深交所最新发布！创业板“轻资产、高研发投入”认定标准来了

Core Viewpoint - The Shenzhen Stock Exchange issued guidelines to encourage companies to increase R&D investment and enhance technological innovation capabilities, particularly for companies with light assets and high R&D input [1][2]. Group 1: Guidelines Overview - The guidelines specify that companies with light assets and high R&D input can use more than 30% of the raised funds for replenishing working capital and repaying debts [3]. - "Light assets" are defined as having fixed assets and other capital expenditures not exceeding 20% of total assets [4]. - "High R&D input" is characterized by an average R&D investment of at least 15% of revenue over the last three years, or a cumulative R&D investment of at least 300 million with an average of 3% of revenue [5]. Group 2: Compliance and Monitoring - Over 200 companies on the Growth Enterprise Market meet the new standards, primarily in strategic emerging industries like information technology and biomedicine [7]. - The guidelines impose responsibilities on underwriting institutions and accountants to verify compliance with the light asset and high R&D input criteria [8]. - Specific verification focuses on the determination of asset categories, the accuracy of R&D investment calculations, and the rationale for using raised funds for working capital and debt repayment [10][11][12]. Group 3: Disclosure and Fund Management - Companies must disclose their compliance with the light asset and high R&D input criteria in their fundraising documents, including the rationale for exceeding the 30% limit for working capital and debt repayment [14]. - After the issuance of securities, companies are required to report on the use of funds exceeding the limit and any changes in the use of funds from previous issuances [15][16].