On June 17, 2026, CSRC Chairman Wu Qing announced at the Lujiazui Forum that Shanghai's STAR Market 'fifth listing standard' — which requires no profit or revenue — now covers AI large-model developers, quantum tech, bio-manufacturing and embodied intelligence, effective immediately. Qualifying firms need roughly CNY 4 billion (~US$591M) in market value plus state-recognized core technology, list with a 'U' ticker suffix, and sit in a dedicated Sci-Tech Innovation Growth Tier; AI applicants must have at least one large-model product in scaled use.
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China opens STAR Market pre-profit IPO track to AI, quantum and embodied-AI startups
Why this matters for founders
Deep-tech founders (AI models, quantum, robotics, biomanufacturing) that are pre-profit can now target a domestic A-share IPO instead of waiting years for profitability — worth factoring into cap-table and fundraising strategy and lining up an SSE-eligible sponsor early.
Source: Global Times
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