China's CSRC Announces Relaxed STAR Market Thresholds, Encouraging Dual Listings for AI and Hong Kong-Listed Companies
Alina Collins
CSRC Chairman Wu Qing announced two STAR Market reforms on June 17 — opening listing channels to AI large-model companies and broadening access for quantum and biotech firms — while encouraging Hong Kong-listed companies to dual-list onshore. This means → regulators are upgrading the STAR Market from a hardware-tech board into a full-chain technology financing platform that covers AI.
What exactly do the two reforms change?
Reform one: the STAR Market's Fifth Listing Standard — a special track that lets pre-profit companies list — will now extend to AI large-model companies.
Reform two: under China's "future industries" strategy, quantum technology and biomanufacturing firms gain explicit support to list on the STAR Market.
This means → the board's definition of "tech" is stretching from chips and materials toward algorithms and frontier science, significantly widening the pipeline.
Why would Hong Kong-listed firms want to list onshore?
Wu revealed that some companies have already requested to dual-list their Hong Kong shares on the mainland; the CSRC will process these applications per existing rules.
In plain terms = a dual listing lets a company tap the onshore capital pool and keep its Hong Kong international window — it wants money from both sides.
Regulators also backed Hong Kong's plan to launch 5-year RMB treasury futures and encouraged foreign-licensed firms to join an expanded fund advisory pilot. This reflects an acceleration of cross-border market integration.
Where is the money coming from? — What do the long-term capital figures say?
In the two years since the updated "Nine National Guidelines," long-term funds such as social-security portfolios have grown their A-share free-float holdings by 85%, with net purchases totaling RMB 1.3 trillion.
Wu's read: global financial assets are undergoing "deep rebalancing and reallocation," and international investors increasingly value Chinese assets for their safety, resilience, and innovation.
This means → regulators believe the "patient capital" foundation is in place — now is the moment to put quality assets on the shelf.
The door is open — how do they stop bad actors slipping in?
Wu pledged to crack down on firms riding tech hype, concept speculation, market manipulation, and insider trading.
The CSRC will issue guidelines on AI use in capital markets, targeting illegal AI-powered stock tipping, rumor spreading, and unlawful trading.
In plain terms = the threshold drops and the guardrail rises — let real tech in, keep fake-tech packaging out.
What other products and reforms are on the way?
Shanghai and Shenzhen exchanges will launch active ETFs — ETFs where a fund manager picks stocks, unlike passive index-tracking ETFs.
A commercial-property REITs pilot begins; the first four projects list on the Shanghai exchange on June 18.
As of June 14, Chinese exchanges have completed 66 IPOs this year, raising RMB 59.63 billion — up 66% year-on-year. The fundraising tempo has clearly picked up.
Content is for reference only, not financial advice.