The Shanghai Stock Exchange officially released 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" (hereinafter referred to as the "Guidance") on June 17, 2026.
This policy aims to implement the "Opinions on Setting up the Sci-Tech Growth Layer at the STAR Market and Enhancing Institutional Inclusiveness and Adaptability" issued by the China Securities Regulatory Commission in June 2025. By expanding the scope of application of the fifth set of listing standards, it focuses on supporting general and industry-specific large model enterprises that have not yet achieved a certain scale of revenue but possess high potential, thus accelerating the upgrading of the technological engine of China's artificial intelligence industrial chain.
The Guidance consists of 15 articles. It makes specific provisions regarding four aspects: obvious technical advantages, phased achievements, approval from national departments, and market space, taking into account the characteristics of large model enterprises such as high R&D investment, long cycles, and significant computing power costs. In terms of key phased achievement identification, it clearly requires that enterprises must have at least one large model product completed and launched with scaled application at the time of application, thereby verifying the feasibility of their business model.
At the same time, the main business of the issuer must focus on the independent research and development, model services, or model applications of artificial intelligence large models. In terms of industry position, the Guidance emphasizes that enterprises must have prominent industry rankings and demonstration leadership roles, and having investments from senior professional institutional investors is an important consideration factor.
Currently, Chinese artificial intelligence large model enterprises are in a critical window period for large-scale commercialization. The exclusive review guidance issued by the SSE not only opens up a clear capital market path for high-growth, high-tech AI enterprises, but also guides social capital to accurately flow into key core technology fields through enhanced institutional inclusiveness, which has profound strategic significance for China to seize the global science and technology competition high ground and foster new quality productive forces.
