SSE Proposes Expanding STAR Market to Include Quantum Tech and 6G

The Shanghai Stock Exchange (SSE) has released a draft revision of its STAR Market listing regulations to include a broader range of "hard tech" and "future industries." The update specifically targets sectors such as quantum computing, 6G, brain-computer interfaces, and embodied AI. While expanding the scope to support national strategic goals like the 15th Five-Year Plan, the SSE emphasized that it will maintain rigorous entry standards and financial scrutiny to protect investors from the inherent risks of early-stage technology companies.

This policy update signals a significant expansion of the STAR Market's scope to include 'future industries' like quantum computing and 6G, aligning China's capital markets with its long-term strategic technological goals. It provides a roadmap for high-tech startups to access public funding while maintaining a strict regulatory stance on financial integrity.

The Shanghai Stock Exchange (SSE) has initiated a public consultation on revised regulations for the Science and Technology Innovation Board (STAR Market), aiming to broaden the board's reach into "future industries." The draft revision of the Provisional Regulations on the Application and Recommendation of Enterprises for Issuance and Listing on the STAR Market is designed to align the exchange with China's "15th Five-Year Plan" and national strategies for technological self-reliance. Under the proposed changes, the SSE will update the list of strategic emerging industries eligible for listing. Key additions include quantum technology, bio-manufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces (BCI), embodied AI, and sixth-generation mobile communications (6G). Specifically, "quantum" will be added to the Next-Generation Information Technology category, while "robotics" will join the High-End Equipment sector. The Bio-medicine category will see a significant expansion to include BCI, gene engineering drugs, and vaccines. The SSE noted that several companies in these frontier sectors have expressed interest in listing since 2025, providing a practical basis for the expansion. However, the exchange acknowledged that these "hard tech" firms often carry significant uncertainty and development risks. To mitigate these risks, the SSE plans to enforce strict entry requirements, focusing on the truthfulness of financial data and preventing "sick filings"—a term referring to companies that attempt to list despite fundamental flaws in their business or financial health. Furthermore, the draft regulations place increased responsibility on both issuers and intermediaries. Companies must provide comprehensive, objective, and accurate disclosures regarding their current development stage and potential risks. Intermediaries will be required to conduct thorough verifications of the advanced nature of the applicant's technology and products. The SSE emphasized that it will adhere to a principle of "quality first" and gradual progress to ensure the long-term stability of the market while supporting high-level technological independence.