Shanghai Pudong Selected as National Pilot: 2025 GDP 1.88 Trillion RMB, Listed Market Cap 9.7 Trillion RMB

Shanghai Pudong has been selected for the first national list of capital market technology-finance practice pilots. The Pudong New Area has formulated special plans and specific measures to build this pilot, promoting deep linkage between Lujiazui capital and Zhangjiang technology innovation, and continuously cultivating and strengthening leading technology enterprises.

Pudong is a concentrated carrier of national strategies, serving as the location of the country's first free trade zone and the core area of Shanghai's international financial center and science and technology innovation center. In 2025, Pudong's gross domestic product reached 1.88 trillion RMB, of which the three leading industries—integrated circuits, biomedicine, and artificial intelligence—had a combined scale of 938.2 billion RMB, accounting for approximately 50% of the district's GDP. The integrated circuit industry scale represents about one-fifth of the national total.

In 2025, Pudong's financial industry added value was 508.3 billion RMB, accounting for 27% of GDP. Pudong has gathered 13 financial market infrastructures and facilities, including the Shanghai Stock Exchange, Shanghai Futures Exchange, and China Financial Futures Exchange. As of the end of June 2026, the number of securities companies, futures companies, and public fund managers in Pudong accounted for 45%, 50%, and 52% of Shanghai's totals, respectively.

Pudong has established a "Two City Shining" industry-finance matching platform, creating a venture capital demand capture mechanism and a project rolling advancement mechanism. In 2025, there were 710 financing events for technology enterprises in Pudong, with a disclosed financing amount of 204.5 billion RMB, up 25.9% and 139.1% year-on-year, respectively, accounting for 32.9% and 39.7% of Shanghai's totals. Nearly 60% of financing events and over 70% of the financing amount were realized in Zhangjiang Science City.

In March 2024, Pudong launched the "Eleven Measures for High-Quality Development of the Equity Investment Industry." In 2025, the first AIC integrated circuit industry merger and acquisition fund and the Yangtze River Delta Venture Capital Guiding Fund were established in Pudong. Relying on three mother funds, Pudong's state-owned capital deployed strategic funds, chain leader CVC funds, angel funds, M&A funds, and S funds. As of the end of the first quarter of 2026, Pudong had 523 private equity and venture capital fund managers, accounting for about one-third of Shanghai's total, with assets under management exceeding 1 trillion RMB. The Shanghai Equity Exchange deepened the pilot of private equity and venture capital share transfer, completing the first GP-led secondary transaction in the country, with the share transfer platform's trading volume ranking first nationally. Shanghai's "20 Measures for Direct Financing" proposed creating an upgraded version of the private equity secondary market and exploring the expansion of share transfer services to the whole country.

Multiple capital market reforms have been implemented in Pudong. In June 2026, Borui Kang's IPO application on the STAR Market was accepted by the Shanghai Stock Exchange. Muxi Co. , Ltd. listed on the STAR Market in December 2025, and Suiyuan Technology's STAR Market IPO became effective in July 2026. As of the end of June 2026, Pudong had 249 listed companies with a total market capitalization of approximately 9.7 trillion RMB, including 25 companies with a market cap exceeding 100 billion RMB. Among them, 53 companies were listed on the STAR Market, accounting for about 56% of Shanghai's total and about 9% of the national total.

In mergers and acquisitions, SMIC set the largest M&A record on the STAR Market. Aopu Mai's acquisition of Pengli Biotech was the first case after the implementation of the "Six M&A Measures" to use deferred payment and a "reverse lock-up" mechanism. AMEC's acquisition of Hangzhou Zhonggui was the first project on the STAR Market to complete a restructuring using the simplified M&A review procedure. In bond financing, as of the end of 2025, Pudong enterprises had issued a cumulative 30.1 billion RMB in technology bonds, and the first national integrated circuit special technology bond was issued by a Pudong enterprise.

Going forward, the Shanghai Bureau of the China Securities Regulatory Commission will cooperate with Shanghai and Pudong to advance the capital market technology-finance practice pilot, implementing reforms on the two innovation boards, the upgraded "Pujiang Light" plan, and the expansion of technology bond issuance. Pudong has previously co-built the Yangtze River Delta Capital Market Service Base with the Shanghai Stock Exchange, constructing a financial service system covering the full life cycle of technology enterprises.