Core Insights - The Science and Technology Innovation Board (STAR Market) has seen significant growth, with 589 listed companies as of July 22, 2023, since its inception in 2019 [1] - Continuous institutional innovation on the STAR Market has provided a growth pathway for "hard technology" companies, facilitating their access to capital [1][2] - Companies like Microchip Biotech have benefited from the STAR Market, expanding their product offerings and conducting global clinical trials [1] - The STAR Market has enabled companies to better connect with capital markets, enhancing China's technological development [2] Company Developments - Microchip Biotech has progressed from having a single product to multiple drugs with various indications globally, showcasing the impact of STAR Market innovations [1] - UCloud, as the first public cloud company listed on the STAR Market, has maintained over 50% of its workforce in R&D, focusing on intelligent computing and AI services [2] Industry Trends - The STAR Market has diversified financing channels for technology companies, reducing reliance on government support and private equity [2] - Recent reforms, including the "1+6" policy measures, aim to deepen the STAR Market's institutional framework, enhancing its adaptability for hard technology firms [2][3] - Future reforms may focus on internationalization, attracting global investors and fostering a global market network for Chinese tech companies [3]