上交所发布指引，科创板第五套上市标准扩围至大模型企业，智谱、MiniMax“回A”提速

关键要点

1. SSE issued Guideline No. 10 on June 17, extending the fifth listing standard to AI large model companies.

   上交所6月17日发布第10号指引，将第五套上市标准扩围至人工智能大模型企业。

2. The fifth standard removes revenue requirements, catering to high-tech firms with heavy R&D spending but low initial sales.

   第五套标准不设收入门槛，适用于研发投入高但初期收入少的硬科技企业。

3. The policy provides institutional certainty for Zhipu and MiniMax's planned A-share listings, accelerating their domestic IPO process.

   政策为智谱和MiniMax的A股上市计划提供了制度确定性，有望加快其“回A”进程。