Home
Sci-Tech Innovation Board Opens Fifth Listing Criterion to Large Model Firms, Capital Market Boosts AI Innovation
On June 17, 2026, the Shanghai Stock Exchange officially published 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" (referred to as the "Guidance").
This policy is designed to implement the "Opinions on Setting up the Sci-Tech Growth Layer at the STAR Market and Enhancing Institutional Inclusiveness and Adaptability," released by the China Securities Regulatory Commission in June 2025. By broadening the applicability of the fifth set of listing standards, it aims to support general-purpose and industry-specific large model enterprises with high potential that have not yet reached a certain revenue scale, thereby accelerating the technological upgrade of China's AI industrial chain.
The Guidance contains 15 articles, providing specific provisions on four key aspects: clear technical advantages, phased achievements, approval from national authorities, and market potential. It takes into account the characteristics of large model enterprises, including high R&D investment, long development cycles, and substantial computing power costs. Regarding the identification of key phased achievements, it explicitly requires that, at the time of application, enterprises must have at least one large model product completed and launched with scaled application, thereby demonstrating the viability of their business model.
Furthermore, the issuer's main business must center on the independent R&D, model services, or model applications of AI large models. In terms of industry positioning, the Guidance emphasizes that enterprises should hold prominent industry rankings and demonstrate leadership. Investments from senior professional institutional investors are also considered an important factor.
At present, Chinese AI large model enterprises are at a critical window for large-scale commercialization. The exclusive review guidance issued by the SSE not only provides a clear capital market pathway for high-growth, high-tech AI enterprises, but also directs social capital toward key core technology fields through enhanced institutional inclusiveness. This holds profound strategic significance for China's efforts to secure a leading position in global science and technology competition and to cultivate new quality productive forces.
Related article
U.S. Stocks Hit Historic Milestone as AI and Aerospace Giants Prepare for Trillion-Dollar Debut
Elon Musk, Sam Altman, and Dario Amodei, three titans of the technology sector, are advancing toward initial public offerings for their respective ventures. With SpaceX, OpenAI, and Anthropic—three industry behemoths nearing trillion-dollar valuation
Swedish AI Startup Lovable Eyes $13.2 Billion Valuation After Major Funding Round
As AI-driven coding tools gain traction, Swedish startup Lovable has secured a major funding round. The company aims to raise $3 billion, potentially boosting its valuation to $13.2 billion—double the $6.6 billion recorded last December. Menlo Ventur
Google Tests Remy AI Agent for Gemini as Focus Shifts to User Control
According to Business Insider, Google is testing Remy, a new AI personal agent for Gemini. This tool aims to execute tasks on behalf of users, streamlining both professional workflows and daily routines.Currently, Remy is undergoing testing in an int
Related Special Topic Recommendations
SEO
Best AI SERP Analysis Tools for Search Strategy
2026 Latest Best Top-rated AI SERP Analysis Tools for Search Strategy are curated by XIX.AI through rigorous real-world tests and weekly updated rankings. These powerful tools help you unlock hidden optimization opportunities, boost content performance, and gain a competitive edge in search. Discover your perfect tool to elevate your search strategy today. Explore now!
13 tools
xix.ai
Data Analysis
Best AI Anomaly Detection Tools for KPI Monitoring across SaaS and Ecommerce Teams
2026 Latest Best Top-rated AI Anomaly Detection Tools for KPI Monitoring in SaaS and Ecommerce teams! XIX.AI has curated a powerful, game-changing collection based on rigorous real-world tests and weekly updated rankings. You’ll find detailed free vs paid comparison insights to help you identify the must-try solution that boosts productivity and unlocks your AI edge. Explore now!
10 tools
xix.ai
writing
Best AI Outline Generators for Long-Form SEO Articles
2026 Latest Best Top-Rated AI Outline Generators for Long-Form SEO Articles, meticulously curated by XIX.AI. These powerful tools offer game-changing assistance in creating high-quality content quickly, boosting writing efficiency significantly. Get a free vs paid comparison along with real-world tests and detailed rankings to help you find the must-try option that suits your needs. Explore now to unlock your AI edge.
8 tools
xix.ai
Education and Learning
AI Study Tools for Homework and Exam Prep
2026 Latest Best AI Study Tools for Homework and Exam Prep! XIX.AI curates a top-rated list of powerful, game-changing tools that help students boost productivity, streamline homework completion, and ace exams through real-world tests. Get a free vs paid comparison, detailed rankings, and must-try options to unlock your AI edge. Explore now!
10 tools
xix.ai
Music composition
AI Vocal Demo Tools for Songwriters, Hooks, Toplines, and Multilingual Draft Sessions
2026 Latest Best AI Vocal Demo Tools for Songwriters, Hook Creators, and Multi-Language Content Teams! XIX.AI has curated a top-rated list of powerful game-changing tools that go through rigorous real-world tests. You’ll find detailed free vs paid comparison data, comprehensive rankings, and must-try options to help you boost writing efficiency and unlock your creative potential. Explore now to discover your perfect tool for all your content needs!
9 tools
xix.ai
Business
Best AI Competitive Research Tools for Small Businesses
2026 Latest Best Top-rated AI Competitive Research Tools for Small Businesses! XIX.AI has curated a highly powerful game-changing collection, updated weekly with rigorous real-world tests and detailed rankings. You can find a comprehensive free vs paid comparison to help you identify the must-try tools that boost your productivity and give you a competitive edge. Explore now to discover your perfect tool!
9 tools
xix.ai
Comments (0)
0/500
On June 17, 2026, the Shanghai Stock Exchange officially published 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" (referred to as the "Guidance").
This policy is designed to implement the "Opinions on Setting up the Sci-Tech Growth Layer at the STAR Market and Enhancing Institutional Inclusiveness and Adaptability," released by the China Securities Regulatory Commission in June 2025. By broadening the applicability of the fifth set of listing standards, it aims to support general-purpose and industry-specific large model enterprises with high potential that have not yet reached a certain revenue scale, thereby accelerating the technological upgrade of China's AI industrial chain.
The Guidance contains 15 articles, providing specific provisions on four key aspects: clear technical advantages, phased achievements, approval from national authorities, and market potential. It takes into account the characteristics of large model enterprises, including high R&D investment, long development cycles, and substantial computing power costs. Regarding the identification of key phased achievements, it explicitly requires that, at the time of application, enterprises must have at least one large model product completed and launched with scaled application, thereby demonstrating the viability of their business model.
Furthermore, the issuer's main business must center on the independent R&D, model services, or model applications of AI large models. In terms of industry positioning, the Guidance emphasizes that enterprises should hold prominent industry rankings and demonstrate leadership. Investments from senior professional institutional investors are also considered an important factor.
At present, Chinese AI large model enterprises are at a critical window for large-scale commercialization. The exclusive review guidance issued by the SSE not only provides a clear capital market pathway for high-growth, high-tech AI enterprises, but also directs social capital toward key core technology fields through enhanced institutional inclusiveness. This holds profound strategic significance for China's efforts to secure a leading position in global science and technology competition and to cultivate new quality productive forces.
U.S. Stocks Hit Historic Milestone as AI and Aerospace Giants Prepare for Trillion-Dollar Debut
Elon Musk, Sam Altman, and Dario Amodei, three titans of the technology sector, are advancing toward initial public offerings for their respective ventures. With SpaceX, OpenAI, and Anthropic—three industry behemoths nearing trillion-dollar valuation
Swedish AI Startup Lovable Eyes $13.2 Billion Valuation After Major Funding Round
As AI-driven coding tools gain traction, Swedish startup Lovable has secured a major funding round. The company aims to raise $3 billion, potentially boosting its valuation to $13.2 billion—double the $6.6 billion recorded last December. Menlo Ventur
Google Tests Remy AI Agent for Gemini as Focus Shifts to User Control
According to Business Insider, Google is testing Remy, a new AI personal agent for Gemini. This tool aims to execute tasks on behalf of users, streamlining both professional workflows and daily routines.Currently, Remy is undergoing testing in an int
2026 Latest Best Top-rated AI SERP Analysis Tools for Search Strategy are curated by XIX.AI through rigorous real-world tests and weekly updated rankings. These powerful tools help you unlock hidden optimization opportunities, boost content performance, and gain a competitive edge in search. Discover your perfect tool to elevate your search strategy today. Explore now!
13 tools
xix.ai
2026 Latest Best Top-rated AI Anomaly Detection Tools for KPI Monitoring in SaaS and Ecommerce teams! XIX.AI has curated a powerful, game-changing collection based on rigorous real-world tests and weekly updated rankings. You’ll find detailed free vs paid comparison insights to help you identify the must-try solution that boosts productivity and unlocks your AI edge. Explore now!
10 tools
xix.ai
2026 Latest Best Top-Rated AI Outline Generators for Long-Form SEO Articles, meticulously curated by XIX.AI. These powerful tools offer game-changing assistance in creating high-quality content quickly, boosting writing efficiency significantly. Get a free vs paid comparison along with real-world tests and detailed rankings to help you find the must-try option that suits your needs. Explore now to unlock your AI edge.
8 tools
xix.ai
2026 Latest Best AI Study Tools for Homework and Exam Prep! XIX.AI curates a top-rated list of powerful, game-changing tools that help students boost productivity, streamline homework completion, and ace exams through real-world tests. Get a free vs paid comparison, detailed rankings, and must-try options to unlock your AI edge. Explore now!
10 tools
xix.ai
2026 Latest Best AI Vocal Demo Tools for Songwriters, Hook Creators, and Multi-Language Content Teams! XIX.AI has curated a top-rated list of powerful game-changing tools that go through rigorous real-world tests. You’ll find detailed free vs paid comparison data, comprehensive rankings, and must-try options to help you boost writing efficiency and unlock your creative potential. Explore now to discover your perfect tool for all your content needs!
9 tools
xix.ai
2026 Latest Best Top-rated AI Competitive Research Tools for Small Businesses! XIX.AI has curated a highly powerful game-changing collection, updated weekly with rigorous real-world tests and detailed rankings. You can find a comprehensive free vs paid comparison to help you identify the must-try tools that boost your productivity and give you a competitive edge. Explore now to discover your perfect tool!
9 tools
xix.ai
