Shanghai’s Star 50 index has risen 23 per cent this year, far outpacing Shenzhen’s tech gauge (+10%) and Hong Kong’s Hang Seng Tech Index (‑14%).

Recent blockbuster debuts by CXMT and Unitree have not yet been added to the index, suggesting its gains would be even larger. Analysts attribute the surge to strong policy backing from Beijing, which has made the Star board its primary priority.

Launched in 2019 to finance hard‑technology sectors such as semiconductors, the Star Market now hosts heavyweights like SMIC, Cambricon Technologies and Hygon Information Technology. Beijing prefers these strategic firms to list domestically to limit capital outflows.

Hong Kong is responding with index overhauls—expanding its tech gauge to 50 names, capping single‑stock weight at 8% and easing listing rules—but the territory remains vital for overseas fundraising and for issuing stock incentives free of capital controls.