BEIJING — Companies listed on the Shanghai Stock Exchange's sci-tech innovation board saw steady growth in research and development (R&D) spending last year, data from the board has shown.

The R&D input of firms listed on the board, commonly known as the STAR market, reached 85.24 billion yuan (about $12.7 billion) in 2021, up 29 percent year-on-year.

The expansion in spending yielded fruitful results, with over 7,800 inventions patented by these firms last year.

Among all sectors, companies in the integrated circuit and biomedical sectors recorded higher R&D intensity than others.

So far, 29 percent of the STAR market firms have been officially recognized as "little giants," which refer to the novel elites of China's small and medium-sized enterprises that engage in manufacturing, specialize in a niche market and boast cutting-edge technologies.

The board's data also showed that companies listed on it saw operating revenue up 45.6 percent year-on-year and net profits up 62.42 percent in the first quarter.