明确里程碑节点 商业火箭企业登陆科创板“指引”发布

Core Viewpoint - The Shanghai Stock Exchange has released guidelines to support high-quality commercial rocket companies that have not yet formed a significant revenue scale to issue listings on the Sci-Tech Innovation Board, specifically under the fifth set of listing standards [1][4]. Group 1: Guidelines Overview - The guidelines specify that companies must achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit at the time of application [2][3]. - The guidelines consist of 14 articles, focusing on four main areas: 1. Clarification of significant technical advantages, emphasizing the importance of "hard technology" attributes in the core business of commercial rocket development, manufacturing, and launch services [1][2]. 2. Definition of milestone achievements, requiring companies to demonstrate successful payload launches using reusable technology [2]. 3. Requirement for obtaining approvals from relevant national departments for research, manufacturing, and launch processes [2]. 4. Specification of market space requirements, necessitating that companies hold a leading position in the industry and have a clear target market with competitive advantages [2][3]. Group 2: Industry Context - The development of medium to large reusable rockets is identified as a core direction in the commercial aerospace sector, with successful payload launches serving as a validation of commercial viability [3]. - The guidelines aim to enhance the inclusivity and adaptability of the regulatory framework, allowing for flexibility in product design without mandating recovery tasks during initial flights [3]. - The overall landscape of the commercial rocket industry in China is characterized by high technical complexity, significant capital investment, and lengthy research and development cycles, indicating a critical period for commercialization [6].