《深圳证券交易所股票发行上市审核业务指引第8号——轻资产、高研发投入认定标准》发布

Core Viewpoint - The Shenzhen Stock Exchange has released guidelines for recognizing "light asset, high R&D investment" companies, detailing the applicable scope, specific recognition standards, negative scenarios, information disclosure requirements, verification requirements, and fundraising supervision [1][2]. Group 1: Applicable Scope - The guidelines specify that the recognition standards for "light asset, high R&D investment" companies apply to growth enterprises on the ChiNext board [1]. Group 2: Recognition Standards - The guidelines further clarify the recognition standards for "light asset, high R&D investment" companies, defining "light asset" as having fixed assets and other physical assets accounting for no more than 20% of total assets at the end of the most recent year [1] - "High R&D investment" is defined as an average R&D investment accounting for no less than 15% of operating income over the last three years, or cumulative R&D investment of no less than 300 million yuan with an average R&D investment accounting for no less than 3% of operating income over the same period [1]. Group 3: Negative Scenarios - The guidelines state that if a listed company's stock is subject to delisting risk warnings or other risk warnings, the proportion of funds raised for supplementing working capital and repaying debts must not exceed 30% of the total amount raised [1]. Group 4: Information Disclosure Requirements - Companies are required to disclose in the fundraising prospectus their compliance with "light asset, high R&D investment" requirements, the rationale for exceeding 30% of funds raised for working capital and debt repayment, and enhance disclosure related to R&D expenditures, content, and risks [2]. Group 5: Responsibilities of Intermediary Institutions - The guidelines emphasize that sponsors and reporting accountants must focus on and verify matters related to the recognition of "light asset, high R&D investment" companies and are required to provide special verification opinions [2]. Group 6: Fundraising Supervision - Companies must disclose the use of raised funds and the progress of R&D projects in their annual reports and pre-fund verification reports, with increased supervision over the use of funds exceeding 30% for working capital and debt repayment [2].