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Mia Nurmamat

Shanghai is exploring dedicated funds to tackle “choke point” technologies and new channels for offshore yuan capital to invest in China’s tech board, while allowing pre-profit tech firms in AI and nuclear fusion to go public.
The municipal government will encourage the launch of dedicated funds focused on addressing “supply-chain gaps and breaking through ‘choke point’ technologies”.
The funds would pool investment from corporate investment arms of state-owned enterprises, government-backed funds and private investors to support companies developing critical technologies.
The city will also seek to attract offshore yuan capital to invest in the country’s domestic technology sector, through its Qualified Foreign Limited Partner programme, according to a government document released on Thursday. The city also plans to make it easier for established overseas fund managers to operate in Shanghai by streamlining approvals, easing foreign-exchange procedures and providing tax-compliance support.
On the public markets side, Shanghai will expand access for companies in sectors such as artificial intelligence and the low-altitude economy to list on the tech board before seeing profits, by introducing listing-review guidelines.
It will also encourage companies in emerging and future industries – including controlled nuclear fusion, embodied intelligence, large language models, quantum computing and brain-computer interfaces – to list on the exchange.
“We will make capital markets more accommodating and adaptable for unprofitable companies in cutting-edge technology sectors,” the Shanghai Municipal Financial Commission said in a statement.
Such a route, known as the Star Market’s fifth listing standard, gradually expanded from innovative drugs and biotechnology since its establishment in 2019, to emerging fields such as AI and commercial space flight.


The push comes as the Star Market, officially known as the Sci-Tech Innovation Board under the Shanghai Stock Exchange, has gained momentum in 2026 amid a broader global tech cycle.
The plan also encourages investment firms to adopt AI and digital tools to strengthen investment research, improve decision-making and enhance risk monitoring, particularly for state-backed funds.
Meanwhile, intensifying technology competition between China and the United States has further strengthened Beijing’s push for technological self-reliance, especially on the Star Market, which is home to a litany of domestic companies holding cutting-edge technologies.
The document pledged to make it easier for technology firms to raise debt financing by introducing risk-sharing tools, government-backed guarantees and credit-support mechanisms to ease lenders’ concerns.
It also encouraged insurers to develop technology-focused products covering risks such as intellectual property disputes, research disruptions, accidents involving key researchers, and supply-chain vulnerabilities.
Meanwhile, the plan seeks to strengthen early-stage investment by bringing together scientists, entrepreneurs and investors, while helping financial institutions better identify and value promising technology start-ups.
With a combined market capitalisation of 15.5 trillion yuan (US$2.3 trillion), China’s Star Market now forms an important part of the country’s equity landscape.


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The city will unveil dedicated funds and new offshore yuan channels while allowing pre-profit AI and nuclear fusion start-ups to list on the Star Market


The city will unveil dedicated funds and new offshore yuan channels while allowing pre-profit AI and nuclear fusion start-ups to list on the Star Market.


Shanghai to launch ‘choke point’ tech funds, relax pre-profit listing rules in key sectors

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The city will unveil dedicated funds and new offshore yuan channels while allowing pre-profit AI and nuclear fusion start-ups to list on the Star Market

The city will unveil dedicated funds and new offshore yuan channels while allowing pre-profit AI and nuclear fusion start-ups to list on the Star Market