Total revenue of companies listed on the Shanghai Science and Technology Innovation Board (Star Market) amounted to USD 51.35 billion in 2020, up 15.6% year-on-year, while the net profit of the 232 enterprises reached USD 7.15 billion, almost 60% higher than the year before, according to 36Kr.
The 52 biotech and medtech businesses constituted the leading sector with a net profit growth of 377%. New energy firms followed with a 49% increase. Two thirds of the listed entities saw their revenues improved and the majority made a profit for the year, with the exception of 17 companies.
Conceived as a fundraising channel for the country’s rising tech startups, the Nasdaq-like board allows higher trading volatility and public listings of loss-making firms in sectors including artificial intelligence (AI), cloud computing, biotech, and green energy.
Since its launch in June 2019, the Star Market has become a preferred IPO destination for these companies and a major driver for China’s stock market performance.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.