近日，中国证监会和上交所正式推出科创板‘火箭上市标准’，旨在进一步优化科技型企业的上市通道。这一新标准聚焦于尚未盈利但具备高成长潜力的硬科技企业，尤其在人工智能、量子计算、生物医药、航空航天等前沿领域。与原有五套上市标准相比，‘火箭标准’大幅放宽了对营业收入和净利润的要求，转而更注重企业的研发投入强度、核心技术自主性以及市场前景。具体来看，符合条件的企业只需满足最近三年累计研发投入占营收比例不低于15%，或拥有被广泛认可的核心技术成果，并具备明确的商业化路径，即可申请上市。此举被视为支持‘硬科技’突破‘卡脖子’技术瓶颈的重要制度创新，有助于吸引更多优质科创企业登陆资本市场，提升中国在全球科技竞争中的战略地位。值得注意的是，‘火箭上市标准’并非降低监管门槛，而是通过更加科学、灵活的评估体系，精准识别真正具有创新能力和长期价值的企业。同时，监管层也强调将强化信息披露和持续监管，防范资本炒作与估值泡沫，确保科创板健康有序发展。
Recently, China’s Securities Regulatory Commission and the Shanghai Stock Exchange officially introduced the ‘Rocket Listing Standard’ for the STAR Market, aiming to further streamline the listing process for technology-driven enterprises. This new standard targets unprofitable companies with high growth potential in hard-tech sectors such as artificial intelligence, quantum computing, biopharmaceuticals, and aerospace.Compared to the original five listing criteria, the ‘Rocket Standard’ significantly relaxes requirements on revenue and net profit, placing greater emphasis instead on R&D intensity, proprietary core technologies, and market potential. Eligible companies need only demonstrate that their R&D expenses over the past three years account for at least 15% of total revenue—or possess widely recognized core technological achievements with a clear commercialization pathway—to qualify for listing.This move is seen as a strategic institutional innovation to support breakthroughs in critical ‘bottleneck’ technologies and attract high-quality sci-tech firms to China’s capital markets, thereby enhancing the nation’s global competitiveness in science and technology. Importantly, the ‘Rocket Standard’ does not lower regulatory thresholds; rather, it employs a more scientific and flexible evaluation framework to accurately identify genuinely innovative enterprises with long-term value. Regulators also stress enhanced disclosure requirements and ongoing supervision to guard against speculative bubbles and ensure the healthy development of the STAR Market.
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