上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》

Core Viewpoint - The Shanghai Stock Exchange has issued guidelines for commercial rocket companies to apply the fifth set of listing standards on the Sci-Tech Innovation Board, emphasizing the importance of "hard technology" and specific operational requirements for these companies [1][2]. Group 1: Business Scope and Technology Requirements - The main business scope for commercial rocket companies is defined as "independent research, manufacturing, and provision of space launch services," with a strong emphasis on the "hard technology" attributes of the issuer [1]. - Companies must demonstrate significant advantages or breakthroughs in key core technologies, focusing on the independent research and development of core technology products and critical components, as well as advanced metrics like payload capacity and multi-satellite launch capabilities [1]. - Commercial rocket enterprises are required to achieve at least one successful launch of a medium to large reusable rocket payload into orbit as a milestone before applying, with no significant adverse technical issues affecting their ability to undertake launch tasks thereafter [1]. Group 2: Approval and Market Position - Companies must possess relevant qualifications for research and manufacturing, and must obtain launch permits prior to commercial rocket launches, indicating a structured approval and regulatory process [1]. - It is required that commercial rocket companies rank among the top in their industry, hold significant positions within the supply chain, and receive high recognition from relevant market entities, with investment from experienced professional institutions being a key consideration [2]. - The issuer's commercial rocket business or products should have a clear target market, demonstrating a first-mover advantage over competitors and leading positions in R&D progress and key performance indicators [2]. Group 3: Commercialization Arrangements - Issuers are expected to establish clear and feasible commercialization plans for their commercial rocket business or products, ensuring that there are no significant adverse impacts on the expectations for commercial production and sales of their main business or products [2].