Over 70% of Shanghai's private enterprises achieved revenue growth last year. Shanghai Stock Exchange: Facilitate direct financing channels and reduce the financing costs for private companies.

As of March 26, 254 companies in the Shanghai A-share market have disclosed their annual reports for 2025, including 101 private enterprises. The data shows that over 70% of private companies in the Shanghai market achieved revenue growth in 2025, demonstrating strong development resilience and vitality. Among them, several leading private tech companies delivered impressive results, with global smart product ODM leader Huqin Technology reporting annual revenue of 171.4 billion yuan, a year-on-year increase of 56%; AI chip leader Cambricon achieved annual revenue of 6.5 billion yuan, a massive year-on-year increase of 453%, marking its first annual profit since its listing on the Sci-Tech Innovation Board.

The private economy is an important force driving high-quality economic development in China and is a key source of vitality for the market economy. So far, private enterprises account for about 55% of the listed companies in the Shanghai A-share market, becoming an important component of the market entities in Shanghai. For a long time, the Shanghai Stock Exchange has consistently prioritized serving the development of small and medium-sized enterprises and private enterprises, implementing specific actions to fulfill its mission of providing financial services to the real economy and ensuring the development of the private economy.

Coordinated efforts on both ends of investment and financing are key measures for the Shanghai Stock Exchange to enhance service effectiveness and empower the development of the private economy. The exchange insists on both “strong growth” and “optimized existing resources,” as well as the synergy of “promoting financing” and “strengthening investment,” continuously broadening financing channels for private enterprises and enhancing the comprehensive effectiveness of capital market services for the private economy. First, they have streamlined stock and bond financing channels to effectively expand direct financing supply. In 2025, the stock financing scale of private enterprises in the Shanghai market increased by 152% year-on-year, while the fundraising scale of corporate bonds from private enterprises increased by 66%. The stock financing scale of private enterprises on the Sci-Tech Innovation Board grew by 400% year-on-year, and the fundraising scale of private enterprise industrial bonds increased by 174% year-on-year.

Second, they are deepening mergers and acquisitions and risk resolution, promoting private listed companies to improve and strengthen themselves. In 2025, private enterprises in the Shanghai market disclosed 62 major asset restructurings, with a total disclosed transaction amount of approximately 220 billion yuan, accounting for 65% and 46% of the total disclosed restructuring numbers and amounts in the Shanghai market, respectively. The first “A-share acquiring H-share” on the Sci-Tech Innovation Board and the first use of installment payments for share consideration are both landmark cases that occurred among private listed companies. They mitigate the delisting risks for private listed companies by helping eight *ST private companies resolve delisting risks through restructuring, reorganization, and solidifying their core business operations. Two specialized training sessions on risk resolution were held, a comprehensive guide on risk resolution was published, a risk resolution hotline was established, on-site specialized risk resolution services were provided, and regular communication with local governments and the Securities Regulatory Commission was maintained to form a joint effort in risk resolution.

Third, they are enriching the supply of index products to create favorable conditions for mid- to long-term capital inflow into private enterprises. The exchange has orderly released private enterprise thematic indices, launching seven thematic indices for private enterprises. They are also preparing several fund managers to develop related ETFs for private enterprises, actively guiding medium- and long-term funds to allocate to high-quality private assets.

In addition to the precise efforts on both ends of investment and financing, the Shanghai Stock Exchange is also broadening service scope by gathering external forces and enhancing service precision by focusing on key targets. They continuously improve the quality and effectiveness of comprehensive services for private enterprises: deepening cooperation with industry regulatory authorities and key channels, for example, leveraging the empowerment advantages of the Shanghai Stock Exchange’s digital service platform “Star Enterprise Navigation,” connecting with over 400,000 enterprise users on the national industry-finance cooperation platform, collaborating with five local governments to launch regional capital market service special editions, and adding more than 50,000 new small and medium-sized private enterprise users in 2025; focusing on key targets, they precisely enhance service effectiveness, seizing the opportunity to promote the implementation of the Sci-Tech Innovation Board “1+6” policy, intensively carrying out comprehensive service activities such as “Entering the Top 100 Counties” and “Entering Key Industrial Parks,” with over 100 special services for private enterprises covering more than 2,000 private enterprises; adhering to “one-on-one” precise research, they continuously conduct “Large Visits to Private Enterprises,” researching 200 private enterprises listed on the main board and 194 on the Sci-Tech Innovation Board, collecting 620 consultation requests and suggestions, and conducting more than 60 specialized training sessions on mergers and acquisitions, market value management, and sustainable development.

It is reported that the Shanghai Stock Exchange will further enhance its sense of mission and responsibility in serving the high-quality development of private enterprises, continuously optimize the multi-tiered capital market service system, streamline direct financing channels, reduce financing costs for private enterprises, and take more pragmatic measures to enhance service effectiveness, injecting stronger capital market vitality into the high-quality development of the private economy and actively practicing the original mission of financial services to the real economy.