China runs two flagship growth boards, one in each of its original exchange cities. They look alike on a quote screen: both have a ±20% daily band and both use registration-based IPOs. But they aim at different companies.
| STAR Market | ChiNext | |
|---|---|---|
| Exchange | Shanghai | Shenzhen |
| Code prefix | 688 / 689 | 300 / 301 / 302 |
| Launched | 2019 | 2009 (reformed 2020) |
| Focus | Hard tech: chips, biotech, advanced manufacturing | Innovative and growth firms across sectors |
| Daily limit | ±20% (none first 5 days) | ±20% (none first 5 days) |
| Retail threshold | CNY 500k assets + 2 yrs | CNY 100k assets + 2 yrs |
How to tell them apart fast
Look at the code. 688 means STAR and 300 means ChiNext. Then check the sector. STAR companies often report heavy R&D spending and may list before they turn a profit.