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Sci-Tech Innovation Board Opens Fifth Listing Criterion to Large Model Firms, Capital Market Boosts AI Innovation
On June 17, 2026, the Shanghai Stock Exchange officially published the "Guidance on the Application of the Rules for the Review of Issuance and Listing at the STAR Market — Applicability for Artificial Intelligence Large Model Enterprises" (referred to as the "Guidance").
This policy is designed to implement the "Opinions on Setting up the Sci-Tech Growth Layer at the STAR Market and Enhancing Institutional Inclusiveness and Adaptability," released by the China Securities Regulatory Commission in June 2025. By broadening the applicability of the fifth set of listing standards, it aims to support general-purpose and industry-specific large model enterprises with high potential that have not yet reached a certain revenue scale, thereby accelerating the technological upgrade of China's AI industrial chain.
The Guidance contains 15 articles, providing specific provisions on four key aspects: clear technical advantages, phased achievements, approval from national authorities, and market potential. It takes into account the characteristics of large model enterprises, including high R&D investment, long development cycles, and substantial computing power costs. Regarding the identification of key phased achievements, it explicitly requires that, at the time of application, enterprises must have at least one large model product completed and launched with scaled application, thereby demonstrating the viability of their business model.
Furthermore, the issuer's main business must center on the independent R&D, model services, or model applications of AI large models. In terms of industry positioning, the Guidance emphasizes that enterprises should hold prominent industry rankings and demonstrate leadership. Investments from senior professional institutional investors are also considered an important factor.
At present, Chinese AI large model enterprises are at a critical window for large-scale commercialization. The exclusive review guidance issued by the SSE not only provides a clear capital market pathway for high-growth, high-tech AI enterprises, but also directs social capital toward key core technology fields through enhanced institutional inclusiveness. This holds profound strategic significance for China's efforts to secure a leading position in global science and technology competition and to cultivate new quality productive forces.
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On June 17, 2026, the Shanghai Stock Exchange officially published the "Guidance on the Application of the Rules for the Review of Issuance and Listing at the STAR Market — Applicability for Artificial Intelligence Large Model Enterprises" (referred to as the "Guidance").
This policy is designed to implement the "Opinions on Setting up the Sci-Tech Growth Layer at the STAR Market and Enhancing Institutional Inclusiveness and Adaptability," released by the China Securities Regulatory Commission in June 2025. By broadening the applicability of the fifth set of listing standards, it aims to support general-purpose and industry-specific large model enterprises with high potential that have not yet reached a certain revenue scale, thereby accelerating the technological upgrade of China's AI industrial chain.
The Guidance contains 15 articles, providing specific provisions on four key aspects: clear technical advantages, phased achievements, approval from national authorities, and market potential. It takes into account the characteristics of large model enterprises, including high R&D investment, long development cycles, and substantial computing power costs. Regarding the identification of key phased achievements, it explicitly requires that, at the time of application, enterprises must have at least one large model product completed and launched with scaled application, thereby demonstrating the viability of their business model.
Furthermore, the issuer's main business must center on the independent R&D, model services, or model applications of AI large models. In terms of industry positioning, the Guidance emphasizes that enterprises should hold prominent industry rankings and demonstrate leadership. Investments from senior professional institutional investors are also considered an important factor.
At present, Chinese AI large model enterprises are at a critical window for large-scale commercialization. The exclusive review guidance issued by the SSE not only provides a clear capital market pathway for high-growth, high-tech AI enterprises, but also directs social capital toward key core technology fields through enhanced institutional inclusiveness. This holds profound strategic significance for China's efforts to secure a leading position in global science and technology competition and to cultivate new quality productive forces.
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2026 Latest Best Top-Rated AI Budget Planning Tools for Personal Money Management are here on XIX.AI! This curated collection features powerful, game-changing solutions that help you conduct real-world tests, understand spending habits, and create personalized plans to boost productivity. Enjoy a free vs paid comparison along with detailed rankings. Must-try tools designed to simplify money management and unlock your AI edge. Explore now!
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