SSE Issues the Fifth Listing Standard of the STAR Market for AI Large Model Enterprises

Recently, the Shanghai Stock Exchange (SSE) has formulated and issued the Guidelines on the Application of Issuance and Listing Review Rules No. 10 — Application of the Fifth Listing Standard of the STAR Market to Artificial Intelligence Large Model Enterprises (the "Guidelines"), which take effect on the date of issuance.

The Guidelines follow the requirements of the fifth listing standard of the STAR Market and, taking into account the realities of technological innovation in the artificial intelligence (AI) large model sector, set out specific requirements in four areas: significant technological advantages, phased achievements, approvals obtained from relevant State authorities, and substantial market potential. In particular, the Guidelines clarify that the phased achievements required for applying the fifth listing standard of the STAR Market are that "at least one large model product has been launched and achieved large-scale application at the time of application." The Guidelines also specify that an issuer's main business shall be "the independent research and development of AI large models, model services, or model applications," and support the application of the Guidelines to both general-purpose large models and industry-specific models.



(Source: http://www.sse.com.cn/lawandrules/sselawsrules2025/stocks/review/firstepisode/c/c_20260617_10822578.shtml)

Note: The link to the Chinese official website of the document is for your reference.