On June 17, 2026, CSRC Chairman Wu Qing announced at the Lujiazui Forum that Shanghai's STAR Market Fifth Listing Standard would expand to let loss-making AI, quantum, biomanufacturing and embodied-intelligence firms IPO without profits, with implementing rules released the same afternoon. For AI applicants, the SSE guideline requires at least one large-model product that has launched online and achieved scaled application. The standard, suspended in 2023 and revived in 2025, is placed in a dedicated Sci-Tech Growth Tier.
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China's STAR Market reopens pre-profit IPO track to AI, quantum and deep-tech startups
Why this matters for founders
Pre-revenue Chinese AI, quantum, robotics or biotech founders can now target a domestic STAR Market listing without showing profit, giving a concrete exit and late-stage funding path onshore. Structure your cap table and a shippable, at-scale core product early to qualify under the Fifth Standard.
Source: BigGo Finance
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