Shanghai Stock Exchange: Large AI model enterprises are suitable for applying the fifth set of listing standards on the Science and Technology Innovation Board.

On June 17th, the Shanghai Stock Exchange announced that in order to implement the "Opinions of the China Securities Regulatory Commission on Enhancing the Inclusive and Adaptive System for Setting up a Growth Enterprise Board on the Science and Technology Innovation Board" and further regulate the application of the fifth set of listing standards on the Science and Technology Innovation Board for technology companies, it has formulated the "Shanghai Stock Exchange Issuance and Listing Review Rules Applicable Guidelines No. 10 - Application of the Fifth Set of Listing Standards on the Science and Technology Innovation Board for Artificial Intelligence Large Model Enterprises". The guidelines are now published and will be implemented from the date of publication. The guidelines mention that issuers should consider the level of technological innovation and development trends in the field of artificial intelligence. Issuers should have breakthroughs in key core technologies of artificial intelligence large models or innovative algorithms, as well as measure indicators such as model scale and complexity, performance, robustness, and safety. They should also consider technical advancements in areas such as multimodal and intelligent entities, rankings in recent mainstream large model evaluations at home and abroad, continuous research and technical iteration capabilities, data acquisition and governance capabilities, etc. Issuers should provide reasonable and prudent arguments and disclose their leading technological advantages in the industry. The guidelines also include provisions on the core technology products of issuers, continuous research and development, and the market position of artificial intelligence large model businesses or products, as well as compliance with relevant laws and regulations. The guidelines set out specific requirements and evaluation criteria for artificial intelligence companies seeking to list on the Science and Technology Innovation Board, encouraging innovation and development in the field of artificial intelligence.