Thanks to strong policy support, a favorable market environment and a sound innovation ecosystem, China's capital market and new quality productive forces are reinforcing each other in a two-way synergy, accelerating the deep integration of technological and industrial innovation.

According to China Securities Regulatory Commission's chairman Wu Qing, the technology sector currently accounts for over 30 percent of the A-share market's total market capitalization. Among the listed companies with a market capitalization exceeding 100 billion RMB, tech firms now make up 45 percent. A growing number of high-quality innovative enterprises are efficiently debuting on the A-share market, accelerating the momentum of a two-way embrace and mutual reinforcement between the capital market and new quality productive forces.

The trend is also underscored by a recent report released by global professional services and accounting firm EY. The report reveals that the A-share market exhibits a distinct sectoral divergence driven by new quality productive forces. In the first half of 2026, the A-share market is expected to have 81 initial public offerings (IPOs), raising 105.7 billion RMB. Industrials, technology and materials ranked the top three in the number of IPOs, accounting for 75 percent of the total. As for the fundraising scale, technology ranked first in the A-share's IPO market.

From an industry perspective, filing companies are highly concentrated in strategic emerging industries, exhibiting a pronounced new quality productive forces profile. Frontier areas such as AI, humanoid robots, advanced semiconductors, new energy storage and innovative biomedicine have become the main filing forces, indicating that the capital market is efficiently allocating resources to sectors with the strongest technological moats and growth potential, effectively boosting self-reliance and strength in science and technology and industrial structure upgrading.

The Beijing Stock Exchange has been established as the primary platform for serving "innovative small and medium-sized enterprises." In the first half of 2026, nearly 50 percent of enterprises chose this segment to apply for listing.

Meanwhile, the multi-level capital market has continued to deepen synergistically. In particular, the comprehensive policy package for the reform of the Shenzhen Stock Exchange's ChiNext Board has officially taken effect, significantly enhancing market inclusivity and vitality.

As EY Greater China IPO leader Terence Ho noted, the technology attribute of the A-share market is becoming increasingly prominent, with capital markets rapidly converging towards sci-tech enterprises. Premium sci-tech enterprises that meet listing requirements are expected to be prioritized in the pipeline, aligning more precisely with the real economy's demand for new quality productive forces.