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年内知识产权ABS发行规模超7亿元 从“量增”到“质升”仍需突破关键瓶颈
Zheng Quan Ri Bao·2025-04-25 18:30

Core Viewpoint - The establishment of the "Guojin Future 2025-11" knowledge property asset-backed special plan marks the sixth knowledge property ABS launched in 2023, indicating a growing trend in the knowledge property securitization market in China [1][2]. Industry Development - Knowledge property securitization involves institutions issuing securities backed by their intellectual property or related debts, which has gained momentum since 2015 due to supportive policies [2]. - As of April 25, 2023, a total of 128 knowledge property ABS have been issued in China, with a cumulative issuance scale of 21.751 billion yuan, and six new ABS issued this year totaling 734 million yuan [3]. Market Trends - The issuance of knowledge property ABS is becoming more diverse, with an increasing number of participating institutions, now totaling 32 [3]. - The concentration of issuance is notable, with three main institutions dominating the market, particularly Shenzhen High-tech Investment Microfinance Co., which has issued 43 knowledge property ABS totaling 9.183 billion yuan, accounting for 42.22% of the market [4]. Product Characteristics - Due to the lower credit ratings of underlying small and medium-sized tech enterprises, many knowledge property ABS incorporate both internal and external credit enhancements to meet issuance requirements [4]. - The complexity of knowledge property valuation and its weak correlation with cash flows from underlying assets pose challenges for independent credit ratings, necessitating reliance on external credit enhancement [6][7]. Future Outlook - The Chinese government is committed to enhancing the innovation environment, which is expected to drive rapid growth in knowledge property projects and improve valuation standards and legal protections [5]. - Recommendations for overcoming current challenges include improving the intellectual property valuation system, innovating asset models, and optimizing the market environment to enhance liquidity [8].