The listing criteria for the artificial intelligence large model sector have now received clear quantitative guidance. On June 17, the Shanghai Stock Exchange issued new application requirements for the fifth set of listing standards for the Sci-Tech Innovation Board, establishing clear "access barriers" for AI large model companies aiming to go public.

The core logic of this new regulation is "selecting the best from the best." The exchange clearly stated that applicants must have a prominent industry position in the field of artificial intelligence large models, not only ranking high but also occupying an essential core link in the industrial chain. Regulators expect this approach to guide high-quality enterprises that can truly play a leading role in the industry and gain broad market recognition to enter the Sci-Tech Innovation Board.

In terms of business considerations, regulators have set high standards for the "fundamentals" of enterprises. Companies not only need to have a clear target market with a broad market space and growth potential, but more importantly, their products must demonstrate significant competitive advantages in terms of R&D progress and key technical indicators. In short, only companies that possess dual strengths in technological barriers and practical implementation capabilities meet the definition of "hard technology" properties by the Sci-Tech Innovation Board.

Industry analysts believe that this move marks a shift in the capital market's evaluation system for AI large model companies, from early "concept popularity" to "technical strength." By raising the listing threshold, the exchange aims to improve the quality of listed companies on the Sci-Tech Innovation Board from the source, ensuring that AI companies entering the capital market have continuous R&D innovation capabilities and can cope with market challenges through actual business transformation, thus playing a more stable value support role in the process of AI empowering the real economy.