深交所最新明确！约200家企业或受益

Core Viewpoint - The newly released guidelines by the Shenzhen Stock Exchange establish standards for "light asset, high R&D" recognition for companies listed on the ChiNext board, allowing eligible firms to exceed the 30% refinancing cap for liquidity support [1][2]. Group 1: Guidelines Overview - The guidelines specify that companies must have fixed assets and other capital expenditures not exceeding 20% of total assets to qualify as "light asset" [1]. - For "high R&D" recognition, companies must have an average R&D expenditure of at least 15% of revenue over the last three years, or total R&D spending of at least 300 million yuan with an average of 3% of revenue [1][4]. - The guidelines do not require a specific ratio of R&D personnel, focusing instead on the quality of R&D investment [1]. Group 2: Impact on Companies - Over 200 companies are expected to meet the "light asset, high R&D" criteria, primarily in strategic emerging industries like information technology and biomedicine [2][3]. - The reform is anticipated to enhance the financing flexibility of these companies, allowing them to increase R&D investments and improve innovation capabilities [3]. - The median cumulative R&D investment for ChiNext companies from 2022 to 2024 is projected to be 209 million yuan, with a median R&D expenditure ratio of 6.47%, indicating that the new standards are significantly higher than the current average [4]. Group 3: Regulatory Direction - The guidelines reflect a regulatory approach that favors high-quality companies while limiting support for those under risk warnings, with a cap of 30% on funds raised for liquidity and debt repayment [2]. - The Shenzhen Stock Exchange aims to support the development of new productive forces by guiding resources towards companies that meet the "light asset, high R&D" standards [4].