The Science and Technology Innovation Board celebrates its seventh anniversary. In the past seven years, this market has grown from an "experimental field" to a core main battlefield serving new quality productivity. Standing at the starting point of the seventh anniversary, industry insiders expect that in the future, the Science and Technology Innovation Board will further deepen reforms in market inclusiveness, trading mechanisms, and other aspects, promoting the aggregation of innovative elements into the field of new quality productivity.
On June 13th, the Science and Technology Innovation Board celebrated its seventh anniversary of opening. The Science and Technology Innovation Board has become a core capital market platform in China to support the development of 'hard technology', "Tian Xuan, Dean of Guanghua School of Management at Peking University and a distinguished professor of liberal arts at Peking University, told reporters. The latest data from the Shanghai Stock Exchange shows that as of June 15th, there are 609 companies listed on the Science and Technology Innovation Board, with a total market value of 14.27 trillion yuan.
Since its establishment, the Science and Technology Innovation Board has focused on "hard technology" fields such as integrated circuits, biomedicine, artificial intelligence, and high-end manufacturing, striving to build a full chain industrial ecosystem and cultivate strategic emerging industry clusters. After seven years of development, its effectiveness is now constantly emerging.
In the integrated circuit industry, by the end of 2025, the Science and Technology Innovation Board has gathered 129 companies, and the integrity of the industry chain continues to improve. Among them are leading wafer foundry companies such as SMIC and Huahong Hongli, as well as AI chip companies such as Cambricon and Haiguang Information, and upcoming storage giant Changxin Technology.
In the biopharmaceutical industry, the Science and Technology Innovation Board has supported 119 biopharmaceutical companies to go public. In 2025, a total of 9 innovative drugs from companies listed on the Science and Technology Innovation Board will be approved for market in China, with a cumulative total of 37 approved drugs so far; The potential cumulative total of global patent authorization transactions for R&D pipelines has exceeded 45 billion US dollars.
In addition, the Science and Technology Innovation Board is also becoming a core capital market pivot and capital empowerment platform for China's future industrial planning layout. More than 40 companies have taken the lead in cutting-edge fields such as quantum technology, 6G communication, and biomanufacturing, accelerating breakthroughs in key core technologies and industrialization scenarios.
The data also shows that the Science and Technology Innovation Board has maintained a R&D investment intensity of nearly 13% for seven consecutive years, far exceeding the R&D investment intensity of the whole society and ranking first in the R&D investment intensity of various sectors in the A-share market. As of the end of 2025, the Science and Technology Innovation Board has accumulated nearly 900 billion yuan in research and development investment, with a compound annual growth rate of 7.5% in the past three years.
Tian Xuan stated that the support of the Science and Technology Innovation Board for new quality productivity is mainly reflected in three aspects: from the perspective of functional positioning, the Science and Technology Innovation Board focuses on the main track of "hard technology", accurately anchoring strategic emerging industries such as integrated circuits, biomedicine, and high-end equipment, forming a significant industrial cluster effect; From the perspective of institutional supply, the Science and Technology Innovation Board has opened up the listing channel for non-profit science and technology innovation enterprises and special equity structure enterprises through the registration system reform, and leveraged social capital to continue to gather at the forefront of scientific and technological innovation; From the perspective of ecological cultivation, reforms such as the "Eight Measures of the Science and Technology Innovation Board" and the "Science and Technology Innovation Board 1+6" continue to optimize mechanisms such as mergers and acquisitions, equity incentives, and market makers, improving market pricing efficiency and resource allocation capabilities, promoting the aggregation of innovative factors in the field of new quality productivity, and promoting a virtuous cycle of "capital technology industry".
Tian Lihui, Dean of the Institute of Financial Development at Nankai University, told reporters that in the seven years since the opening of the Science and Technology Innovation Board, it has grown from an "experimental field" to a core main battlefield serving new quality productivity. Its biggest breakthrough lies in using institutional innovation to break through the financing bottleneck of technology enterprises, marking the capital market's shift from "supporting scale expansion" to "empowering original innovation", providing an institutionalized capital channel for new quality productivity.
As a testing ground for the reform of China's capital market, the reform of the Science and Technology Innovation Board has never stopped.
During the 2024 Lujiazui Forum, the China Securities Regulatory Commission released the "Eight Measures for Deepening the Reform of the Science and Technology Innovation Board to Serve Technological Innovation and the Development of New Quality Productivity" (also known as the "Eight Measures for the Science and Technology Innovation Board"), further highlighting the "hard technology" characteristics of the Science and Technology Innovation Board, improving institutional mechanisms such as issuance and underwriting, mergers and acquisitions, equity incentives, and transactions, and better serving technological innovation and the development of new quality productivity. During the Lujiazui Forum in 2025, the China Securities Regulatory Commission will introduce the "1+6" policy measures to further deepen the reform of the Science and Technology Innovation Board, providing more precise services for high-quality technology enterprises with significant technological breakthroughs, broad commercial prospects, and sustained R&D investment.
Faced with the upcoming 2026 Lujiazui Forum, industry insiders are full of expectations for further deepening the reform of the Science and Technology Innovation Board.
Tian Xuan believes that in the future, the Science and Technology Innovation Board can deepen reforms from three aspects: pricing and trading mechanisms, investor structure, and delisting system: further improve the pricing constraint mechanism for new stock issuance, reduce the structural problems of "three highs" issuance and IPO, relax the entry threshold for market makers, improve risk hedging tools for market makers, increase institutional participation enthusiasm, and enhance market liquidity; Optimize investor suitability management, dynamically adjust admission standards based on investors' actual risk tolerance, expand the proportion of long-term funds entering the market, promote the allocation of long-term funds such as social security funds, insurance funds, and enterprise annuities to the Science and Technology Innovation Board, and explore the introduction of more high-quality foreign institutional investors to enhance market stability and international influence; Refine the execution standards for different types of delisting indicators, smooth the channels for mergers and acquisitions and active delisting, strengthen the investor protection mechanism after delisting, and form a virtuous cycle of survival of the fittest.
Fu Lichun, Financial Committee Member of the China Association for Market Regulation, told reporters that in the future, the reform of the Science and Technology Innovation Board should focus on improving the inclusiveness and resource allocation efficiency for innovative enterprises. On the one hand, we need to further improve the listing and refinancing mechanisms for unprofitable technology companies, and support breakthroughs in original technology; On the other hand, it is necessary to attract long-term capital such as pension funds and insurance funds to continue entering the market, enhance market stability, and guide investors to pay more attention to the long-term innovation value of enterprises.