Taiyuan – – September 15, 2026 -- China's STAR Market and ChiNext boards together hosted 2,019 listed companies with a combined market capitalization of RMB36.48 trillion as of August 31, 2026, as Beijing accelerates a registration-based IPO system geared toward technological innovation.
Politburo Signals Deeper Capital-Market Overhaul
At a July 30, 2026 meeting, China's Politburo endorsed further capital-market reforms designed to balance the interests of companies raising funds with those of investors. Deng Zhouyu, head of research at Shanxi Securities, called the moment a systemic shift in which traditional growth engines are receding while new industrial bases gain the capacity to channel funding into the real economy.
STAR Market Widens Access for AI, Quantum and Biomanufacturing Firms
Listing rules on the STAR Market are now opening to leading developers of large AI models while prioritizing companies in quantum technology, biomanufacturing and embodied intelligence. Regulators are also broadening access for firms in emerging consumer sectors and modern services, alongside the existing focus on advanced manufacturing, digital electronics, tech services and biopharmaceuticals.
Dividends and Buybacks Reach Record RMB5.23 Trillion
Under Beijing's Nine-Point Guideline, A-share dividends and buybacks hit a record RMB5.23 trillion across 2024 and 2025. The trend has extended into 2026: as of August 31, 872 listed firms had announced cash dividend plans for the first quarter or first half of the year, with strategic emerging industries accounting for roughly half of that group. Aggregate cash dividends for the period reached RMB740.3 billion.
Long-Term Capital Inflows Surge 36% in a Year
Policy measures—including extended performance-evaluation windows, a pilot allowing insurance funds to raise equity allocations, and a dedicated plan for medium- and long-term capital—have driven institutional inflows. By the end of 2025, medium- and long-term investors held RMB23 trillion in tradable A-shares, up 36% from the start of the year, while equity fund assets under management grew from RMB8.4 trillion to roughly RMB11 trillion over the same period.
Central Huijin Anchors New Multi-Agency Stabilization Framework
A standing stabilization architecture is now replacing ad hoc interventions during volatility. The securities regulator and the central bank have jointly established structural monetary-policy tools, state-owned investment vehicle Central Huijin operates as a quasi-market stabilizer through market-based operations, and a suite of mechanisms—including strategic reserve buffers, early-warning systems and countercyclical adjustments—forms a coordinated safety net.
Reforms Aim to Link Stock Gains to Consumer Spending
Deng Zhouyu said deepening investor-focused reforms and improved market stability are opening a channel through which equity gains can translate into household wealth and, ultimately, consumer spending on premium products and services—a transmission chain intended to create a feedback loop linking capital, industry and consumption.