Morgan Stanley: 20% of Star Market IPOs now target China's 'chokepoint' tech
pstAsiatech · x · 2026-09-04
A Morgan Stanley analysis of 229 Chinese IPOs (2022 to mid-July 2026), reported by SCMP, shows US export controls reshaping China's tech startup pipeline:
- 20% of companies going public on Shanghai's Star Market this year focus on key 'chokepoint' technologies, up from 8.1% in 2022; 60% contribute to supply-chain self-sufficiency, up from 41% four years ago.
- Of 21 chokepoint-focused companies identified in 2026, 19 are in the semiconductor supply chain and 15 in electronics.
- Critical bottlenecks have narrowed since 2022, shifting from a broad mix of strategic goods to the chip supply chain, with pressure moving upstream to raw materials, complex machinery, specialized parts and core manufacturing tools.
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