Guandian Defense Cleared for Move to STAR Market

Guandian Defense Technology Co. Ltd., a Beijing-based drone services provider, will become the first Beijing Stock Exchange-traded company to move up to Shanghai’s Nasdaq-like STAR Market.

The listing committee of the Shanghai Stock Exchange’s STAR Market accepted Guandian Defense Thursday.

Guandian Defense is China’s first company providing drone services used by police to crack down drug trafficking. The company also provides drone services to the military and for oil and gas exploration. The STAR Market’s listing review focused on the company’s reliance on government spending for police drones.