SSE Releases Document on AI Large Model Enterprises Applying the Fifth Set of Listing Standards of the Science and Technology Innovation Board; Companies Like Zhipu (2513.HK), MiniMax (0100.HK), and Mininglamp Technology (2718.HK) May Benefit

On June 17, 2026, the Shanghai Stock Exchange (SSE) issued the Application Guidelines No. 10 for Issuance and Listing Review Rules of the Shanghai Stock Exchange — Application of the Fifth Set of Listing Standards of the Science and Technology Innovation Board by Artificial Intelligence Large Model Enterprises (hereinafter referred to as the "Guidelines No. 10"), which came into effect on the date of release.

It is understood that the core threshold of the fifth set of standards on the Science and Technology Innovation Board (STAR Market) is an estimated market capitalization of no less than RMB 4 billion, with no requirements placed on indicators such as operating revenue, net profit, or cash flow. Previously, the fifth set of standards was primarily applicable to pre-profit enterprises in fields such as biomedicine and integrated circuits. As of June 17, only 23 listed companies had adopted this standard, accounting for a mere 3.78%, representing an extremely limited scope of application. This expansion into the AI large model sector opens up a direct A-share listing channel for a massive number of high-quality large model enterprises that have not yet turned a profit but possess core technologies.

Companies Like Zhipu (2513.HK), MiniMax (0100.HK), and Mininglamp Technology (2718.HK) May Benefit

Concurrently with the implementation of Guidelines No. 10, Zhipu's STAR Market IPO tutoring status has been updated to "tutoring completion and acceptance." The company intends to raise no more than RMB 15 billion on the A-share market, which will be utilized for its general foundational AI large models, the large model MaaS (Model-as-a-Service) one-stop service platform, and to replenish working capital. The market anticipates that Zhipu is poised to become the "first large model stock on the A-share market."

MiniMax released an announcement on the Hong Kong Stock Exchange (HKEX) on May 31 officially declaring its intention to "enter the STAR Market," and had already submitted its A-share IPO tutoring registration to the Shanghai Securities Regulatory Bureau by the end of May. If the two companies successfully "join forces" on the STAR Market, domestic investors will gain a direct entry point to price core large model assets, accelerating the concentration of industrial resources toward leading players, and the domestic capital chain and supply chain of Chinese large models are expected to form a strong resonance.

The Guidelines define "large model enterprises" across three business categories: "independent research and development, model services, or model applications." Mininglamp Technology's edge-side GUI model, Mano-P, falls under independently developed large model products. It has ranked first globally on the OSWorld specialized model leaderboard and has completed large-scale deployment across 1,400 internal employees and over 2,900 Agents, which satisfies the requirement that "at least one large model product has completed its online release and achieved large-scale application."

Furthermore, the Guidelines explicitly support the simultaneous application of industry-specific models. As an edge-side industry-specific large model, Mininglamp Technology's Mano-P theoretically qualifies for application. Should Mininglamp Technology initiate a listing on the STAR Market, it is expected to become the first enterprise within the Hong Kong stock market's AI sector to apply the fifth set of standards under the identity of an "industry-specific large model."

Unlisted Large Model Enterprises: From "Queuing for Hong Kong Listings" to "A-Share Options"

Policy dividends are similarly transmitting to unlisted, leading large model enterprises.

DeepSeek has completed its first round of external financing, reaching a massive scale of RMB 50 billion with a valuation exceeding USD 50 billion. Market analysis suggests that this policy expansion is, to some extent, opening its arms precisely to high-quality unlisted large model enterprises of this caliber.

Moonshot AI (Kimi) completed a new round of financing worth approximately USD 2 billion, pushing its post-investment valuation beyond USD 20 billion. StepFun completed a financing round of nearly USD 2.5 billion and has dismantled its red-chip structure to sprint toward an HKEX IPO. Following the introduction of this policy, these enterprises have gained more listing options across "Hong Kong stocks or A-shares." Baichuan Intelligent, which focuses on medical models, and ModelBest, which focuses on Edge AI, are both on the list of potential beneficiaries.

The Chief Economist of Wanlian Securities pointed out: "The frontier competition in artificial intelligence is not only a battle for technical reserves and talent, but also a contest of capital market efficiency." As the A-share market opens the door to direct financing for AI large model enterprises, the domestic AI industry will usher in a systemic transition from a "technological narrative" to a "capital narrative."

Risk Warning: The above content represents an objective review of public policy documents and market information for reference only, and does not constitute any investment advice. Whether and when each company initiates the STAR Market listing process depends on the company's strategic decisions and regulatory review conditions, and carries significant uncertainty. The AI industry is affected by multiple factors including technological iteration, market competition, and policy changes. Investment involves risks, and caution is required when entering the market.

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