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CN · APAC · STAR (Sci-Tech)
Shanghai STAR Market
SSE · Shanghai · CNY
China's Nasdaq-style sci-tech board; registration-based, deep domestic demand.
Eligibility · Meridian Renewables (example)
Conditional
1 requirement(s) not yet met — see eligibility below.
Min market cap
$140M
admission floor
Min free float
25%
public hands
Est. all-in
6.7%
on $700M
Time to list
26–30w
from kickoff
Regulator
CSRC / SSE
oversight
Eligibility check
✓
Market capitalisation
Requirement: ≥ $140M
$4.8B
✕
Free float
Requirement: ≥ 25%
~15%
✓
Operating history
Requirement: ≥ 3 yrs
11 yrs
✓
Profit / revenue test
Requirement: 5 tiered sci-tech standards
Profitable
!
Governance standard
Requirement: CSRC Governance
Gaps
✓
Accounting
Requirement: CAS
IFRS
Rules as of 2026-Q2 · source: SSE STAR Market Listing Rules (CSRC, CN). Compiled summary — validate against the primary source before filing.
Fees & cost
Est. all-in · $700M raise$47M 6.7%
Underwriting spread5.5% · $39M
Initial listing fee¥3M
Annual fee¥1M
Legal · audit · IR · other$8.6M
Total all-in$47M (6.7%)
Market quality & investors
Liquidity★★★★★
Analyst coverage★★★★☆
Retail participation★★★★★
Institutional depth★★★★☆
Index inclusion
STAR 50
Aftermarket: +40% avg first-day
Process & sectors
Typical time-to-list26–30w
RegulatorCSRC / SSE
Dual / secondary listingNot standard
Min public shareholders—
Sector strength
SemiconductorsBiotechRenewablesAI
Notable listings: SMIC, Cambricon
Model STAR in the Decision Center ▸Compare venues