TechFlow News, on June 17, the Shanghai Stock Exchange (SSE) officially released the “Guidance No. 10 on the Application of the SSE’s Rules for Review of Issuance and Listing—Applicable to Artificial Intelligence Large-Model Enterprises Under the Fifth Listing Standard of the STAR Market.” Based on the STAR Market’s Fifth Listing Standard and tailored to the technological innovation and industrial development characteristics of the AI large-model sector, this guidance specifies concrete requirements regarding technological advantages, interim achievements, relevant regulatory approvals, and market potential.
The guidance explicitly states that, at the time of application, the applicant enterprise must have at least one large-model product already launched and deployed at scale. The enterprise’s core business must be defined as the independent R&D of AI large models, provision of model-related services, or application of such models; both general-purpose and industry-specific large models are eligible. The SSE stated that, under the guidance of the China Securities Regulatory Commission (CSRC), it will prudently advance the issuance and listing of qualified AI large-model enterprises on the STAR Market.
