STAR Market 2026 IPOs Raise RMB 88.845 Billion; Changxin Technology Leads with RMB 57.919 Billion
As of August 14, 2026, 17 companies have completed initial public offerings on the STAR Market this year, raising a combined RMB 88.845 billion, with an average of RMB 5.226 billion per company. Changxin Technology led all issuers with RMB 57.919 billion raised for DRAM memory technology upgrades, followed by Unitree Technology at RMB 6.099 billion. The average issue price was RMB 50.65, with Pinzhun Laser the highest at RMB 186.88. Issuance P/E ratios ranged from 22.94 to 308.92 times, averaging 95.18 times.
As of August 14, 2026, 17 companies have issued new shares on the STAR Market since the start of 2026, raising a combined RMB 88.845 billion, with an average of RMB 5.226 billion per company. Among them, 12 companies raised more than RMB 1 billion, and 5 companies raised between RMB 500 million and RMB 1 billion.
Changxin Technology was the largest fundraiser, raising RMB 57.919 billion in its initial public offering, primarily for DRAM memory technology upgrades and other projects. Unitree Technology raised RMB 6.099 billion for intelligent robotics-related research and development. Shenghe Jingwei, Shiya Technology and Lianxun Instruments raised RMB 5.028 billion, RMB 2.268 billion and RMB 2.102 billion, respectively.
In terms of issue prices, the average initial offering price for STAR Market stocks issued in 2026 was RMB 50.65. Six companies priced above RMB 50, of which two exceeded RMB 100. The highest issue price was Pinzhun Laser at RMB 186.88, followed by Unitree Technology and Hengyunchang at RMB 150.80 and RMB 92.18, respectively. The lowest issue prices were Youyan Composites and Changxin Technology at RMB 6.41 and RMB 8.66, respectively.
In terms of valuation, issuance price-to-earnings ratios ranged from 22.94 to 308.92 times, with an average of 95.18 times and a median of 56.79 times. Changxin Technology had the highest issuance P/E ratio at 308.92 times. Nine companies had issuance P/E ratios above the industry average, while four were below.
By geographic distribution, the STAR Market companies issued in 2026 are mainly concentrated in Guangdong Province, Anhui Province and Jiangsu Province, with 3, 3 and 2 companies, respectively. The regions with the highest fundraising amounts were Anhui Province, Zhejiang Province and the Cayman Islands, with year-to-date fundraising of RMB 61.036 billion, RMB 7.498 billion and RMB 5.028 billion, respectively.