# 科创板开放未盈利AI公司上市通道

- 来源：X.PIN (@thexpin)
- 发布时间：2026-06-18 18:57
- AIHOT 分数：61
- AIHOT 链接：https://aihot.virxact.com/items/cmqjer83q02rtslmh6eim5gqj
- 原文链接：https://x.com/thexpin/status/2067562437100830991

## AI 摘要

中国科创板（Star Market）本周修订上市规则，允许未盈利AI公司上市。条件：市值不低于5.91亿美元、拥有规模化运行的模型并提交商业化计划。此举旨在为月之暗面（Moonshot）、Z.ai、Manus等持续烧钱的AI实验室拓宽融资渠道，维持其与海外前沿实验室的竞争。此外，同一规则更新还扩展至量子技术、脑机接口、机器人、氢能、核聚变和6G等战略性技术领域。

## 正文

China just opened its stock market to unprofitable AI companies.
Shanghai's Star Market clarified rules this week： LLM developers can go public with zero revenue as long as they have a $591M+ market cap， a live model at scale， and a commercialization plan.
Chinese AI labs- Moonshot， http://Z.ai, Manus， and others - have been burning cash at scale competing with each other and with US frontier labs. Venture funding exists but is unevenly distributed. Opening the public markets to pre-revenue AI companies is a structural attempt to broaden the capital base and keep Chinese labs in the race.
The same rule update also expanded Star Market access for quantum technology， brain-computer interfaces， robotics， hydrogen energy， nuclear fusion， and 6G essentially a shopping list of strategic tech priorities dressed up as listing reform.