上交所就新增主板公司“轻资产、高研发投入认定标准”公开征求意见

Core Viewpoint - The Shanghai Stock Exchange (SSE) has revised the "Guidelines for the Recognition Standards of Light Assets and High R&D Investment" to better support technological innovation and promote high-quality development of listed companies, with a public consultation period ending on February 16, 2026 [1][13]. Group 1: New Recognition Standards - New recognition standards for "light assets" and "high R&D investment" for main board listed companies have been established. The standard for "light assets" is defined as having physical assets accounting for no more than 20% of total assets. The "high R&D investment" standard requires 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 of at least 5% of operating income over the same period [1][14]. Group 2: Negative Situations - A negative condition has been set where if a listed company's stock is subject to delisting risk warnings, the proportion of funds raised for replenishing working capital and repaying debts cannot exceed 30% of the total raised funds [1][14]. Group 3: Other Content Adjustments - The previous guideline's provision regarding the adjustment of fundraising purposes when they do not meet regulatory requirements has been removed. Such matters will now be governed by higher-level rules [2][14].