最快40天！沪市再融资审核提速，“高研发投入”标准撬动351亿活水

Core Insights - The refinancing review process has been significantly expedited, with an average approval cycle of around 2 months, marking a reduction from previous timelines [1][2][3] - The "light asset, high R&D investment" standard has become a primary choice for companies on the Sci-Tech Innovation Board for refinancing, with 14 companies adopting this standard since its introduction in October 2024, aiming to raise a total of 35.12 billion yuan [1][6] Group 1: Refinancing Review Process - A total of 37 refinancing projects were approved in the Shanghai market from the fourth quarter of 2025 to December 19, with the fastest project taking only 40 days for approval [1][3] - The simplified refinancing procedure allows companies to autonomously decide on fundraising uses, enhancing efficiency by eliminating the need for exchange review inquiries [2][3] - The implementation of the simplified procedure has been extended from the Sci-Tech Innovation Board to the main board, further facilitating refinancing processes [2] Group 2: Adoption of New Standards - The "light asset, high R&D investment" standard has been adopted by 14 companies, with the total proposed financing amounting to 35.12 billion yuan, representing 38% of the number of companies and 76% of the financing amount in 2025 [1][6] - Companies like Zhimin Da have successfully issued new shares under this standard, significantly shortening the review time and addressing urgent financing needs [1][6][8] - The standard has allowed companies to exceed the previous 30% limit on liquidity ratios, thereby increasing R&D investment and innovation capabilities [6] Group 3: Impact on Companies - Companies such as Microchip Biotech and Lianrui New Materials have reported that rapid approval of their refinancing projects will enhance their funding sources and accelerate innovation in drug development [4][3] - The successful adoption of the "light asset, high R&D investment" standard has enabled companies to align their fundraising efforts with national economic development strategies [6][7] - The focus on real business and funding needs has been emphasized by companies to ensure the success of their refinancing applications [8]