2 1 Shi Ji Jing Ji Bao Dao·2025-06-08 04:55Core Insights - The article discusses the evolution and current state of intellectual property asset-backed securities (ABS) in China, highlighting its significance in financing for small and medium-sized technology enterprises [1][2][10] - It emphasizes the growth of the market, with a cumulative issuance scale exceeding 200 billion yuan by June 2025, and the increasing recognition of intellectual property as a valuable asset [1][10] Market Development - The first intellectual property ABS in China was approved in December 2018, and as of June 5, 2023, at least 12 intellectual property ABS have been issued this year, totaling 1.356 billion yuan [1] - In 2024, the issuance of intellectual property ABS products reached 57, with a total scale of 9.806 billion yuan, marking a year-on-year increase of 25.97% [2] Institutional Concentration - The majority of intellectual property ABS issuers are small loan companies, commercial factoring companies, and financing leasing companies, with a high concentration among the top five issuers, accounting for 74.68% of the total issuance [2][4] - Shenzhen's small loan companies dominate the market, with Shenzhen Zhongxiaodang and Shenzhen Gaoxin Investment holding a combined market share of 58.80% [2][4] Product Characteristics - Intellectual property ABS typically have smaller issuance sizes, around 100 million yuan, and primarily serve smaller enterprises, reflecting a certain degree of inclusive finance [4][8] - The underlying asset types for intellectual property ABS are diversifying, including agricultural IP, new energy vehicle IP, and digital currency IP [5] Financing Channels - The article highlights the exploration of cross-border financing channels for intellectual property ABS, particularly in the Greater Bay Area, allowing companies to leverage their intellectual property for overseas financing [5][6] Operational Standards - The operational model for intellectual property ABS has become more standardized, with established processes for small loan companies to provide funding and guarantee enhancements [7][8] - The Shenzhen model of intellectual property ABS is characterized by state-owned enterprises leading the initiative, government subsidies reducing financing costs, and active market participation [10][12] Market Challenges - Despite the growth, the intellectual property ABS market is still in its early stages, with limited investor recognition and liquidity issues affecting issuance and trading [13][14] - Challenges include the lack of unified standards for intellectual property valuation and the need for improved risk management practices [14][15]