SSE Expands STAR Market Fifth Listing Standard to AI Large Model Firms, Clearing Path for Zhipu and MiniMax IPOs
English summary
On June 17, the Shanghai Stock Exchange (SSE) issued Guideline No. 10 to explicitly allow artificial intelligence large model companies to use the STAR Market's fifth listing standard, which does not require prior revenue. The guideline aims to accelerate AI innovation by creating a regulated pathway for high-quality AI firms that have not yet generated significant income. The move directly benefits domestic AI startups Zhipu and MiniMax, which are planning A-share listings, providing them with greater institutional certainty.
Chinese summary
6月17日，上海证券交易所发布第10号指引，明确人工智能大模型企业可适用科创板第五套上市标准，该标准不要求企业已有收入。此举旨在加快人工智能创新发展，为尚未形成一定收入规模的优质大模型企业提供规范上市路径。政策直接利好正在筹备“回A”的智谱和MiniMax，为其上市增添了制度层面的确定性。
Key points
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。
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。
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。