Today, Wu Qing, Chairman of the CSRC, made a significant and informative speech at the Lujiazui Forum.

【Morse IPO】Let's focus on the expansion of the STAR Market.

Wu Qing mentioned that the STAR Market will expand the fifth listing criteria to the artificial intelligence sector, while also supporting the listing of hard-tech companies in areas such as quantum technology, bio-manufacturing, and embodied intelligence.

Regarding the ChiNext board, he also stated the need to advance and deepen reforms of the ChiNext board, increase support for new types of consumption and modern service industries, and better serve the development of growth-oriented innovative and entrepreneurial companies.

He mentioned the need to proactively embrace the new round of technological and industrial revolutions, enhancing the inclusiveness and adaptability of the capital market system.

Just a side note—does this mean that some consumer service companies can now list on the ChiNext board? Some industries that Morse can think of include smart consumer products, innovative trendy domestic brands, new-style tea beverages, and intelligent warehousing.

Focusing on the STAR Market, the statement about expanding the fifth listing criteria to the artificial intelligence sector undoubtedly opens the door wide for AI industry companies. Previously, the fifth set of criteria on the STAR Market was primarily designed for unprofitable biopharmaceutical companies, requiring a projected market capitalization of no less than RMB 4 billion and significant technological advantages.

This expansion to the artificial intelligence sector means that loss-making AI companies can also go public on the A-share market, as long as they possess the technology and a certain valuation.

Moreover, this information is not just at the initial stage; the details have already been finalized. Following the speech, the Shanghai Stock Exchange promptly issued relevant Guidelines.

The specific details are not elaborated here; please refer to the screenshot above.

The opening is primarily for artificial intelligence large model companies, with clear requirements: “At the time of application, at least one large model product must have been launched and achieved large-scale application.” Industry status, market prospects, and commercialization arrangements must also be demonstrated.

At first glance, do you all have specific AI large model companies in mind? For example, Zhipu and Minimax, which are already listed on the Hong Kong Stock Exchange.

Combined with today's news that Zhipu has completed its A-share tutoring (tutoring/preparation) acceptance (acceptance/inspection), the pace can be described as very fast. Moreover, it is now clear that Hong Kong-listed companies that comply with policies are supported to list domestically, essentially paving the way for companies like Zhipu and Minimax.

Other large model companies that are about to go public or are preparing to go public, such as Deepseek, Kimi, and Stepfun, can be seen as receiving significant benefits. It is believed that the IPO market will soon witness another wave of AI company listings.

The key point is that domestic investors will now have the opportunity to invest in these cutting-edge technology companies.

Furthermore, this logic is similar to the previous move of allowing commercial rocket companies to list on the STAR Market, which immediately triggered a wave of IPOs for commercial aerospace companies.

Clearly, regulators hope to increase the “technology content” of A-share market capitalization in the future, welcoming more companies with genuine hard-tech capabilities. They are no longer strictly enforcing profitability thresholds and are placing greater emphasis on technological content.

This also poses a greater challenge for market participants: how to correctly value these unprofitable companies?

Regulators clearly hope that while providing green lights for companies in certain industries, they must also guard against market risks. After all, there have been many precedents with the previous five sets of criteria on the STAR Market. After readjustments, they are being reopened, hoping for a better market response.

Source / Morse IPO (MorseIPO)