SSE Solicits Public Comments on the Interim Provisions on the Application and Recommendation of Enterprises for Issuance and Listing on the SSE STAR Market (Draft for Comments)

Recently, in accordance with the unified deployment of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) has revised the Interim Provisions on the Application and Recommendation of Enterprises for Issuance and Listing on the SSE STAR Market (Draft for Comments) (hereinafter referred to as the "Interim Provisions") and is soliciting public comments on the draft. The revision aims to implement the requirements of the national outline of the 15th Five-Year Plan and the classification of strategic emerging industries, with a focus on cultivating and expanding emerging industries and future industries. It supports eligible "hard-tech" enterprises in more fields—such as quantum technology, biomanufacturing, hydrogen energy and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication (6G)—to list on the STAR Market, and continuously enhances the STAR Market's adaptability and inclusiveness in serving high-level technological self-reliance and self-strengthening.

In accordance with the above requirements, the revision to the Interim Provisions mainly adjusts and updates the sub-sectors of strategic emerging industries stipulated in Article 5. Specifically, within the new-generation information technology sector, "quantum technology" is added; within the high-end equipment sector, "robotics" is added, and "marine engineering equipment" is adjusted to "marine equipment"; within the new energy sector, "hydrogen energy" is added; and within the biomedical sector, "brain-computer interfaces, biological drugs, genetic engineering drugs and vaccines, and biomedical engineering," among others, are added.

Since last year, a number of enterprises in fields such as quantum technology, biomanufacturing, and brain-computer interfaces have expressed interest in listing on the STAR Market. Adjusting and updating the specific industry scope that the STAR Market prioritizes for support now rests on the necessary practical foundation and market consensus. It should be noted that while technology enterprises embody development momentum, they also face considerable uncertainty risks, and their development is a process of continuous exploration and gradual progress. During the listing process, greater attention must be paid to protecting the legitimate rights and interests of investors, especially small and medium-sized investors. To this end, the SSE will strictly control the access to issuance and listing, adhere to the principles of orderly proceeding with quality in priority, firmly uphold the bottom line of financial authenticity, and rigorously prevent flawed applications and a blind rush to list. At the same time, the SSE will strictly and firmly press down the responsibilities of issuers and intermediaries, requiring issuers to fully, objectively, and accurately disclose their current development stage, phased achievements, and potential risks they may face, and urging intermediaries to conduct comprehensive verification of the technological and product advancement of the issuers, as well as their positioning in relation to the STAR Market.