● 本报记者 昝秀丽 精准识别和判断科技型企业的科创属性和商业前景，是科创板改革的一项重要命题。 《关于在科创板设置科创成长层 增强制度包容性适应性的意见》提出，对适用科创板第五套上市标准 的企业，试点引入资深专业机构投资者制度。在市场人士看来，借助资深专业机构投资者的专业判断 和"真金白银"的投入，可帮助审核机构、中小投资者更好判断企业的科创属性、商业前景。科技与资本 的高效融合，将进一步打开新质生产力的发展空间。 解决估值难题 试点引入资深专业机构投资者制度的核心价值在于解决科技企业估值难题。 东吴证券首席经济学家芦哲说，从事前沿领域研发创新的未盈利企业，往往具有研发投入大、成果转化 周期长、商业化风险高的特征，可能在较长时间内处于亏损状态，持续经营和盈利能力具有不确定性， 但一旦成功有可能呈现爆发式甚至指数级增长，投资风险与投资价值较难判断。 市场化机制在优质科技型企业识别筛选方面具有独特优势。"资深专业机构投资者往往具有较为丰富的 投资经验，对于企业的科创属性和未来发展潜力具有一定专业判断能力。"粤开证券首席经济学家、研 究院院长罗志恒说，引入资深专业机构投资者制度，有助于更好识别优质科创企业。 开源 ...

Core Viewpoint - The introduction of a professional institutional investor system aims to enhance the identification and evaluation of high-quality technology enterprises in China's Sci-Tech Innovation Board, addressing the challenges of assessing the innovation attributes and commercial prospects of tech companies [1][2]. Group 1: Introduction of Professional Institutional Investors - The China Securities Regulatory Commission (CSRC) has proposed a pilot program to introduce professional institutional investors for companies meeting the fifth set of listing standards on the Sci-Tech Innovation Board [2][4]. - This initiative is designed to provide a new pathway for investors to discover the investment value of enterprises while improving the market mechanism for identifying quality tech firms [2][4]. Group 2: Characteristics of Tech Enterprises - Early-stage, unprofitable tech companies often face high R&D costs, long application cycles, and significant commercialization risks, leading to uncertainty in their ongoing operations and profitability [2][3]. - Successful identification of these companies can lead to exponential growth, making the assessment of investment risks and values challenging [2][3]. Group 3: Advantages of Professional Institutional Investors - Professional institutional investors possess specialized judgment capabilities regarding the innovation attributes and future development potential of tech companies, particularly those with core technologies [3][5]. - The backing of professional investors can reduce risks and provide market validation for a company's technological strength and commercial prospects [5]. Group 4: Market Practices and Statistics - The Hong Kong Stock Exchange has successfully implemented a similar system since 2018, with significant growth in revenue and net profit for companies listed under specific rules [4]. - As of the end of 2024, 67 companies were listed under the relevant rules, with an average of 3 professional investors per company, holding an average of 21% of shares collectively [4]. Group 5: Industry Implications - The introduction of this system may reshape the competitive landscape of the VC/PE industry, favoring capital-rich and technically adept leading institutions [6]. - There is a need for clear standards and regulatory oversight regarding the identification and behavior of professional institutional investors to ensure effective implementation [6].

新华财经北京6月23日电四大证券报内容精华摘要如下： 中国证券报 2025年以来，北交所上市公司披露数十份购买资产相关公告，其中不乏股权收购案例，青矩技术、易实 精密、铁大科技等多家北交所公司开展现金收购，以拓展业务领域。 此前，北交所对《北京证券交易所上市公司重大资产重组审核规则》和《北京证券交易所上市公司重大 资产重组业务指引》进行了修订，丰富了创新型中小企业并购重组工具储备。北交所方面表示，将继续 深入贯彻落实新"国九条"和"并购六条"的政策精神和具体要求，持续优化市场机制，激发市场活力，积 极服务创新型中小企业充分利用并购重组工具提升发展质量和投资价值。 ·卫星通信站上移动通信主舞台 在刚刚落幕的2025上海世界移动通信大会（MWC上海）上，卫星通信技术正成为展示和讨论的焦点。 多位行业人士认为，卫星通信技术正在进入移动通信的主舞台，重塑偏远地区的网络接入方式，为全球 尚未接入互联网的人口带来网络连接，开启数字经济的全新篇章。卫星产业则有望在未来10年引领整个 通信行业发生革命性的改变。 上海证券报 ·证券公司分类评价新规重塑行业定位突出净资产收益率指标震慑重大违法违规行为 在业内人士看来，调整后的评 ...

● 本报记者 昝秀丽 精准识别和判断科技型企业的科创属性和商业前景，是科创板改革的一项重要命题。 《关于在科创板设置科创成长层 增强制度包容性适应性的意见》提出，对适用科创板第五套上市标准 的企业，试点引入资深专业机构投资者制度。在市场人士看来，借助资深专业机构投资者的专业判断 和"真金白银"的投入，可帮助审核机构、中小投资者更好判断企业的科创属性、商业前景。科技与资本 的高效融合，将进一步打开新质生产力的发展空间。 解决估值难题 东吴证券首席经济学家芦哲说，从事前沿领域研发创新的未盈利企业，往往具有研发投入大、成果转化 周期长、商业化风险高的特征，可能在较长时间内处于亏损状态，持续经营和盈利能力具有不确定性， 但一旦成功有可能呈现爆发式甚至指数级增长，投资风险与投资价值较难判断。 市场化机制在优质科技型企业识别筛选方面具有独特优势。"资深专业机构投资者往往具有较为丰富的 投资经验，对于企业的科创属性和未来发展潜力具有一定专业判断能力。"粤开证券首席经济学家、研 究院院长罗志恒说，引入资深专业机构投资者制度，有助于更好识别优质科创企业。 开源证券副总裁、研究所所长孙金钜认为，基于第五套标准上市的未盈利企业将直 ...

Core Viewpoint - The article summarizes key points from the "Shanghai Stock Exchange Listing Review Dynamics" published since the implementation of the comprehensive registration system, focusing on various regulatory requirements and best practices for companies and intermediaries in the context of IPOs and refinancing. Group 1: Waste Management and Sales Verification - Companies must establish robust internal controls for waste management, including processes for classification, storage, and sales of waste materials [3][4][5] - Intermediaries should verify the accuracy of waste sales accounting, ensuring that sales pricing is fair and consistent with market standards [4][5] - The cost accounting for waste should align with industry practices and maintain consistency throughout reporting periods [5] Group 2: Special Issuance of Securities - When issuing securities to specific targets, companies must ensure that the board resolution complies with regulatory requirements, particularly regarding pricing mechanisms and the involvement of predetermined targets in bidding processes [6][7] - Independent financial advisors and legal representatives must conduct thorough checks on the issuance process to ensure compliance [7] Group 3: Independent Financial Advisors in Mergers and Acquisitions - Independent financial advisors should enhance their professional capabilities to facilitate mergers and acquisitions, focusing on understanding the industry and transaction parties [8] - Advisors must conduct comprehensive due diligence and maintain robust internal controls to ensure the quality of the restructuring process [9] Group 4: Post-Audit Changes in Business Environment - Intermediaries must monitor and verify any significant changes in the business environment after the audit cutoff date, including regulatory changes and market conditions [10][11] - Companies are required to disclose these changes in their prospectus, highlighting potential impacts on future performance [11] Group 5: Convertible Bond Issuance - Companies must ensure that the cumulative bond balance does not exceed 50% of the latest net assets after issuing convertible bonds [12][13] - The disclosure and verification requirements for convertible bond projects include ensuring that the issuance scale is reasonable and compliant with regulations [12][13] Group 6: Internal Control Audits for Listing Applicants - Companies must provide an internal control audit report from a certified public accountant when submitting listing applications or updating financial data [14][15] - Auditors should adhere to relevant guidelines to assess the effectiveness of internal controls and address any significant deficiencies [15] Group 7: R&D Personnel Recognition - Non-full-time R&D personnel should be evaluated based on their actual R&D hours to determine their classification as R&D staff [16][17][18] - Companies must establish internal controls for managing and tracking R&D personnel to ensure compliance with industry standards [18] Group 8: Technology Transfer from Industry-Academia Cooperation - Companies must clarify the ownership and rights associated with technology developed through industry-academia cooperation [19][20] - The degree of reliance on such cooperation should be assessed to ensure that companies possess adequate independent R&D capabilities [19][20] Group 9: Regulatory Compliance for Intermediaries - Intermediaries involved in refinancing projects must be scrutinized for any recent regulatory penalties, which could affect their eligibility for simplified procedures [21][22][23] - Continuous monitoring and reporting of any new developments that may impact compliance are essential [24] Group 10: Equity Incentives and Share-Based Payments - Companies must ensure that the terms of equity incentives are clearly defined and approved to establish the grant date for share-based payments [25][26] Group 11: Pre-Communication in M&A Projects - Companies and advisors should prepare comprehensive consultation materials before submitting M&A projects to enhance communication efficiency [28][29] - Strict management of insider information is crucial during the restructuring process to prevent insider trading [29] Group 12: Fund Utilization in Refinancing - Companies must provide detailed disclosures regarding the specific use of funds raised through refinancing, including the breakdown of capital and non-capital expenditures [30][31][32] Group 13: Major Events Affecting Key Personnel - Companies must report any significant events involving key personnel that could impact listing conditions, ensuring timely communication with regulatory bodies [33] Group 14: Application for Audit System Access - Securities service institutions must follow specific procedures to apply for access to the audit system, ensuring compliance with regulatory requirements [34][35] Group 15: Previous Fund Utilization and Overfunding - Companies must include overfunded amounts in the calculation of previous fundraising utilization to ensure compliance with regulatory standards [36][37] Group 16: Small-Scale Fast-Track Review Mechanism - The small-scale fast-track review mechanism for asset acquisitions has specific criteria and procedural differences compared to conventional reviews [38][39] Group 17: Business Consultation Communication - Companies and intermediaries should utilize established communication channels effectively to address complex issues before submission [40][41]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 近日，纳睿雷达发布收购草案，公司以发行股份及支付现金购买天津希格玛微电子技术有限公司（下称"天津希格 玛"或标的公司）的事项进一步推进。此外，纳睿雷达还计划募集配套资金。 2023年，纳睿雷达在科创板IPO募资18亿元，目前账面有16亿元的广义货币资金且有息负债近乎为0，资产负债率 仅个位数，2024年年末闲置资金理财产品余额高达11.39亿元。在账面资金充裕且负债压力极小的背景下，纳睿雷 达募集配套资金的必要性有待商榷。 收购草案显示，在天津希格玛被纳睿雷达收购前，6名投资人或投资机构选择全部退出或部分退出，而纳睿雷达却 以421.4%的溢价收购天津希格玛。从现有数据看，天津希格玛营收指标是否符合科创属性要求还有待商榷。此次 并购将给纳睿雷达带来约2.52亿元商誉，交易对手给出的业绩承诺不低，如果标的公司不能实现预期收益存在商 誉减值风险。 广义货币资金高达15亿元资产负债率仅个位数 11亿元闲置资金买理财仍计划募资 资料显示，纳睿雷达主营业务是提供全极化有源相控阵雷达系统解决 ...

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 | ...

f 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书全文作为作出投资决定的依据。 联席保荐机构（主承销商） 华虹半导体有限公司 HUA HONG SEMICONDUCTOR LIMITED （香港中环夏悫道 12 号美国银行中心 2212 室） 首次公开发行人民币普通股（A 股）股票 并在科创板上市招股说明书 （注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 中国（上海）自由贸易试验区商城路 618 号 上海市广东路 689 号 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 华虹半导体有限公 ...