The Shanghai Stock Exchange has detailed regulations on the application of the fifth set of listing standards on the Science and Technology Innovation Board for commercial rocket companies.

On December 26th, in order to further standardize the application of the fifth set of listing standards for technology-based companies on the Sci-Tech Innovation Board, and to support high-quality commercial rocket companies that have not yet generated a certain income scale to list on the Sci-Tech Innovation Board, the Shanghai Stock Exchange has formulated the "Guidelines for Applying the Shanghai Stock Exchange Listing Examination Rules No. 9 - Application of the Fifth Set of Listing Standards for Commercial Rocket Companies on the Sci-Tech Innovation Board," which is now published and in effect from the date of publication. The "Guidelines" consist of fourteen articles, which provide detailed provisions for the application of the fifth set of listing standards for commercial rocket companies on the Sci-Tech Innovation Board. The main points are as follows: 1) Business scope and requirement for "hard technology" attributes. It clarifies that the specific scope of the main business is "commercial rocket independent research and development, manufacturing, and space launch services," placing more emphasis on the issuer's "hard technology" attributes. At the same time, commercial rocket companies that undertake national tasks and participate in national engineering projects are given priority support. 2) Regarding significant technological advantages. It specifies that companies must have significant advantages or breakthroughs in key core technologies, focusing on the independent research and development of core technology products and key components, as well as measuring indicators such as launch capacity, ability to launch multiple satellites with one rocket, and technological advancement. 3) About phased achievements. It specifies that when applying for listing, commercial rocket companies should have achieved at least the milestone of successfully launching a payload into orbit for the first time using reusable technology in medium-to-large-sized launch vehicles, with no significant adverse technical issues affecting future launch missions. 4) Concerning approvals. Commercial rockets are subject to a more systematic approval and supervision process, and it stipulates that companies should have relevant qualifications for research and manufacturing, and obtain launch permits before rocket launches. 5) About industry status. It specifies that commercial rocket companies should rank high in the industry and hold important positions in the industry chain, gaining recognition from relevant market entities, with investment from senior professional institutional investors as an important consideration factor. 6) Regarding market space. Issuers' commercial rocket businesses or products should have a clear target market, have a first-mover advantage over competitors, and be at the forefront of the industry in terms of research and development progress and key indicators. 7) About commercial arrangements. Issuers should have clear and feasible commercial arrangements for their commercial rocket business or products, from technical verification to scaled operations, with no significant adverse factors affecting the expected commercial production and sales of major business or products. (Continued in next message...)