Shanghai Stock Exchange allows AI model firms to list via STAR Market's fifth standard, no revenue required

上交所发布指引：AI大模型企业可适用科创板第五套上市标准

The Shanghai Stock Exchange issued guidance on June 17, letting AI large model firms list on the STAR Market via the fifth standard even without meaningful revenue. The hard requirement: at least one model product must be live and scaled before filing, as proof of commercial viability. The firm also needs a leading market position and clear growth potential. This opens a path for top model builders still burning cash on R&D.

Why it matters: The Shanghai Stock Exchange explicitly opens the STAR Board's fifth listing standard to AI model companies, swapping revenue for product launch + scaled adoption. A real signal for Chinese LLM startups. Downside: no quantitative definition of 'scaled adoption' yet, leaving enf...