STAR Market

科创板Common

A Shanghai Stock Exchange board for hard-tech companies, piloting China's IPO registration system.

The STAR Market (科创板, Sci-Tech Innovation Board) is an independent board of the Shanghai Stock Exchange, opened in July 2019 as the first venue in China to pilot a registration-based IPO system rather than the older approval-based one. It targets “hard tech” companies in fields like semiconductors, advanced equipment, and artificial intelligence, and keeps a listing path open even for companies that aren't yet profitable. Robotics and embodied-AI companies typically carry heavy R&D spending and face long paths to profitability, making the STAR Market one of their main routes to a domestic listing; news phrases like “first humanoid-robot stock” or “beginning listing guidance” are frequently tied to it.

ExampleUnitree Robotics reportedly began listing guidance in 2025, aiming to list on the STAR Market.

Also called: Shanghai Sci-Tech Innovation Board, Shanghai Stock Exchange STAR Market
Related: Pre-IPO Tutoring · First Listed Humanoid Robot Stock · HKEX Chapter 18C · Humanoid Robot Concept Stocks · Backdoor Listing
Sources: STAR Market - Wikipedia
上海证券交易所科创板 (Chinese)
As of: 2025