China unveils first batch of firms listed on SSE's sci-tech growth tier

BEIJING -- The Shanghai Stock Exchange (SSE) on Tuesday released the names of the first group of enterprises listed on a sci-tech growth tier on the country's Nasdaq-style Science and Technology Innovation Board, also known as the STAR Market.

This move came after the China Securities Regulatory Commission (CSRC), the country's securities regulator, announced the setting up of the sci-tech growth tier on June 18 this year -- aiming to provide better support for high-quality tech enterprises that were not yet profitable.

Li Chao, CSRC vice-chairman, said at a listing ceremony on Tuesday that the latest move marks a solid new step forward in the capital market's support for technological innovation and the development of new quality productive forces.

Li noted that since June, the STAR Market has been steadily advancing reforms -- including the establishment of the sci-tech growth tier and the pilot introduction of senior professional institutional investors and pre-review mechanisms.

On Monday, Wu Qing, chairman of the CSRC, said the CSRC will steadily expand high-level institutional opening up, enhance investor rights protection, and strive to improve the inclusivity, adaptability, attractiveness and competitiveness of China's capital market.