上交所发布！商业火箭企业适用科创板第五套上市标准 制度包容性、适应性进一步提升

Core Viewpoint - The Shanghai Stock Exchange has officially released guidelines to support commercial rocket companies in meeting the fifth set of listing standards on the Sci-Tech Innovation Board, marking a significant step in the ongoing reforms aimed at enhancing the capital market's inclusivity and adaptability for high-tech industries [1][5]. Group 1: Guidelines Overview - The guidelines consist of 14 articles that detail specific requirements for commercial rocket enterprises, emphasizing their technological advantages, stage achievements, necessary approvals, and market positioning [3][4]. - Companies must demonstrate significant technological advantages in the development and manufacturing of commercial rockets, focusing on core technologies and key components [3]. - A requirement for companies is to achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit before applying for listing [6][8]. Group 2: Market Context and Implications - The commercial space sector is recognized as a strategic priority for national technological competition and industrial layout, with the guidelines aimed at enhancing the capital market's role in supporting technological innovation [5][6]. - The guidelines are expected to facilitate the listing of commercial rocket companies, which are crucial for the development of satellite constellations and the overall commercial space industry [8][9]. - As of December 26, 2025, the commercial space sector has seen significant growth, with over 20 companies successfully launching rockets, and the sector's stock performance has increased by over 80% since the beginning of the year [10].