STAR Market IPOs Raise RMB103.65 billion Since 2026, Changxin Tech Leads

Since the start of 2026, 18 companies have completed initial public offerings on the STAR Market, raising a combined RMB103.652 billion, or an average of RMB5.758 billion per company. Among them, 13 companies raised more than RMB1 billion each, while five raised between RMB500 million and RMB1 billion.

Changxin Technology topped the list with IPO proceeds of RMB66.607 billion, primarily earmarked for DRAM memory technology upgrades, forward-looking research and development of dynamic random-access memory, and technical upgrades to its memory wafer mass-production lines. Supremind Technology followed with RMB6.119 billion raised, allocated to advanced AI software-hardware collaborative innovation projects, fifth-generation AI chip series R&D and industrialization, and sixth-generation AI chip series R&D and industrialization. Unitree Technology, SJ Semiconductor, and SeeYA Technology raised RMB6.099 billion, RMB5.028 billion, and RMB2.268 billion, respectively.

In terms of issue prices, the average IPO price for STAR Market new listings in 2026 stood at RMB55.73. Seven companies priced above RMB50, including three that exceeded RMB100. The highest issue price was RMB186.88, set by Pinzhun Laser, followed by Unitree Technology at RMB150.80 and Supremind Technology at RMB142.18. The lowest issue prices were RMB6.41 for Youyan Composites and RMB8.66 for Changxin Technology. Regarding valuations, the P/E ratios of listed companies ranged from 22.94 times to 308.92 times, with an average of 95.18 times and a median of 56.79 times. Changxin Technology recorded the highest P/E ratio at 308.92 times. Compared with industry averages, nine companies, or 69.23%, priced above the industry mean, while four companies—Zhenbao Technology, Changjin Photonics, and Taijin New Energy, among others—priced below.

Geographically, the 2026 STAR Market issuers were concentrated in Guangdong, Anhui, and Jiangsu provinces, with three, three, and two companies, respectively. By funds raised, Anhui led with RMB69.724 billion, followed by Shanghai at RMB7.988 billion and Zhejiang at RMB7.498 billion. Specifically, Changxin Technology issued on July 16, 2026, at RMB8.66 per share, with a P/E ratio of 308.92 times, raising RMB66.607 billion; Supremind Technology issued on September 2, 2026, at RMB142.18 per share, raising RMB6.119 billion; and Unitree Technology issued on August 10, 2026, at RMB150.80 per share, with a P/E ratio of 219.23 times, raising RMB6.099 billion. Offering details for SJ Semiconductor, SeeYA Technology, Lianxun Instruments, and Pinzhun Laser have also been disclosed.