bil­lion yuan (ap­prox. USD$17.36 bil­lion) for 109 Chi­nese firms in its first year of operation.

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