SSE Held Listing Ceremony for One Year Anniversary of STAR Market

22 Jul 2020


On July 22, 2020, the first anniversary of the science and technology innovation board of the Shanghai Stock Exchange (SSE STAR Market), a ceremony was held on the trading floor of the SSE to celebrate at the same time the IPO of 7 companies on the STAR Market, including Wuxi Delinhai Environmental Technology Co., Ltd., Earth-Panda Advanced Magnetic Material Co., Ltd., Sunshine Guojian Pharmaceutical (Shanghai) Co., Ltd., Genew Technologies Co., Ltd., Wuxi Chipown Micro-electronics limited, Qi An Xin Technology Group Inc. and Leaguer (Shenzhen) Microelectronics Corp. So far, there have been 140 companies listed on the SSE STAR Market, with a total market value of more than RMB2.79 trillion and a total of RMB217.9 billion in capital raised.

With the strong leadership of the China Securities Regulatory Commission (CSRC) and great support from the Shanghai Municipal People's Government, establishing the SSE STAR Market and piloting the registration-based IPO system has emerged in reforms and developed through exploration. In the past year since the opening, the SSE STAR Market has seen its function continuously strengthened in demonstrating and promoting the innovation-driven development through reforms in key systems, fully characterized by the inclusiveness of market, clustering of industries and demonstration of brands, and especially highlighted by the listed companies' attribute of sci-tech innovation and feature of growth; by piloting the registration-based IPO system, the right to choose companies has been given to the market, thus effectively improving the business environment in the area of issuance and listing, with the efficiency of resource allocation greatly enhanced; the innovations in trading mechanisms have ensured the stable operation of the market, active trading, adequate interaction between buyers and sellers, and proper functioning of the pricing mechanisms. On the whole, the design and implementation of the systems of the SSE STAR Market are in line with expectations, with the reform concepts effectively implemented, and the basic objectives of reform achieved. The experience in piloting the registration-based IPO system has been promoted to other boards of the market, and the role of the capital market has been enhanced in boosting sci-tech innovation and improving the competitiveness of the real economy.

Going forward, the SSE will resolutely implement the arrangements and requirements of the Party Central Committee and the State Council for the development of the capital market, follow the objective of the SSE STAR Market, stay true to the original mission of reform, focus on becoming the "first choice" for innovative technology companies to get listed, make efforts with stronger responsibility and aspiration to attract and develop innovative technology companies on the SSE STAR Market, continuously add to the market-oriented practice of the registration-based IPO system based on the rule of law, constantly deepen the reform in the underlying systems, strive to stimulate the vitality of market players, and contribute to the high-quality development of the Chinese economy in all aspects.

Fang Xinghai, Vice Chairman of the CSRC, Wu Qing, Member of the Standing Committee of the CCP Shanghai Committee and Vice Mayor, Huang Hongyuan, Chairman of the SSE, senior officials of Beijing, Shanghai, Jiangsu, Anhui, Shenzhen and other provinces and cities, and representatives of the CSRC and relevant market institutions attended the ceremony and extended congratulations to the 7 new listed companies on the SSE STAR Market.