China Equity Strategy ChiNext reform can help to sustain the AI-driven rally

Research evidence excerpt

China Equity Strategy ChiNext reform can help to sustain the AI-driven rally

12 May 2026

Equity Research Report

China Equity Strategy EquityChina Strategy

ChiNext reform can help to sustain the AI-driven rally

◆ Reform focuses on revenue growth and R&D expenses, which Steven Sun*, CFA (Reg. No. S1700517110003)

could make ChiNext more attractive than the STAR board HeadHSBCofQianhaiResearch,SecuritiesHSBCLimitedQianhai Securities Limited

stevensun@hsbcqh.com.cn

◆ ChiNext is more exposed to overseas AI compute value chain +86 755 8898 3158

(25%); STAR50 more exposed to domestic AI compute (62%) Jeffrey Xie* (Reg. No. S1700523100002)

Analyst, China Equity Strategy Research

HSBC Qianhai Securities Limited

◆ ChiNext index futures likely to be rolled out in 1H27; we see jeffrey.p.xie@hsbcqh.com.cn

inflows from institutional investors and limited downside risks +86 10 5795 2361

Neal Chen*, PhD (Reg. No. S1700524120001)

On 10 April 2026, China’s securities regulator introduced a fourth set of listing rules HSBC Qianhai Securities Limited neal.m.chen@hsbcqh.com.cn

for ChiNext to support selected companies that are yet to turn profitable and +86 21 5066 2066

strengthen financial support for innovative start-ups in emerging and future industries. Lydia Li*, CFA (Reg. No. S1700525040002)

ChiNext reform to support the listing of innovative companies. We believe the HSBC Qianhai Securities Limited

lydia.j.y.li@hsbcqh.com.cn

reform – the fourth set of listing rules – will improve the coverage and inclusiveness +86 21 5066 2022

of the ChiNext board and make it more attractive for innovative companies than the

STAR board. We also expect the rising weight of high-tech companies in the ChiNext * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is