China's sci-tech innovation board celebrates five years of opening

China

China's sci-tech innovation board celebrates five years of opening

2024-07-22 20:24 Last Updated At：21:27

The Shanghai Stock Exchange's sci-tech innovation board has grown to be a preferred place for hardcore tech companies in China to go public five years after its establishment.

The Science and Technology Innovation Board market of the Shanghai Stock Exchange, also known as the STAR market, has nurtured more than 570 hardcore tech companies, with a total market capitalization exceeding five trillion yuan (about 690 billion U.S. dollars) as of Friday.

Among them, more than 130 listed companies have a market capitalization of more than 10 billion yuan, and four listed companies have a market capitalization of more than 100 billion yuan.

By industries, the listed companies on the STAR market are concentrated in such sectors as electronics, biopharmaceuticals, power equipment, machinery equipment, and computers, covering multiple industry chains including integrated circuits, biopharmaceuticals, new energy, and new materials.

This shows that the STAR market has grown with stronger industrial cluster effect and demonstration effect.

"In the past few years, electronics, pharmaceuticals, and machinery are industries with the most increase in the number of companies listed on the STAR market. This change reflects the country's strong support for sci-tech innovation and the positive effect of opening financing channels for 'hardcore' companies aiming to break through key core technologies," said Zhang Gang, chief investment adviser of Southwest Securities.

A high level of research and development investment and a growth of such investment over consecutive years have been main features of the listed companies on the STAR market, which started to trade on July 22, 2019.

Data shows that in 2023, the research and development investment of companies traded in the STAR market exceeded 150 billion yuan, a year-on-year growth of over 14 percent.

Since its launch, the average research and development intensity of listed companies on the STAR market has remained above 10 percent, and over 80 companies have maintained a research and development intensity exceeding 20 percent for three consecutive years.

The large research and development investment has led to more technological breakthroughs.

Among the listed companies on the STAR market, over 340 companies are nationally recognized "little giant"enterprises, 50 manufacturing champions of individual industry, and 40 manufacturing champions of individual products.

"The STAR market, with its focus on supporting hardcore sci-tech companies, has gradually become a new pivot for promoting sci-tech innovation and accelerating the development of new quality productive forces. Companies listed on the STAR market that receive capital support are continuously focusing on key areas to accelerate sci-tech breakthroughs. There have been numerous achievements in areas of new energy, new materials, and high-end equipment manufacturing. These advancements provide solid technological guarantee for further promoting new industrialization and strengthening advanced manufacturing clusters in the future," said Tian Lihui, director of the Institute of Finance and Development of Nankai University.

Stunning footage from Xinjiang shows massive avalanche engulfing valley in seconds

2024-11-23 05:00 Last Updated At：06:17

A massive avalanche occurred in northwest China's Xinjiang Uygur Autonomous Region at 18:09 on Thursday, engulfing the entire valley below in seconds.

The dramatic moment was captured by surveillance cameras in the Oytagh Glacier Park scenic area in Akto County. The video shows an enormous mass of snow cascading down from the summit of Chakragil in the Kunlun Mountains. As the avalanche unfolded, the snow accumulated rapidly, forming a towering "snow wall" tens of meters high and covering the entire valley in less than a minute.

Fortunately, the avalanche occurred in an uninhabited high-altitude area, so no injuries or casualties were reported.

The Chakragil, which is more than 6,000 meters above sea level, is constantly covered with snow. The region had recently experienced heavy snowfall, resulting in a build-up of snow thick enough to trigger the avalanche.