ChiNext Reaches 1,400 Listed Companies, RMB 17 Trillion Market Cap, Reforms Support Strategic Emerging

On July 30, 2026, Xinxing Tools was listed on the Shenzhen Stock Exchange, bringing the total number of ChiNext-listed companies to 1,400. Since its establishment in 2009, ChiNext has grown from an initial 28 companies with a combined market capitalization of less than RMB 140 billion to 1,400 companies with a total market cap of about RMB 17 trillion.

Among the 1,400 ChiNext-listed companies, nearly 90% are high-tech enterprises, over 60% operate in strategic emerging industries, and more than 80% are private firms. Four industry clusters each with a market cap exceeding RMB 1 trillion have formed. The combined market cap of five core industries—next-generation information technology, new energy, new materials, high-end equipment manufacturing, and biotechnology—accounts for about 74% of the board's total market cap. During the 14th Five-Year Plan period, ChiNext companies invested a cumulative total of over RMB 959.1 billion in R&D, with a compound annual growth rate of 14.82%. In 2025, the overall R&D intensity of ChiNext companies was about 5%, 2.36 percentage points higher than the A-share market average. A total of 271 companies had R&D intensity exceeding 10%, and 28 companies spent more than RMB 1 billion on R&D. Among them, CATL invested RMB 22.147 billion. ChiNext now hosts a research workforce of over 600,000 people, with an average of more than 430 R&D personnel per company and about 235 patents each. More than 170 companies have received National Science and Technology Awards.

Since April 2026, the deepening reform of ChiNext has been implemented, including the addition of a fourth set of listing standards. As of now, the exchange has accepted applications from eight companies using the fourth set of standards, including Leju Intelligent, Tengdun Science and Technology, and Yunbao Intelligent, covering strategic emerging industries and future industries such as humanoid robots, drones, artificial intelligence, and chips. Since the reform policy was announced, ChiNext has accepted 66 new IPO applications—51 under the first set of standards, four under the second, and three under the third—spanning new energy, new materials, embodied intelligence, low-altitude economy, aerospace, and other emerging and future industries, as well as new consumption and modern services.

In terms of earnings growth, in the year of its launch, no ChiNext company had annual revenue exceeding RMB 2 billion or net profit attributable to parent of more than RMB 300 million. By 2025, 413 ChiNext companies had annual revenue exceeding RMB 2 billion, and 177 companies had net profit over RMB 300 million. A total of 675 companies doubled their revenue after listing, and 114 companies posted revenue growth of more than 10 times. Meanwhile, 279 companies doubled their net profit after listing, and 43 companies recorded net profit growth of more than 10 times. Specific examples include Inovance Technology, whose revenue rose from RMB 300 million before listing to RMB 45.1 billion, and net profit from RMB 100 million to RMB 5.05 billion; Zhongji Innolight, whose revenue increased from RMB 162 million to RMB 38.24 billion, and net profit from RMB 51 million to RMB 10.797 billion; and EVE Energy, whose revenue grew from RMB 202 million to RMB 61.47 billion, and net profit from RMB 31 million to RMB 4.134 billion.

Regarding market cap growth, based on the closing price on July 30, 2026 (adjusted for dividends and splits), 705 ChiNext companies have seen share price increases of more than 100% from their IPO price, and 78 companies have risen more than 10 times. As of the July 30 close, the total market capitalization of ChiNext exceeded RMB 17 trillion, including one company with a market cap over RMB 1 trillion, 22 companies over RMB 100 billion, 42 companies over RMB 50 billion, and 240 companies with market caps between RMB 10 billion and RMB 50 billion.

ChiNext's industry focus has continued to evolve. From 2018 to 2021, the new energy sector rose, with CATL and Sungrow Power Supply becoming core leaders. From 2022 to 2024, industrial automation and high-end manufacturing upgrades saw Inovance Technology and Lens Technology achieve market cap growth. From 2024 to the present, the AI computing power chain has boomed, with Zhongji Innolight, Eoptolink Technology, and Tianfu Communication becoming key drivers of market cap growth. Among the top 10 weighted stocks in the ChiNext Index by market cap, the AI computing power chain occupies four slots, and the new energy sector holds two.

ChiNext has facilitated cumulative financing of over RMB 2.41 trillion for listed companies. As of July 30, 2026, 1,397 ChiNext companies (excluding those that transferred boards and a few others) had raised a total of RMB 993.711 billion in IPO proceeds, and 1,511 refinancing proposals had been disclosed, with an intended total of RMB 1.42 trillion. Among them, 119 companies disclosed "small and fast" refinancing plans, with intended total proceeds of RMB 24.924 billion. Lepu Medical completed four refinancings, raising a total of RMB 4.387 billion, and in 2025 achieved revenue of RMB 6.483 billion and net profit attributable to parent of RMB 962 million. The cumulative transaction value of major asset restructurings on ChiNext was about RMB 800 billion, with 819 proposals disclosed, of which industry-integration-type restructurings accounted for over 70%. Since the release of the Six M&A Measures, ChiNext has seen 1,042 new M&A transactions, involving a total value of over RMB 250 billion.

Since the beginning of 2026, the cumulative turnover on ChiNext has exceeded RMB 95 trillion, accounting for more than 26% of the A-share market. The total size of funds tracking ChiNext series indices exceeds RMB 200 billion. ChiNext-related ETFs are listed on 11 overseas stock exchanges. Since its launch, ChiNext companies have distributed a total cash dividend of over RMB 780 billion, with 610 companies distributing more than 30% of their total net profit since listing. In the 2025 fiscal year, total dividends reached a record high of RMB 147.401 billion.

The establishment and development of ChiNext have also fostered the growth of the domestic venture capital industry. Among the first 28 companies listed on ChiNext, 23 received VC/PE investments, with venture capital firms injecting nearly RMB 700 million, earning an average return of 5.76 times on their investment. To date, 713 ChiNext companies have received investments from 2,668 venture capital firms before listing, with a total investment amount exceeding RMB 72 billion. Based on current stock prices, the average investment appreciation rate is 12.4 times.

As of July 30, 2026, ChiNext-listed companies span all 30 provinces, autonomous regions, and municipalities directly under the central government. The five regions with the most companies are Guangdong (327), Jiangsu (206), Zhejiang (186), Beijing (130), and Shanghai (82), together accounting for 66% of the board's total. The Greater Bay Area is home to 308 ChiNext companies, of which 135 were listed under the registration-based system. Shenzhen itself hosts 167 ChiNext companies, including 72 listed under the registration-based system.

ChiNext has pioneered several institutional innovations: in 2009, it first set differentiated listing conditions; it introduced an investor suitability management system at its inception; in 2013, it pioneered industry-specific information disclosure guidelines; in 2014, it was the first to introduce a small and fast refinancing system; in 2020, the registration-based reform covering both incremental and existing stocks was implemented; and on April 10, 2026, the deepening reform opinion proposed piloting the submission of information by local governments on companies intending to list, to be used as a reference for review.