Where to begin
China's tiered cultivation system for specialized and innovative enterprises has been steadily improving, creating a more favorable financing environment for high-quality small and medium-sized enterprises. According to Wind data, as of August 14, among the companies listed on the A-share market this year, 51 are national-level 'little giant' firms specializing in new and unique technologies, accounting for over half of all new listings. This brings the total number of such companies on the A-share market to 1,663, representing 30% of all listed firms. Experts interviewed indicate that this trend highlights the increasing precision of capital market services in supporting the real economy.
Looking at the distribution of these 51 new national-level 'little giant' companies across different boards, 29 are listed on the Beijing Stock Exchange, 11 on the ChiNext Board, 7 on the STAR Market (科创板), and 4 on the main boards of Shanghai and Shenzhen. Chen Li, a director of the China Chief Economist Forum, told the media that the high proportion of these enterprises among new listings underscores the growing role of the capital market as a key hub for supporting technological innovation.
By industry, the 51 new national-level 'little giant' companies are primarily concentrated in electronics, automotive, machinery and equipment, basic chemicals, and power equipment. Liu Xiangdong, chief analyst at Dongyuan Investment, noted that the industry distribution of these newly listed firms this year shows distinct characteristics of being 'high-end, precision-oriented, focused on midstream sectors, and deeply specialized.' First, they are highly concentrated in new quality productive forces, such as advanced manufacturing in machinery, semiconductors, and new materials. Second, most of these companies operate as supporting links in the midstream of industrial chains, serving as suppliers of key components or core materials to technology leaders, thus fulfilling roles in 'strengthening and filling gaps' in the supply chain. Third, they are deeply embedded in vertical niche markets with high technical barriers, possessing unique competitiveness and significant market share in their specific fields.
Regional support for the listing of specialized firms
This year, various regions have been implementing concrete measures to support the listing of specialized and innovative enterprises. For example, on May 29, a dedicated event to assist such enterprises in Henan Province was successfully held. The event included specialized consultation sessions and investment and financing matchmaking meetings, focusing on the core needs of highly interested companies. It set up professional service groups for listing policies, financial compliance, and equity financing, providing one-on-one, customized, and in-depth advisory services. This platform facilitated efficient 'capital dialogue and resource integration,' effectively bridging the gap in capital market services for the real economy and accelerating the companies' path to IPO.
On July 29, the first nationwide training activity for key specialized and innovative enterprises was held in Nanjing, co-organized by the Beijing Stock Exchange, the National Equities Exchange and Quotations, along with the Jiangsu Provincial Financial Office, the Jiangsu Provincial Department of Industry and Information Technology, and the Jiangsu Securities Regulatory Bureau, with support from the Jiangsu Equity Exchange Center. This initiative aims to provide a comprehensive package of market services, including training lectures, enterprise visits, and guidance sessions, to help key specialized firms align with public market regulatory standards, plan their capital market development strategies, and effectively utilize the functions of the Beijing Stock Exchange and the NEEQ market to achieve better innovation-driven growth.
According to the Beijing Stock Exchange, to promote the transformation and upgrading of more specialized enterprises in Beijing through the capital market, the BSE, NEEQ, along with the Beijing Economic-Technological Development Area Management Committee, the Beijing Municipal Bureau of Economy and Information Technology, the Beijing Municipal Financial Office, and the Beijing Securities Regulatory Bureau, will jointly launch the 'Yiqi Ying·BSE Specialized and Innovative Enterprise Cultivation Campaign' on August 20. Liu Xiangdong stated that the shift in regional policy focus towards supporting specialized enterprises is a natural choice for local economies transitioning from scale-oriented growth to quality-oriented development, deeply empowering new quality productive forces. First, the policy service system is being upgraded, moving from 'back-end rewards' to a 'full lifecycle companionship' model. This reduces the trial-and-error costs for companies seeking IPOs through specialized matching and financing services, significantly improving policy precision and fit. Second, industry and finance are becoming deeply integrated, with regions building IPO-ready talent pools around key sectors like high-end equipment, new energy, and new materials, aligning corporate listing efforts with local industrial chain upgrading goals to strengthen core industrial links through capitalization. Third, a tiered cultivation system is gradually taking shape. By leveraging specialized boards within regional equity markets, a progressive pipeline—from innovative SMEs to specialized firms to national-level 'little giants'—is being established, creating a virtuous cycle of reserve, cultivation, and listing. This continuously strengthens the fundamental base of high-quality enterprise supply for the capital market.
Chen Li believes that focusing listing support on specialized and innovative enterprises represents a positive transformation for local industrial development models. Through tiered cultivation, green listing channels, and incentive subsidies, regions are nurturing local niche champions and building a complete 'cultivation-financing-industrialization' cycle. This not only strengthens regional industrial clusters but also leverages the capital market to accelerate breakthroughs in key technologies, achieving coordinated development among capital market quality improvement, local industrial upgrading, and the growth of science and technology enterprises.
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