Shanghai Stock Exchange Releases Guidance for AI Large Model Companies to List on STAR Market Under Fifth Standard, Requiring at Least One Scaled Released Product
English summary
The Shanghai Stock Exchange issued guidance on June 17, 2026, supporting AI large model companies without significant revenue to list on the STAR Market. The rules clarify that such firms qualify under the board’s fifth listing standard. A key requirement is that at the time of application, the issuer must have at least one large model product already released online and achieving large-scale application. The exchange will actively promote listings to boost breakthrough core technology enterprises.
Chinese summary
上海证券交易所于2026年6月17日发布指引，支持尚未形成一定收入规模的优质人工智能大模型企业在科创板发行上市。指引明确，大模型企业适用科创板第五套上市标准。核心要求是申报时至少有一个大模型产品已完成上线发布并实现规模化应用。上交所将积极推进此类企业上市，以更大力度支持关键核心技术企业发展。
Key points
SSE issued specific listing guidance for AI large model companies on June 17, 2026.
上交所于2026年6月17日发布针对人工智能大模型企业的上市指引。
Companies can use the STAR Market's fifth standard, which does not require existing revenue.
企业可适用科创板第五套上市标准，不要求已有营收规模。
At application, the issuer must have at least one large model product released and already achieving large-scale commercial application.
申报时必须至少有一个大模型产品已上线发布并实现规模化应用。
The policy aims to accelerate listings of core technology firms with strong future growth prospects.
政策旨在加快具有高成长性的核心科技型企业在科创板上市。