梧桐树下V·2025-05-13 10:12Core Viewpoint - Intellectual property (IP) has become a core focus in the IPO review process for companies aiming to list on the Sci-Tech Innovation Board, especially with the recent regulatory clarifications and requirements for "hard technology" and innovation capabilities [1] Group 1: Regulations on IP for Sci-Tech Innovation Board IPO - The key regulatory concerns regarding IP during the IPO process include the completeness and independence of the issuer's IP, clarity of IP ownership, potential disputes, and the issuer's ability to protect its core technologies [2][3] - Companies must demonstrate their continuous innovation capabilities and the stability of their IP rights to meet the compliance requirements set by the securities regulatory authorities [2][3] Group 2: Key Review Focus on IP - The review process emphasizes the progress of any ongoing patent infringement lawsuits, the importance of the involved patents to the company's revenue, and the potential impact of a loss in such cases on the company's operations [7][8] - Companies facing patent invalidation requests must provide updates on the status of these requests and their potential implications for business operations and IPO eligibility [9] Group 3: Practical Suggestions for Addressing IP Risks - Companies should enhance their independent R&D capabilities and establish a robust IP management system to avoid issues such as insufficient patent numbers or concentrated patent applications [29][30] - It is crucial for companies to maintain clear documentation of R&D activities and ensure compliance with IP ownership agreements, especially when involving former employees from competing firms [31][32] - Companies are advised to assess the significance of shared patents and consider acquiring full rights to critical shared IP to ensure ownership stability [32] Group 4: Specific IP Issues - The concentration of patent applications prior to an IPO can raise regulatory scrutiny if not adequately justified, as it may suggest attempts to artificially inflate asset valuations [25][26] - The expiration of IP rights can significantly impact a company's competitive position, necessitating a thorough analysis of the importance of such rights to ongoing operations [28]