At the 2026 Lu Forum, the China Securities Regulatory Commission (CSRC) announced an expansion of the STAR Market's Listing Rule 5 eligibility criteria to include artificial intelligence, while actively supporting more "hard tech" companies in fields such as quantum technology, bio-manufacturing, and embodied AI to list on the STAR Market. This policy adjustment was widely seen by the market as a major boost for capital markets serving technological innovation, sending a strong signal of support for the industrialization of frontier technologies.

The STAR Market's fifth set of listing standards, previously limited to sectors like biomedicine, now permits companies without profitability but with core technologies and strong market prospects to go public. Expanding this to the artificial intelligence sector means that AI large model enterprises and other frontier tech firms can access capital on the STAR Market even if they are not yet profitable, provided they possess a core technology moat and commercialization potential. Meanwhile, since the launch of the ChiNext Market's fourth set of standards in 2025 4, the standard has been actively implemented. In the first half of the year, 8 companies filed applications seeking to raise a total of 190 billion yuan, reflecting robust market demand for technology-driven enterprises.

A CSRC official stated that expanding these standards is a key measure to implement the innovation-driven development strategy and deepen capital market reforms. By broadening access for "hard tech" companies, this initiative aims to channel more private capital toward technological innovation and help address critical bottlenecks in core technologies. Regulators will enforce strict entry criteria to ensure listed companies possess genuine technical capabilities and growth potential, preventing non-qualifying entities from exploiting the trend for listing.

Analysts note that AI large models, quantum technology, and embodied intelligence are at a critical juncture for technological breakthroughs and commercialization, driving substantial capital demand. The expansion of STAR Market's Rule 5 will provide top-tier companies in these sectors with vital direct financing channels, accelerating tech iteration and industrial adoption. More high-quality AI firms are expected to initiate IPOs in the second half of the year, further strengthening the STAR Market's "hard tech" positioning as China's premier hub for innovative tech enterprises.