SSE Proposes to Classify Hydrogen as Standalone Sub-sector of Strategic Emerging Industries

June 17 – The Shanghai Stock Exchange (SSE) has rolled out revised listing rules for the STAR Market for public feedback, including a plan to designate hydrogen as a distinct sub-industry under the new energy segment as China advances its 15th Five-Year Plan development agenda.

In line with the Outline of the 15th Five-Year Plan and national classification criteria for strategic emerging industries, the exchange updated the Interim Provisions on the Application and Sponsorship for STAR Market Listings (Draft for Public Comment). The revision complies with official guidance on launching the STAR Market and piloting the registration-based IPO mechanism. Stakeholders may submit comments until July 2, 2026.

The draft introduces multiple new sub-sectors covering cutting-edge future industries by amending Article 5 of the interim rules, which outlines eligible strategic emerging sectors:

• New Generation Information Technology: adds quantum technology
• High-End Equipment: introduces robotics; renames “offshore engineering equipment” to “marine equipment”
• New Energy: adds hydrogen as a dedicated sub-category
• Biomedicine: incorporates brain-computer interfaces, biopharmaceuticals, genetically engineered drugs and vaccines, and biomedical engineering

Beyond industry categorization tweaks, the draft tightens compliance obligations for IPO applicants and financial intermediaries.

Companies operating in future industry tracks must deliver full, unbiased and precise disclosures in prospectuses and other regulatory filings, detailing their developmental progress, technical milestones and all foreseeable operational risks.

Intermediaries will face mandatory comprehensive due diligence requirements. They must thoroughly validate the technological competitiveness of issuers’ offerings, evaluate their business models and market potential, and confirm alignment with the STAR Market’s core positioning standards.