为IPO研发投入“拧水分”，交易所释放新信号！

Core Viewpoint - The article emphasizes the increasing scrutiny on the authenticity of R&D expenditures by IPO companies, particularly in the context of the Shenzhen Stock Exchange's regulatory measures to ensure compliance with the standards for technology innovation enterprises [1][3][7]. Group 1: Regulatory Focus on R&D Expenditures - The Shenzhen Stock Exchange has intensified its oversight on IPO companies regarding R&D investments, highlighting that inflated R&D figures can lead to severe penalties [1][3]. - There have been instances where IPO companies and intermediaries faced sanctions for providing misleading R&D data, including inflated personnel numbers and non-compliant salary calculations [3][4]. - The exchange has issued guidelines requiring companies to accurately account for R&D expenditures and has called for a thorough review of R&D internal controls [4][5]. Group 2: Specific Regulatory Requirements - The Shenzhen Stock Exchange mandates that sponsoring institutions conduct targeted audits of R&D expenditures, assessing risks associated with inflated reporting [4][5]. - The internal control systems for R&D must align with the actual circumstances of the issuer to ensure accurate accounting of R&D investments [5]. - The exchange emphasizes the need for clear differentiation between R&D activities and other operational activities, focusing on accurate recognition of R&D personnel and expenses [5][6]. Group 3: Importance of Proportional Regulation - The Shenzhen Stock Exchange aims to implement a "strict yet flexible" regulatory approach, considering the severity and duration of violations when determining penalties [7][8]. - For minor infractions, the exchange may adopt a more lenient stance, allowing for self-regulatory measures and encouraging companies to rectify issues without severe penalties [7][8]. - The exchange has indicated that it will provide verbal warnings and reminders to intermediaries regarding the importance of maintaining accurate R&D expenditure records [8].