On 17 June 2026 the CSRC and Shanghai Stock Exchange expanded the STAR Market's 'fifth listing standard,' effective immediately, letting pre-profit and pre-revenue hard-tech firms list. AI large-model developers need only an expected market cap of about 4 billion yuan (~US$591M) with no profit or revenue, and newly eligible sectors include quantum tech, 6G, brain-computer interfaces, nuclear fusion, hydrogen, robotics and biomedical engineering. Qualifying firms must obtain central-government approval of their core business or products.
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China reopens STAR Market IPOs to unprofitable AI and deep-tech startups
Why this matters for founders
For hard-tech founders this restores a domestic public-market exit for companies years from profitability, provided their core technology earns state endorsement.
Source: Caixin Global
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