科创板“示范田”又有新输出！ “轻资产、高研发投入”认定标准向沪深主板扩围

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, including the introduction of a "light asset, high R&D investment" recognition standard for main board listed companies, which reflects the ongoing reform and support for technology innovation in China's capital market [1][4]. Group 1: Introduction of Standards - The "light asset, high R&D investment" recognition standard was first established in the Sci-Tech Innovation Board and is now being expanded to the main board, indicating the role of the Sci-Tech Innovation Board as a model for capital market reform [2][3]. - As of now, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion yuan, representing 37% of the number of companies accepted and 76% of the intended financing amount for 2025 [2][3]. Group 2: Characteristics of Recognized Companies - Companies recognized under this standard typically have a low proportion of fixed assets, a high proportion of intangible assets, and a significant ongoing investment in R&D that exceeds the industry average [3]. - The introduction of the main board standard aims to enhance the effectiveness of fundraising by allowing a higher proportion of funds to be directed towards core R&D activities, thus better serving technology-oriented enterprises [3][4]. Group 3: Refinancing Interval Optimization - The Shanghai Stock Exchange announced an optimization of the refinancing interval for unprofitable technology companies, allowing them to initiate refinancing procedures six months after the previous fundraising if the funds have been fully utilized [4][5]. - This change is intended to provide a "safety net" for technology companies, enabling them to manage their financing schedules more effectively and support their R&D and business development [5][6]. Group 4: Market Response and Implications - The new measures are seen as a shift from "special privileges" to "universal support" for technology innovation, indicating a systematic construction of a foundational institutional framework that is more aligned with technological and innovative needs [4][6]. - The policies aim to create a more flexible and nuanced approach to evaluating companies, recognizing the diverse stages and forms of innovation activities, and fostering a supportive environment for long-term technological development [7].