创业板再融资“轻资产、高研发投入”认定标准明确

Group 1 - The guidelines set a limit on the proportion of funds raised for replenishing working capital and repaying debts to no more than 30% of the total funds raised for companies under delisting risk warnings, reflecting a regulatory direction of "supporting the strong and limiting the weak" [1] - The recognition indicators are specific and quantifiable, enhancing the transparency and predictability of policies, which will help the ChiNext board better support technological innovation and serve the development of new productive forces [1] Group 2 - The ChiNext board, as a pioneer in serving technological innovation within the A-share market, has played a significant role in implementing innovation-driven development strategies and improving market mechanisms over its fifteen years of reform [2] - Over 60% of the listed companies on the ChiNext board are in strategic emerging industries, which are in a rapid growth phase and require financing to accelerate the integration of innovation chains, industrial chains, and talent chains [2] - The guidelines enhance institutional adaptability and better meet the direct financing needs of technology-based enterprises, with a new standard for "high R&D investment" set at a minimum cumulative R&D investment of 300 million yuan and a minimum R&D ratio of 15% over the last three years, significantly above the median levels of ChiNext listed companies [2]