China's Securities Regulatory Commission will expand the scope of its fifth set of listing standards for the Shanghai Stock Exchange's STAR Market to include the artificial intelligence (AI) sector, supporting high-quality large model companies to enter the stock market, said Wu Qing, chairman of the commission, on Wednesday at the Lujiazui Forum in Shanghai.
Wu noted that a new round of technological revolution, represented by AI, is integrating into production and daily life at an unprecedented pace, driving further development and transformation. Major global capital markets are accelerating reforms to better adapt to innovation needs and seize development opportunities.
From China's perspective, a series of technological advancements have achieved remarkable progress. A large number of high-quality science and technology firms are thriving, undergoing historical changes from following others to matching and even leading in various fields. Traditional sectors are also accelerating their transformation and modernization, rejuvenating with new vitality, he added.
"The regulator will better promote the deeper integration of scientific and technological innovation with industrial innovation, and support China's modernization and the construction of a financial power," Wu said.
According to the Shanghai Stock Exchange, the fifth standard is specifically aimed at unprofitable but high-growth potential tech companies. It uses "market value + R&D" as an evaluation method to avoid traditional capital market constraints on corporate earnings and other aspects, emphasizing state approval of main business or products, broad market space, and phased results. This opens financing channels for innovative companies in the critical R&D stage despite lacking profits.
Tian Yun, an economist in Beijing, said on Wednesday that including AI in the fifth set of listing standards will open a direct financing channel for high-quality but unprofitable AI companies, allowing them to obtain long-term, stable, and large-scale capital support that better meets their rapid development needs. Moreover, the move demonstrates the state's firm determination to position AI as a key field for the future, directing social capital and patient capital toward cutting-edge technologies. This will help China take the lead in global AI competition and enhance its national technological competitiveness, Tian noted.
During the forum, Wu indicated that the commission will assist more "advanced technology" companies in areas such as quantum technology, biomanufacturing, embodied intelligence, and others to list on STAR. At the same time, it will advance reforms of the ChiNext Board, strengthen support for new consumer sectors and modern services, and better serve the growth of innovative and entrepreneurial firms.
Tian stated that these measures represent the implementation of the forward-looking deployment of future industries, as highlighted in the 15th Five-Year Plan (2026–2030) for national economic and social development, which aims to build a full-chain support system for future industries. The capital market can effectively balance capital supply and demand, favoring industrial development and providing strong impetus for the implementation of national strategies.
Wu noted that today, the technology sector accounts for more than 30% of the total market capitalization of the A-share market. Among listed companies with a market value exceeding 100 billion yuan, tech firms now account for 45%. A group of innovative companies has efficiently entered the A-share market, and a trend of mutual reinforcement between the capital market and new quality productive forces is accelerating.
For example, Chinese humanoid robot manufacturer Unitree Robotics received approval from the Shanghai Stock Exchange's listing committee for its planned initial public offering (IPO) on the STAR Market. This marked one of the fastest reviews in China this year, as investors have flocked to the rapidly growing robotics field.
Tian emphasized that these actions will inject new vitality into China's capital markets and attract more global capital flows. The capital market will act as a powerful amplifier, enhancing China's technological and financial competitiveness worldwide.
