The "2025 China Innovation Leaders Summit & Sixth Anniversary of the STAR Market" was recently held in Shanghai. Themed "Originating Innovation, Leading Industries," the event featured forward-looking discussions among participants on policies, technological innovation, and industrial development. Over 80 entrepreneurs, senior executives, and investors from leading STAR Market-listed companies attended.

Wang Bo, Vice President of the Shanghai Stock Exchange, stated in his keynote speech that the STAR Market recently celebrated its sixth anniversary. Over the past six years, the STAR Market has consistently focused on serving "hard tech," driving industrial innovation through technological advancements and fostering tech iteration via industrial upgrades. During this period, the "tech narrative" logic of the capital market has become increasingly clear.

Li Xunlei, Chief Economist of Zhongtai International and Vice Chairman of the China Chief Economists Forum, noted that the STAR Market has made significant progress in institutional development, industrial focus, and R&D intensity over the past six years. He emphasized the need to better leverage the capital market's resource allocation and integration capabilities to guide "new productive forces" toward sustained strength.

Dai Weimin, Founder, Chairman, and CEO of VeriSilicon, shared that the company has not only witnessed the growth of China's semiconductor industry but also represents the globalization of Chinese chip firms. The STAR Market helped VeriSilicon evolve from a leader in semiconductor IP in China to a leader in ASICs. Currently, the company has identified new growth opportunities in automotive intelligent driving applications.

Cui Shan, Chairman and President of Supcon, stated in his keynote speech that this is the era of AI, where AI reshapes value creation—those who master AI will lead the future. It is also the era of industrial AI. Supcon has developed a "1+2+N" industrial AI-driven smart factory framework, providing comprehensive support for the intelligent transformation of process industries.

During the roundtable discussion on "M&A: Accelerating the Development of New Productive Forces," Yu Dan, General Manager of Yicun Capital, highlighted three key trends in current M&A activities: First, the current wave is driven by listed companies seeking second growth curves and industrial chain restructuring, with a stronger focus on business synergy. Second, it is a buyer's market for listed companies, where target valuations may even fall below their last-round financing valuations in the primary market. Third, cross-border M&A now prioritizes targets with established overseas supply chains and customer bases, reflecting a more pragmatic and rational approach.