GEM “activates” the third set of listing standards, potential “H+A” technology companies welcome new investment opportunities

Zhitong Finance App learned that China Securities Regulatory Commission Chairman Wu Qing said at the 2025 Lujiazui Forum held on June 18 that the CSRC will officially launch the third set of standards on GEM to support the listing of high-quality unprofitable innovative enterprises.

According to information, the third set of GEM standards was released in February 2023. Compared with the listing requirements of the Science and Technology Innovation Board for unprofitable enterprises, the third set of GEM standards raised the expected market value to 5 billion yuan and increased the revenue requirement of 300 million yuan, but the requirements for “enterprise R&D results” were not specified. For companies with differential voting rights arrangements and red-chip companies, they can select the corresponding listing criteria to apply for initial listing, but no cases were implemented in the early stages.

The market believes that GEM “activated” the third set of listing standards, responds to long-called institutional breakthroughs, and can better play its role as a capital market hub. Yang Delong, chief economist of the Qianhai Open Source Fund, said that GEM supports measures such as the listing of high-quality unprofitable innovative enterprises, which is conducive to increasing the capital market's support for science and technology innovation enterprises, so that science and technology innovation enterprises can access the capital market to obtain valuable capital, thus helping to develop new quality productivity.

On June 10, the Central Office and the State Office issued “Opinions on Further Promoting Shenzhen's Comprehensive Reform Pilot, Deepening Reform, Innovation, and Expanding Opening-up”. Among them, it was mentioned that Guangdong-Hong Kong-Macao Greater Bay Area companies listed on the Hong Kong Stock Exchange are allowed to be listed on the Shenzhen Stock Exchange in accordance with policy regulations.

Youjiao Innovation (02431), a Hong Kong-listed smart driving company, told Zhitong Finance that the Shenzhen Stock Exchange GEM supports the listing of high-quality unprofitable innovative companies, which echoes the “Opinions” issued by the Central Office and the State Administration a week ago: “The two favorable policies may have a linked effect. In particular, GEM's adoption of a third set of standards may complement the “Opinions.” The company will actively pay attention to the implementation of the specific rules of the policy.” At the same time, Youjia Innovation believes that the introduction of relevant favorable policies has multiple meanings. “It has broadened the financing channels for eligible potential listed companies and provided sufficient financial guarantees for the business expansion and long-term development of enterprises. In particular, it is of great significance to industrial upgrading and development in cutting-edge technology fields such as artificial intelligence, low-altitude economy, intelligent driving, and robotics, and can also help related enterprises build credibility and influence in domestic and foreign markets.”

Some analysts pointed out that as far as the current market is concerned, in addition to supergiants such as Tencent, Guangdong-Hong Kong-Macao Greater Bay Area companies that can potentially achieve “H+A” listings will also focus on intelligent driving, robotics, biotechnology, etc., such as the “first humanoid robot stock”, “the first stock with integrated cabin driving” Yuchuang, “Hong Kong Stock LiDAR First Stock” Suten Juchuang, and “Collaborative Robot First Stock” that have landed on the Hong Kong Stock Exchange in the past 1 or 2 years.