Shanghai Pudong Named National Pilot for Capital Market Tech Finance, 2025 GDP Hits RMB1.88 Trillion

Shanghai's Pudong New Area has been named among the first batch of national pilot samples for capital market technology finance. The district has formulated a special plan and concrete measures to build the pilot, promoting deep integration between Lujiazui's capital resources and Zhangjiang's technological innovation, while continuously fostering leading technology enterprises.

Pudong is a major carrier of national strategies, hosting the country's first pilot free trade zone and serving as the core area of Shanghai's international financial center and science and technology innovation center. In 2025, Pudong's gross domestic product reached RMB1.88 trillion, with the three leading industries—integrated circuits, biomedicine, and artificial intelligence—amounting to RMB938.2 billion, approximately 50% of the district's GDP. The integrated circuit industry accounts for about one-fifth of the national total.

In 2025, Pudong's financial industry added value reached RMB508.3 billion, accounting for 27% of GDP. The district hosts 13 financial market institutions and infrastructure facilities, including the Shanghai Stock Exchange, Shanghai Futures Exchange, and China Financial Futures Exchange. As of the end of June 2026, Pudong's securities companies, futures companies, and public fund managers accounted for 45%, 50%, and 52% of Shanghai's totals, respectively.

Pudong has established a "Twin Cities Shining" platform for industry-finance connectivity, along with mechanisms for capturing venture capital demand and advancing projects in a rolling manner. In 2025, Pudong saw 710 financing events for technology enterprises, with disclosed financing amounts reaching RMB204.5 billion, up 25.9% and 139.1% year on year, respectively, representing 32.9% and 39.7% of Shanghai's totals. Nearly 60% of financing events and over 70% of financing amounts were directed to Zhangjiang Science City.

In March 2024, Pudong introduced the "Eleven Measures for High-Quality Development of the Equity Investment Industry." In 2025, the country's first AIC integrated circuit industry M&A fund and the Yangtze River Delta Venture Capital Guidance Fund were established in Pudong. Leveraging three major mother funds, Pudong's state-owned capital has 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, about one-third of Shanghai's total, with assets under management exceeding RMB1 trillion. The Shanghai Equity Exchange has deepened its pilot for private equity and venture capital share transfer, completing the country's first GP-led S transaction, with its share transfer platform ranking first nationally in transaction volume. Shanghai's "20 Measures" for direct financing propose building an upgraded private equity secondary market and exploring expansion of share transfer services nationwide.

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 was registered in July 2026. As of the end of June 2026, Pudong had 249 listed companies with a total market value of approximately RMB9.7 trillion, including 25 companies with a market value exceeding RMB100 billion. Among these, 53 companies were listed on the STAR Market, accounting for about 56% of Shanghai's total and about 9% nationwide.

In mergers and acquisitions, SMIC set a record for the largest M&A on the STAR Market. Aopu Mai's acquisition of Pengli Biotech was the first case under the "Six M&A Measures" to adopt deferred payment of transaction consideration and a "reverse clawback" lock-up period. AMEC's acquisition of Hangzhou Zhonggui was the first STAR Market project to complete restructuring under the simplified M&A review procedure. In bond financing, as of the end of 2025, Pudong enterprises had issued a cumulative RMB30.1 billion in technology innovation bonds, with the country's first special integrated circuit technology innovation bond issued by a Pudong enterprise.

Going forward, the Shanghai Securities Regulatory Bureau will cooperate with Shanghai municipality and Pudong New Area to advance the pilot work on capital market technology finance, implementing arrangements such as the "Two Innovation Boards" reform, the upgraded "Pujiang Light" plan, and the expansion and quality improvement of technology innovation bonds. Pudong has previously co-built the Yangtze River Delta Capital Market Service Base with the Shanghai Stock Exchange, establishing a financial service system covering the full lifecycle of technology enterprises.