SSE Issues Review Guidelines on the Application of the Fifth Set of Listing Standards on the STAR Market for Artificial Intelligence Large Model Enterprises

SSE Issues Review Guidelines on the Application of the Fifth Set of Listing Standards on the STAR Market for Artificial Intelligence Large Model Enterprises

To implement the China Securities Regulatory Commission's Opinions on Adding a Science and Technology Innovation Growth Tier on the STAR Market to Enhance Institutional Inclusiveness and Adaptability, the Shanghai Stock Exchange (hereinafter referred to as "SSE") today officially released the Guidelines No. 10 of Shanghai Stock Exchange for the Application of Listing Review Rules - Application of the Fifth Set of Listing Standards on the STAR Market for Artificial Intelligence Large Model Enterprises (hereinafter referred to as these "Guidelines").

At present, artificial intelligence is a major driving force in developing new quality productive forces. Large models serve as the principal technological engine of the AI industry chain and a key vehicle for the new round of technological revolution and industrial transformation. They have become the focal point of global technological competition, requiring sustained high-intensity technological development, investment in computing power, and the recruitment of specialized talent. After years of effort, China's AI large model enterprises have entered a critical phase of large-scale commercialization and urgently need the supporting role of the capital market.

These Guidelines follow the relevant requirements of the Fifth Set of Listing Standards on the STAR Market, taking into account the actual conditions of scientific and technological innovation in the field of AI large models, set forth specific provisions on four aspects: clear technological advantages, phased achievements, approval from relevant national authorities, and large market potential. Among them, the phased achievements eligible for the Fifth Set of Listing Standards on the STAR Market are explicitly defined as: "At the time of application, the company shall have at least one large model product that has been launched and achieved large-scale application." The launch and large-scale application of a model serve as strong validation that the business model of the large model product is viable and that it is capable of commercial deployment. Meanwhile, these Guidelines define the issuer's principal business as "the independent R&D of AI large models, model services, or model applications, etc.," and support the concurrent application of these Guidelines to both general-purpose large models and industry-specific large models.

Looking forward, under the guidance of the CSRC, the SSE will take this opportunity of launching these Guidelines to actively and prudently promote the offering and listing of AI large model enterprises on the STAR Market that meet the criteria of these Guidelines, and provide stronger support for the development of technology enterprises that have achieved breakthroughs in key and core technologies.