Shanghai Stock Exchange: Clarifies that enterprises with large artificial intelligence models are applicable to the fifth set of listing standards for the Sci-Tech Innovation Board

The Shanghai Stock Exchange officially released the "Guidelines for the Application of the Shanghai Stock Exchange Issuance and Listing Review Rules No. 10 - Applicable to AI Large Model Enterprises under the Fifth Set of Listing Standards for the Sci-Tech Innovation Board," aimed at leveraging the role of the capital market to support the development of AI large model enterprises in China that are in a critical period of large-scale commercialization.
The "Guidelines" combine the actual situation of technological innovation in the field of AI large models and clarify the specific requirements for applying the Fifth Set of Listing Standards for the Sci-Tech Innovation Board:

• Definition of Main Business: The issuer's main business must be clearly defined as "independent research and development of AI large models, model services, or model applications," while simultaneously supporting both general large models and industry-specific models.

• Requirements for Stage Achievements: When applying, enterprises must meet the condition of "at least one large model product has been launched and achieved large-scale application" as a standard to verify the feasibility of their product business model and commercialization capability.

The Shanghai Stock Exchange stated that the next step will be to actively and steadily promote the issuance and listing of AI large model enterprises that meet this standard on the Sci-Tech Innovation Board under the guidance of the China Securities Regulatory Commission, to provide greater support for the development of technology-based enterprises that break through key core technologies.