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HOME > Publications > Newsletter > New Rules Clarify Sci-Tech Innovation Attributes of SSE STAR Market

New Rules Clarify Sci-Tech Innovation Attributes of SSE STAR Market



China Securities Regulatory Commission

Shanghai Stock Exchange 


April 16, 2021


April 16, 2021


On April 16, 2021, following the promulgation of the amended Guideline for Attribute of Sci-Tech Innovation (for Trial Implementation) by the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE) promulgated the amended Interim Regulation on Application and Recommendation for Issuance and Listing of Enterprises on SSE STAR Market (collectively the “Amendments”) .

The highlights of the Amendments include a three-tier system to characterize the companies pursuing a listing in SSE STAR Market on the basis of their principal business activities: the preferred tier, the restricted tier, and the prohibited tier. The preferred tier, which shall receive priority support from the STAR Market, is composed of companies in high-tech industries and strategic emerging industries specializing in the enumerated fields. These fields include new-generation information technology, high-end equipment manufacturing, new material, new energy, energy conservation and environmental protection, biomedicine and other fields consistent with the positioning of the Market. Financial technology enterprises and model innovation enterprises shall be restricted. Real estate companies and enterprises which engage mainly in finance and investment shall be prohibited from issuing and listing on the STAR Market.

In addition, the Amendments added R&D employment as an indicator for sci-tech attribute. For example, it provides that the number of R&D employees shall account for at least 10% of the total number of employees in the current year. The Amendments also specify the disclosure requirements for the issuers on technological advancement, mission and vision, industry and field, and relevant indicators as well as the sponsors’ gatekeeping duties and the advisory role of the sci-tech innovation consultative committee.