To implement the China Securities Regulatory Commission's Opinions on Setting up a Science and Technology Innovation Growth Tier in the SSE STAR Market to Enhance Institutional Inclusiveness and Adaptability (hereinafter the STAR Market Opinions) and further deepen the reform of the STAR Market, the Shanghai Stock Exchange (hereinafter the SSE) today released the Guidelines No. 9 of the Shanghai Stock Exchange on the Application of the Rules for Issuance and Listing Review — Application of the Fifth Set of STAR Market Listing Standards to Commercial Rocket Companies (hereinafter the Guideline).

The government work reports of 2024 and 2025 both proposed promoting the development of commercial space industry clusters. In October 2025, the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development highlighted accelerating the construction of a spacefaring nation and the development of strategic emerging industry clusters in the aerospace sector. Commercial space activities play a crucial role in developing the space industry and building a strong spacefaring nation. As a core midstream segment of commercial space, commercial rocket development and launch services effectively connect upstream and downstream businesses. Due to challenges in technical complexity, capital requirements, and R&D cycle, Chinese commercial rocket companies are in urgent need of support from capital markets on the cusp of large-scale commercialization.

The Guideline, following the requirements of the fifth set of STAR Market listing standards and taking into account the innovation needs in the commercial rocket sector, lays out specific criteria on determining leading technological strength, milestone achievements, approvals obtained from relevant national authorities, and market potential. Among these, the milestone achievement qualified for the fifth set of STAR Market listing standards is explicitly defined as: “at the time of application, (the issuer has) at least one successful orbital launch of a payload using a medium-to-large reusable launch vehicle.” Medium-to-large reusable rockets are mainstream R&D target in the commercial space sector, and the successful launch of a payload is a strong validation of the rocket's carrying capability and commercial value. This milestone is significant for corporate development and for advancing China's low-orbit satellite Internet constellation construction. It also aligns with the goals set out for commercial launch vehicles outlined in China's Action Plan for Promoting High-Quality and Safe Development of Commercial Spaceflight (2025–2027).

Next, under the guidance of the China Securities Regulatory Commission, the SSE will make full use of the Guideline to promote the issuance and listing of commercial rocket companies on the STAR Market that meet the standards set out therein. This initiative aims to provide stronger support for technology-driven enterprises that make key technological breakthroughs, continuously enhance the inclusiveness, adaptability, attractiveness, and competitiveness of the regulatory system, and better serve technological innovation and the development of new quality productive forces.