STAR will back successes, and foster innovation

The registration-based initial public offering system piloted by the STAR Market-China's new science and technology innovation board on the Shanghai Stock Exchange - is the most critical innovation of the rules governing the A-share market and will help revamp the whole market.

There are two types of IPO systems worldwide: the government-led approval-based system and the market-led registration-based system.

China's A-share market has long adopted the approval-based system, and the country's top regulators decided to push ahead the registration-based IPO reform in 2013. The reform will soon start from the STAR Market.