为IPO研发投入“拧水分”，交易所释放新信号！

Core Viewpoint - The article discusses the increasing scrutiny by regulatory bodies on the authenticity of R&D expenditures reported by IPO companies, particularly in the context of the ChiNext board, emphasizing the need for accurate and truthful reporting of R&D investments to align with the board's positioning requirements [2][4][6]. Summary by Sections Regulatory Focus on R&D Expenditures - The capital market has intensified support for technology innovation IPOs, making "R&D investment" a key metric for assessing a company's technological attributes [2]. - Some IPO companies have been found to inflate R&D expenditures to meet listing requirements, leading to regulatory penalties for misrepresentation [2][3]. Specific Regulatory Actions - The Shenzhen Stock Exchange (SZSE) has issued guidelines indicating that companies found to have intentionally inflated R&D expenditures will face serious consequences, while those with minor violations may receive leniency if they still meet the required metrics after adjustments [2][6][7]. - Recent cases have highlighted issues such as misclassification of expenses and inadequate internal controls related to R&D activities [3][5]. Requirements for Underwriters - Underwriters are required to conduct targeted audits of companies' R&D expenditures, assessing risks associated with inflated reporting and ensuring compliance with internal control standards [4][5]. - The SZSE emphasizes the importance of distinguishing R&D activities from other operational activities and ensuring accurate accounting of related costs [5]. Implementation of "Strict but Flexible" Regulation - The SZSE aims to implement a "strict but flexible" regulatory approach, considering the nature and severity of violations when determining penalties [6][7]. - Companies with clear evidence of intentional misrepresentation will face strict penalties, while those with minor infractions may be subject to self-regulatory measures and guidance for improvement [6][7].