China Star Market

China Star Market (科创板) is a Shanghai Stock Exchange board launched in July 2019 as a dedicated venue for domestic listings by hard-tech and innovation-driven companies, distinguished by China's first pilot of a registration-based IPO system . The board targets firms in sectors such as semiconductors, biomedicine, new energy, advanced equipment, and new materials—enterprises that possess core technologies and align with national strategic priorities, including those not yet profitable . Its creation was framed by regulators as a structural reform to retain high-quality Chinese tech companies that had historically listed overseas, and to deepen capital markets' support for real-economy innovation . The registration model shifted gatekeeping from regulatory approval toward disclosure-based review, with diversified listing standards keyed to market capitalization rather than near-term profitability . In elsewhere's coverage, a notable listing includes Moore Threads, which in December 2025 became the first full-function GPU company to go public on the board . Related coverage: Gaorong Ventures co-hosted a China Star Market–branded biotech industry event with 科创板日报 in 2022 .