Core Viewpoint - The Shenzhen Stock Exchange issued guidelines to encourage companies to increase R&D investment and enhance technological innovation capabilities, particularly for companies with light assets and high R&D input [1][2]. Group 1: Guidelines Overview - The guidelines specify that companies with light assets and high R&D input can use more than 30% of the raised funds for replenishing working capital and repaying debts [3]. - "Light assets" are defined as having fixed assets and other capital expenditures not exceeding 20% of total assets [4]. - "High R&D input" is characterized by an average R&D investment of at least 15% of revenue over the last three years, or a cumulative R&D investment of at least 300 million with an average of 3% of revenue [5]. Group 2: Compliance and Monitoring - Over 200 companies on the Growth Enterprise Market meet the new standards, primarily in strategic emerging industries like information technology and biomedicine [7]. - The guidelines impose responsibilities on underwriting institutions and accountants to verify compliance with the light asset and high R&D input criteria [8]. - Specific verification focuses on the determination of asset categories, the accuracy of R&D investment calculations, and the rationale for using raised funds for working capital and debt repayment [10][11][12]. Group 3: Disclosure and Fund Management - Companies must disclose their compliance with the light asset and high R&D input criteria in their fundraising documents, including the rationale for exceeding the 30% limit for working capital and debt repayment [14]. - After the issuance of securities, companies are required to report on the use of funds exceeding the limit and any changes in the use of funds from previous issuances [15][16].

Core Viewpoint - The article discusses the newly released guidelines by the Shenzhen Stock Exchange regarding the recognition standards for "light asset, high R&D investment" enterprises, outlining specific criteria and regulatory requirements for companies in the ChiNext market. Group 1: Applicable Scope - The guidelines specify that the recognition standards for "light asset, high R&D investment" enterprises apply to ChiNext companies that exhibit these characteristics [1]. Group 2: Detailed Recognition Standards - The guidelines further clarify the definition of "light asset" 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 [1]. - "High R&D investment" is defined as an average R&D expenditure accounting for no less than 15% of operating income over the last three years, or total R&D investment of no less than 300 million yuan with an average R&D expenditure accounting for no less than 3% of operating income [1]. Group 3: Negative Situations - Companies whose stocks are subject to delisting risk warnings or other risk warnings are restricted to using no more than 30% of the total raised funds for supplementing working capital and repaying debts [2]. Group 4: Information Disclosure Requirements - Companies are required to disclose in their fundraising prospectus their compliance with the "light asset, high R&D investment" criteria, and provide justification if the proportion of funds used for working capital and debt repayment exceeds 30% [2]. - Enhanced disclosure is mandated regarding R&D expenditures, content, and associated risks related to the fundraising projects [2]. Group 5: Responsibilities of Intermediary Institutions - The guidelines emphasize the responsibilities of sponsors and reporting accountants to focus on and verify the recognition matters related to "light asset, high R&D investment" enterprises, requiring them to issue special verification opinions [2]. Group 6: Fundraising Supervision - Companies must disclose the use of raised funds and the progress of R&D projects in their annual reports and pre-fund verification reports, with increased scrutiny on the use of funds exceeding the 30% threshold for working capital and debt repayment [2].

Core Viewpoint - The Shenzhen Stock Exchange has released guidelines for recognizing "light asset, high R&D investment" companies, detailing the applicable scope, specific recognition standards, negative scenarios, information disclosure requirements, verification requirements, and fundraising supervision [1][2]. Group 1: Applicable Scope - The guidelines specify that the recognition standards for "light asset, high R&D investment" companies apply to growth enterprises on the ChiNext board [1]. Group 2: Recognition Standards - The guidelines further clarify the recognition standards for "light asset, high R&D investment" companies, defining "light asset" 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 [1] - "High R&D investment" is defined as an average R&D investment accounting for no less than 15% of operating income over the last three years, or cumulative R&D investment of no less than 300 million yuan with an average R&D investment accounting for no less than 3% of operating income over the same period [1]. Group 3: Negative Scenarios - The guidelines state that if a listed company's stock is subject to delisting risk warnings or other risk warnings, the proportion of funds raised for supplementing working capital and repaying debts must not exceed 30% of the total amount raised [1]. Group 4: Information Disclosure Requirements - Companies are required to disclose in the fundraising prospectus their compliance with "light asset, high R&D investment" requirements, the rationale for exceeding 30% of funds raised for working capital and debt repayment, and enhance disclosure related to R&D expenditures, content, and risks [2]. Group 5: Responsibilities of Intermediary Institutions - The guidelines emphasize that sponsors and reporting accountants must focus on and verify matters related to the recognition of "light asset, high R&D investment" companies and are required to provide special verification opinions [2]. Group 6: Fundraising Supervision - Companies must disclose the use of raised funds and the progress of R&D projects in their annual reports and pre-fund verification reports, with increased supervision over the use of funds exceeding 30% for working capital and debt repayment [2].

Core Viewpoint - The Shenzhen Stock Exchange has issued guidelines to define "light asset" and "high R&D investment" standards for companies listed on the ChiNext board, aimed at better supporting technological innovation and new productive forces in the market [1] Group 1: Light Asset Definition - A company can be recognized as having light asset characteristics if the total of fixed assets, construction in progress, land use rights, rights to use assets, long-term deferred expenses, and other physical assets formed through capital expenditures does not exceed 20% of total assets at the end of the most recent fiscal year [1] Group 2: High R&D Investment Definition - Companies are considered to have high R&D investment characteristics if their average R&D expenditure over the last three years accounts for at least 15% of operating income, or if their cumulative R&D expenditure over the last three years is no less than 300 million and the average R&D expenditure over the last three years accounts for at least 3% of operating income [1] Group 3: Negative Conditions - The guidelines specify that if a company's stock is under risk warning, the proportion of funds raised through securities issuance that can be used for supplementing working capital and repaying debts must not exceed 30% of the total amount raised [1]

Group 1 - The core idea of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" is to create a comprehensive support system for technology innovation enterprises throughout their lifecycle, from startup to growth and maturity [1] - The measures aim to break down barriers for high-quality unprofitable companies to go public, particularly in the hard technology sector, which often faces long investment cycles and high uncertainty [2] - The introduction of a "light asset, high R&D investment" recognition standard allows for better identification of high-growth tech companies, facilitating policy support and financial backing [3] Group 2 - The measures encourage mergers and acquisitions (M&A) as a means for companies to achieve rapid scale expansion and industry upgrades, providing flexible valuation systems and various payment methods [4] - Since the implementation of the measures, there have been 106 newly disclosed M&A transactions, indicating a significant increase in activity within the sector [4] - The measures are positioned as a driving force for high-quality economic development and the cultivation of new productive forces in the context of a rapidly evolving technological landscape [4]

Core Insights - The introduction of the "light asset, high R&D investment" recognition standard has led to a significant increase in the number of companies applying for refinancing on the Sci-Tech Innovation Board, with 9 companies submitting applications totaling 24.796 billion yuan [1][2] - This policy effectively addresses the financing bottleneck for "light asset, high R&D investment" enterprises, promoting resource allocation towards technological innovation [1][2] - The policy is expected to further establish the Sci-Tech Innovation Board as a core platform for nurturing new productive forces and supporting technological self-reliance [1] Group 1: Company Actions - Cambrian Technology announced a plan to raise 4.98 billion yuan through a specific issuance of A-shares, with over 30% of the funds allocated for non-capital expenditures related to R&D [1][2] - The company indicated that 87.25% of the raised funds would be used for personnel salaries and product trial costs, emphasizing its commitment to R&D [2] - Dize Pharmaceutical became the first company to complete refinancing under the new standard, adjusting its financing scale to focus on core projects, thereby accelerating its clinical and industrialization processes [3] Group 2: Industry Impact - The "light asset, high R&D investment" standard enhances the financing convenience for tech-driven companies, allowing them to increase R&D investments and improve their R&D capabilities [2][4] - The policy has improved the transparency and efficiency of refinancing reviews, providing greater flexibility for companies in need of funding [4] - It is estimated that over a hundred companies on the Sci-Tech Innovation Board may meet the "light asset, high R&D investment" criteria, although only a few have submitted refinancing applications so far [4] Group 3: Recommendations - Industry experts suggest that regulatory bodies should continue to strengthen policy promotion and provide operational guidance to help companies and intermediaries better understand and apply the new standards [5]

Group 1 - The core viewpoint is that the "light asset, high R&D investment" recognition standard is beneficial for semiconductor companies like Chip Origin Technology, allowing them to allocate funds more flexibly towards IP development projects, which aligns with their focus on high R&D investment in semiconductor IP technology [1][2] - Chip Origin Technology plans to use 64.89% of the raised funds for uncertain R&D expenditures, including salaries for IP R&D personnel and IP acquisition costs, highlighting the company's commitment to continuous investment in semiconductor technology [1] - The introduction of the "light asset, high R&D investment" standard is expected to alleviate financing difficulties for technology innovation enterprises, enabling them to better plan their financing methods and scales according to their development strategies and funding needs [1][2] Group 2 - Since 2025, there has been a significant increase in the acceptance of refinancing applications across the market, creating a positive cycle of "policy dividend release - case demonstration driving - market heat rising" [2] - More companies on the Sci-Tech Innovation Board are considering utilizing the "light asset, high R&D investment" recognition standard, which is particularly applicable to sectors like biomedicine, semiconductors, software, and some high-end equipment manufacturing [2] - Currently, over 100 companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only 9 companies have attempted to utilize this new refinancing regulation, indicating a cautious approach among enterprises regarding their financing plans [2]

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Eight Measures") released by the China Securities Regulatory Commission marks the beginning of a new round of reforms aimed at supporting technological innovation and new productivity development in the past year [1] Group 1: Reform Implementation and Impact - The implementation of the "light asset, high R&D investment" recognition standard has led to a surge in refinancing activities among companies on the Sci-Tech Innovation Board, with nine companies applying for refinancing totaling nearly 25 billion yuan since the standard was introduced [1][2] - The standard allows companies to use funds more flexibly, as they are no longer restricted by the previous 30% limit on supplementary working capital and debt repayment ratios [2][4] - Companies such as Cambrian and Dize Pharmaceutical have initiated significant projects in semiconductor and biopharmaceutical sectors, showcasing the vibrant innovation activity spurred by the new standard [1][2] Group 2: Company-Specific Financing Activities - Cambrian's recent fundraising of 4.98 billion yuan is the largest in its five-year history, aimed at developing chip platforms and software projects [2] - Dize Pharmaceutical's fundraising of 1.796 billion yuan is directed towards core product development and international standard innovative drug industrialization projects, with a significant portion allocated to high-uncertainty R&D expenditures [3][4] - Chip Origin's refinancing is focused on IP development, with a high percentage of funds allocated to uncertain R&D expenses, aligning with the company's strategy of maintaining high R&D investment in semiconductor technology [3][4] Group 3: Market Trends and Future Outlook - The overall market for refinancing applications has seen a notable increase since 2025, indicating a positive cycle of policy benefits leading to more active market participation [6] - The recognition standard is expected to effectively alleviate financing bottlenecks for light asset companies, enabling them to focus more on technological innovation and core competencies [6] - Over a hundred companies on the Sci-Tech Innovation Board meet the "light asset, high R&D investment" criteria, but only nine have actively pursued refinancing under the new regulations, suggesting a gradual adaptation to the new policy [6]

6月4日，寒武纪再融资申请获得上交所受理，这是又一家适用"轻资产、高研发投入"企业认定标准的再 融资案例。证券时报记者获悉，自去年10月11日上交所发布《发行上市审核规则适用指引第6号——轻 资产、高研发投入认定标准（试行）》（以下简称《指引》）以来，已有9家科创板公司按照"轻资产、 高研发投入"认定标准申请再融资，合计拟融资247.96亿元， 科创板公司再融资便利度大幅提升 "轻资产、高研发投入"认定标准的适用，有效提升了科创板公司再融资的便利度，进一步支持科技型企 业加大研发投入和提升研发水平。 此前，《证券期货法律适用意见第18号》等相关规定中虽对"轻资产、高研发投入"特点的企业做出"可 以突破补充流动资金和偿还债务比例限制"的规定，但具体认定标准未明确，实际中以个案方式推进。 《指引》对"轻资产、高研发投入"特点企业的认定标准进行了细化，符合"轻资产、高研发投入"认定标 准的企业可直接适用相关标准规划募投项目并申报再融资，进一步提高了透明度和可预期性。 此举得益于《指引》对"轻资产、高研发投入"特点企业的认定标准进行了量化。《指引》指出，具有轻 资产特点的企业，要求公司最近一年末固定资产、在建工程、土 ...

21世纪经济报道记者 张赛男 上海报道 科创板在制度设计上进一步支持企业科技创新。 去年10月，为鼓励科创板上市公司加大研发投入、提升科技创新能力，"科创板八条"提出的再融资适 用"轻资产、高研发投入"企业认定标准正式落地。 时隔8个月，已有多家科创板企业享受到这一政策红利。6月4日晚间，上交所官网显示，寒武纪 （688256.SH）49.8亿元再融资申请获上交所受理，适用科创板"轻资产、高研发投入"企业认定标准。 这是上市五年以来，寒武纪进行的第二次定增，也是公司目前金额最大的一笔融资。 在此之前，迪哲医药（688192.SH）完成17.96亿元定增，成为"科八条"发布以来，再融资获得证监会注 册的首家上交所未盈利企业。芯原股份（688521.SH）18.07亿元定增项目获批，适用上述标准，融资用 于多个研发项目。 据记者统计，截至目前，共有9家科创板上市公司按照"轻资产、高研发投入"认定标准申请再融资，合 计拟融资金额接近250亿元，生物医药、半导体行业是集中领域。 "根据当前的市场观察，越来越多的科创板上市公司正积极考虑利用'轻资产、高研发投入'再融资标 准。这一政策的实施为企业提供了更大的融资灵活性， ...