深交所明确“轻资产、高研发投入”认定标准，上交所8个月前已明确

Core Viewpoint - The Shenzhen Stock Exchange has introduced guidelines to recognize "light asset, high R&D investment" standards for companies on the Growth Enterprise Market, aiming to enhance technological innovation and encourage increased R&D spending [1][15]. Group 1: Applicable Scope - The guidelines apply to companies on the Growth Enterprise Market that exhibit characteristics of light assets and high R&D investment [1][17]. - "Light assets" are defined 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 [4][17]. - "High R&D investment" is characterized by either an average R&D investment of at least 15% of operating income over the last three years or a cumulative R&D investment of no less than 300 million yuan with an average R&D investment of at least 3% of operating income over the same period [1][13][17]. Group 2: Fundraising and Disclosure Requirements - Companies whose stock is under delisting risk warnings cannot exceed 30% of the total raised funds for supplementing working capital and repaying debts [7][17]. - Companies must disclose in their fundraising prospectus how they meet the "light asset, high R&D investment" criteria and the rationale if the proportion of funds used for working capital and debt repayment exceeds 30% [1][8][17]. - The guidelines require underwriters and reporting accountants to focus on verifying the criteria for "light asset, high R&D investment" companies and to provide special verification opinions [1][8][17]. Group 3: Negative Situations and Regulatory Compliance - If a company does not meet the criteria but the fundraising project aligns with national strategic support directions for R&D breakthroughs, the proportion of funds used for working capital and debt repayment may exceed 30% after sufficient justification [6][17]. - Companies must adjust the scale of fundraising if they previously violated the guidelines regarding changes in the use of raised funds [9][17].