深交所最新发布，事关创业板

Core Viewpoint - The article discusses the newly released guidelines by the Shenzhen Stock Exchange regarding the recognition standards for "light asset, high R&D investment" enterprises, outlining specific criteria and regulatory requirements for companies in the ChiNext market. Group 1: Applicable Scope - The guidelines specify that the recognition standards for "light asset, high R&D investment" enterprises apply to ChiNext companies that exhibit these characteristics [1]. Group 2: Detailed Recognition Standards - The guidelines further clarify the definition of "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 expenditure accounting for no less than 15% of operating income over the last three years, or total R&D investment of no less than 300 million yuan with an average R&D expenditure accounting for no less than 3% of operating income [1]. Group 3: Negative Situations - Companies whose stocks are subject to delisting risk warnings or other risk warnings are restricted to using no more than 30% of the total raised funds for supplementing working capital and repaying debts [2]. Group 4: Information Disclosure Requirements - Companies are required to disclose in their fundraising prospectus their compliance with the "light asset, high R&D investment" criteria, and provide justification if the proportion of funds used for working capital and debt repayment exceeds 30% [2]. - Enhanced disclosure is mandated regarding R&D expenditures, content, and associated risks related to the fundraising projects [2]. Group 5: Responsibilities of Intermediary Institutions - The guidelines emphasize the responsibilities of sponsors and reporting accountants to focus on and verify the recognition matters related to "light asset, high R&D investment" enterprises, requiring them to issue 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 scrutiny on the use of funds exceeding the 30% threshold for working capital and debt repayment [2].