Core Viewpoint - The article summarizes key points from the 18 issues of the "Shanghai Stock Exchange Issuance and Listing Review Dynamics" published since the implementation of the comprehensive registration system in February 2023, focusing on various regulatory requirements and considerations for companies seeking to issue securities or undergo mergers and acquisitions [1]. Group 1: Due Diligence and Environmental Impact Assessment - In cases where overseas verification is restricted, intermediaries should adopt alternative measures for due diligence, ensuring the reliability of third-party institutions and focusing on any abnormal signs in transactions [5][6]. - For refinancing projects involving environmental impact assessments, issuers must submit relevant approval documents during the application process, and intermediaries should verify these documents [7]. Group 2: Asset Acquisition and Mergers - When raising funds for asset acquisitions, companies must ensure the relevance of the acquired assets to their existing business and assess the impact on net assets, especially if the acquisition leads to significant goodwill [8][9]. - The article outlines the conditions for different merger review procedures, including ordinary, fast, small-scale fast, and simplified reviews, aimed at streamlining the review process [9][10][11]. Group 3: Initial Public Offerings and Related Transactions - Companies with assets or businesses derived from listed companies must ensure that transactions are legal and fair, and intermediaries should carefully analyze the implications for minority shareholders [13][16]. - The article emphasizes the importance of internal control audits for companies applying for IPOs, particularly in light of new regulations effective from January 1, 2026 [20][47]. Group 4: Innovation and R&D Financing - Biopharmaceutical companies seeking to raise funds for innovative drug development must provide detailed disclosures regarding the necessity and feasibility of their projects, including the risks associated with R&D [23][24]. - Companies with a "light asset, high R&D investment" profile must disclose the rationale for using a significant portion of raised funds for operational liquidity and debt repayment [34][35]. Group 5: Waste Management and Financial Reporting - Intermediaries should focus on the internal processes related to waste management, ensuring compliance with internal controls and accurate financial reporting [36][37]. - The article discusses the importance of proper accounting for waste sales and the need for transparency in financial disclosures related to waste management [38].

文/梧桐小新 2023年2月上交所实施全面注册制后，将原分期发布的《科创板发行上市审核动态》变更为《上交所发行上市审核动态》。2023年至今，《上交所发行上市审核 动态》已发布14期，本文将这14期中46个"问题解答"汇总，供读者们分享、收藏。 | 期数 | 问题解答 | | --- | --- | | 2025年第2期 | 1、重组中独立财务顾问发挥专业服务能力相关要求 | | | 2、审计截止日后经营环境发生重大变化的核查要求 | | | 3、可转债项目累计债券余额的信息披露和核查要求 | | | 4、拟上市企业内部控制审计要求 | | 2025年第1期 | 1、研发人员认定注意事项 | | | 2、涉产学研合作技术成果的核查要求 | | | 3、再融资项目中介机构违法违规的核查要求 | | | 4、股份支付授予日的认定 | | 2024年第6期 | 1、并购重组项目预沟通的注意事项 | | | 2、再融资募集资金投向的披露和说明注意事项 | | | 3、主板板块定位条件中行业代表性的关注要点 | | 2024年第5期 | 1、再融资中关键少数涉重大事项的工作要求 | | | 2、中介机构如何申请审核系统 ...

答：《监管规则适用指引——发行类第9号：研发人员及研发投入》明确，对于既从事研发活动又从事非研发活动的非全时研发人员，当期研发工时占比低 于50%的，原则上不应认定为研发人员。审核实践发现，部分发行人存在人员内部调岗、员工实际从事活动与工作关系所属部门不一致、将实习期等纳入 工时统计等情形。对于上述情形，在进行研发人员认定时应重点把握以下方面： 文/梧桐小新 2023年2月上交所实施全面注册制后，将原分期发布的《科创板发行上市审核动态》变更为《上交所发行上市审核动态》。2023年至今，《上交所发行上市审核 动态》已发布13期，本文将这13期中42个"问题解答"汇总，供读者们分享、收藏。 | 期数 | 间题解答 | | --- | --- | | 2025年第1期 | 1、 研发人员认定注意事项 | | | 涉产学研合作技术成果的核查要求 2、 | | | 3、再融资项目中介机构违法违规的核查要求 | | | 4、股份支付授予日的认定 | | 2024年第6期 | 1、并购重组项目预沟通的注意事项 | | | 2、再融资募集资金投向的披露和说明注意事项 | | | 3、主板板块定位条件中行业代表性的关注要点 | ...