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Home> Sci-Tech Innovation Board> Introduction

Science and Technology Innovation Board (SSE STAR Market) is a new trading platform in the Shanghai Stock Exchange (SSE) independent from the existing main board, focuses on companies in high-tech and strategically emerging sectors. The pilot registration-based IPO system optimized the issuance conditions, which is a major reform step to simplify the listing process. SSE STAR Market is the central arena of capital serving scientific and technological innovation. The SSE STAR Market plays an important role in guiding innovation resources, capital, and personnel development of innovative enterprises.

The first batch of companies on the SSE STAR Market were listed on 22 July 2019. In the past nine months, total 100 companies have been listed. The total financing amount of these 100 companies listed on the SSE STAR Market (the “STAR companies” for short) reaches RMB118.8 billion. By 28 April 2020, the market capitalization of the 100 STAR companies has exceeded RMB1.3 trillion. The 100 companies listed on the SSE STAR Market are highly concentrated in the high-tech industries and strategic emerging industries, presenting the leading companies of various industry segments. In particular, a number of companies with key technology and outstanding capabilities of technological innovation in the high-end medical equipment, integrated circuits, biomedicine and other industries have been attracted to the SSE STAR Market for listing,  and some notable companies with high market recognition and strong capacity for scientific and technological research have joined the market.

The following is the industry distribution of 100 STAR companies as of April 2020:




Source: Shanghai Stock Exchange

Last Updated: April 2020




Trading Rules


After-hours fixed-price trading is introduced:

  • After the closing call auction, the trading system will do matching for the closing price orders based on the order of time and execute at the closing price of the day
  • The closing price orders could be made from 9:30 to 11:30 and 13:00 to 15:30 on each trading day
  • After-hours fixed-price trading is from 15:05 to 15:30 on each trading day. Stocks that are still suspended trading at 15:00 will not be traded during after-hours fixed-price trading


Price limit is appropriately relaxed:​

  • The price limit will be relaxed to 20%
  • For IPOs, no Price limit for the first 5 trading days after listing, but temporary trading suspension during trading hours


Temporary trading suspension during trading hours:

  • For no price limit stock first time moves up or down by or greater than 30% from the opening price of the day
  • For no price limit stock first time moves up or down by or greater than 60% from the opening price of the day
  • Other circumstances that the China Securities Regulatory Commission or the Shanghai Stock Exchange identified as abnormal fluctuations during trading hours


Volume of a single order is adjusted:

  • The volume of a single market order or limit order should be no less than 200 shares, which can be incremented by 1 share as a unit
  • The maximum volume of a single market order is 50,000 shares, and that of a single limit order is 100,000 shares
  • The quantity of each single order should be no less than 200 shares


Trading mechanism of securities lending is optimized

  • Upon listing and trading on the SSE STAR Market, the stocks can be used as the underlying assets for the securities lending, of which the criteria of selecting the underlying securities will be different from those of the A shares listed on the main board






The priority will be given to enterprises that are in line with national strategies, master key core technologies, boast outstanding capacity for scientific and technological innovation, rely mainly on core technologies for production and operation, and have a stable business model, high market recognition, a good image in the society and a great potential for growth. The government will focus on supporting new high-tech industries and strategic emerging industries, including new-generation information technology, high-end equipment, new materials, new energy, energy saving and biomedicine to promote the deep integration of the Internet, Big Data, cloud computing and artificial intelligence with manufacturing.


Listing rules​

  • Enterprises should register with the China Securities Regulatory Commission (CSRC). Any listing application will be reviewed by the Shanghai Stock Exchange (SSE) and expected to be completed within 3 months
  • The application review will focus on the authenticity, accuracy and completeness of the issuer’s information disclosure, as well as the content and format of the prospectus. Sponsors and securities service agencies shall be responsible for the information disclosure of the issuer
  • The issuance and underwriting mechanism is market-oriented. The price, size, and pace of new issue shares will be determined by enquires of institutions








The requirements for institutional investors

  • Institutional investors shall comply with the laws and regulations and the business rules of the SSE


The requirements for individual investors

  • The average daily total assets in the securities and capital account of the 20 trading days before the opening of application permission shall not be less than RMB 500,000.
  • Participate in securities trading for more than 24 months
  • Comply with other conditions specified by the SSE
  • Unqualified investors can participate in the board through other methods like mutual funds


Are investors required to create a new investment account to trade on the SSE STAR Market?

  • Investors can use existing  A-share securities accounts




Compare with the Main Board




Main Board
Market Type

Floor trading

Floor Trading
Enterprise Type

Growth-oriented technology innovation

Possibly not yet profitable

Large-scale and mature profitable
Listing System Registration-based Approval-based
Listing Threshold


Allow companies with special equity structure

or “red chip” companies to be listed via CDR

Investor Threshold


Total assets no less than RMB 500,000 per day

more than 24 months trading experience


Meet general conditions

Trading Method

Auction Trading

After-hours fixed-price trading

Block Trading

Auction Trading, Block Trading
Price Limit

No limit in the first 5 trading days

20% afterwards

44% on the first trading day

10% afterwards




Position of the Board