文/梧桐小编 2月9日，上交所就《上海证券交易所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（征求意见稿）》公开征求意见。为更大力度支持科技创新，推动上市公司高质量发展，上交所修订 了《上海证券交易所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》。现向社会 公开征求意见，意见反馈截止时间为2026年2月16日。上交所同时发布该《认定标准》的修订说明。 本次主要修订内容如下： 一是新增主板上市公司"轻资产"和"高研发投入"认定标准。结合科创板试点经验和主板市场实际情 况，明确沪市主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%；沪市主板上市公 司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研 发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。 二是设置负面情形。明确上市公司股票被实施退市风险警示或者其他风险警示的，再融资募集资金用于 补充流动资金和偿还债务的比例不得超过募集资金总额的30%。 三是其他内容。原《6号指引》第十一条规定募集资金变更后的用途不符合监管要求的，应当在本次再 融资时调减募集资金。 ...

每经记者：王海慜 每经编辑：贾运可 2月9日，沪深北交易所分别在官网推出优化再融资一揽子措施。沪深北交易所明确，对经营治理与信息披露规范，具有代表性与市场 认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。 每日经济新闻 上交所在相关指引中新增主板上市公司"轻资产、高研发投入"认定标准。明确沪市主板上市公司"轻资产"认定标准为实物资产占总资 产比重不高于20%；沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计 研发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。发行证券募集资金用于补充流动资金和偿还债务的比例可 以在充分论证合理性后超过募集资金总额的30%，但超过部分原则上应当用于主营业务相关的研发投入。深交所相关规定与上交所一 致。 利好轻资产科创类企业 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则 适用指引第6号——轻资产、高研发投入认定标准》（以下简称《6号指引》）的征求意见稿。 2024年10月，上交所发布《6号指引》，在科创板建立"轻资产、高研发 ...

2月9日，沪深京交易所分别在官网推出优化再融资一揽子措施。沪深京交易所明确，对经营治理与信息披露规范，具有代表性与市场认可度的优质上市公 司，优化再融资审核，进一步提高再融资效率。 上交所在相关指引中新增主板上市公司"轻资产"和"高研发投入"认定标准：明确沪市主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%； 沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最近三年平均研 发投入占营业收入比例不低于5%。 有投行人士认为，这将意味着，未来符合"轻资产、高研发投入"认定标准的主板企业将不再受30%补流比例限制，而这类公司的特点就是流动资金投入大， 限制补流规模不符合行业特点。 此外，沪深京交易所新规定，存在破发情形的上市公司，可以通过竞价定增、发行可转债等方式合理融资，募集资金需投向主营业务。而根据此前规定，存 在破发情形的上市公司被严格限制再融资。 放宽主板公司再融资补流比例限制 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则适用指引第6号--轻 ...

上交所发布《上海 证券交易所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（征 求意见稿）》，其中指出 科创板上市公司同时符合下列指标的，可以认定为具有高研发投入特点： （一）最近三年平均研发投入占营业收入比例不低于15%或者最近三年累计研发投入不低于3亿元； （二）最近一年研发人员占当年员工总数的比例不低于10%。主板上市公司符合下列指标之一的，可以 认定为具有高研发投入特点：（一）最近三年平均研发投入占营业收入比例不低于15%；（二）最近三 年累计研发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。 ...

Core Insights - The Shanghai Stock Exchange (SSE) has seen a significant increase in refinancing activities in 2025, with nearly 690 billion yuan raised, supporting the optimization of capital structures and enhancing technological innovation and industrial upgrades [1][2]. Group 1: Refinancing Statistics - As of December 19, 2025, the SSE has accepted 114 companies for refinancing, with 99 registered and 94 issued, raising a total of 687.9 billion yuan [2]. - In the fourth quarter of 2025, the SSE expedited the refinancing review process, with 37 new projects approved and the average review cycle reduced to approximately 2 months [4]. Group 2: Review Process Improvements - The efficiency of the refinancing review process has improved significantly in 2025, particularly after the implementation of the "1+6" policy measures on June 18, which enhanced the review speed for companies on the Sci-Tech Innovation Board [3]. - Companies like Lingrui New Materials and Microchip Biotech have experienced review times of less than 70 days for their refinancing projects, indicating a notable acceleration in the process [3]. Group 3: Simplified Procedures - The simplified refinancing procedure has emerged as a "fast track," allowing companies to quickly raise funds without extensive exchange reviews, significantly enhancing financing efficiency [5]. - For instance, Zhimin Technology successfully raised 208 million yuan through this simplified procedure for research and development in unmanned equipment and commercial aerospace [5]. Group 4: Support for High-Tech Companies - The "light asset, high R&D investment" standard has been instrumental in supporting the growth of high-tech companies, allowing them to bypass certain restrictions and increase their financing capabilities [8]. - Since the introduction of this standard in October 2024, 14 companies on the Sci-Tech Innovation Board have utilized it, collectively seeking 35.12 billion yuan, which represents 38% of the companies and 76% of the financing amounts in 2025 [8][9]. Group 5: Diverse Company Profiles - Companies adopting the "light asset, high R&D investment" standard span all five listing criteria of the Sci-Tech Innovation Board, showcasing the board's inclusive nature [9]. - Notable companies include Lexin Technology and Cambricon, which have successfully completed their financing under this standard, highlighting its effectiveness in facilitating capital access for innovative firms [9].

Core Viewpoint - The article discusses the differences in the recognition standards for "light asset" and "high R&D investment" between the Shenzhen Stock Exchange (SZSE) and the Shanghai Stock Exchange (SSE), highlighting specific criteria and implications for companies seeking to raise funds through securities issuance [1][2]. Summary by Sections Recognition Standards - Both exchanges have the same criteria for recognizing light assets, but differ in the criteria for high R&D investment. SZSE requires either an average R&D investment of at least 15% of operating income over the last three years or a cumulative R&D investment of at least 300 million yuan with an average of at least 3% of operating income [1][4]. - SSE requires companies to meet both criteria: an average R&D investment of at least 15% of operating income over the last three years or a cumulative R&D investment of at least 300 million yuan, along with a requirement that R&D personnel constitute at least 10% of total employees in the most recent year [1][4]. Fundraising and Use of Proceeds - Both exchanges allow companies that do not meet the "light asset, high R&D investment" criteria to raise funds for projects aligned with national strategic directions, permitting the proportion of funds used for working capital and debt repayment to exceed 30% of the total raised, provided the rationale is well-documented. However, SZSE stipulates that the excess should primarily be used for R&D related to the main business [2][5]. - SZSE has a specific provision that limits the proportion of funds used for working capital and debt repayment to no more than 30% for companies under delisting risk warnings, a requirement not present in SSE's guidelines [2]. Reporting and Disclosure Requirements - Companies must disclose specific details in their fundraising prospectus, including the composition and proportion of light asset characteristics, average R&D investment ratios, and the rationale for exceeding the 30% limit on funds for working capital and debt repayment [4][5]. - Both exchanges require that the use of funds exceeding the 30% limit should ideally continue to support R&D related to the main business [5].

Group 1 - The Caixin Manufacturing PMI for June is reported at 50.4, an increase of 2.1 percentage points from the previous month, exceeding market expectations, indicating a weak economic recovery trend [1] - The production index and new orders index have returned to the expansion zone, with the production index reaching a seven-month high [1] - The cautious procurement behavior of enterprises due to demand uncertainty and active destocking actions have kept the price index low, but overall economic recovery appears more certain [1] Group 2 - The Ministry of Finance, State Taxation Administration, and Ministry of Commerce announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits reinvested in China for investments held for over five years from January 1, 2025, to December 31, 2028 [2] - This policy aims to reduce tax burdens for foreign investors, enhance investment returns, and attract reinvestment in high-tech and green energy sectors [2] - The five-year holding requirement is expected to stabilize capital flows and reduce market volatility, complementing previous tax exemptions for foreign investments in domestic bond markets [2] Group 3 - The expansion of QDII quotas signals three key messages: promoting bilateral financial openness, alleviating one-way capital flow pressure, and guiding institutions in global asset allocation [3] - The Shenzhen Stock Exchange issued new guidelines for listing companies, removing the 30% fundraising limit for companies classified as "light asset, high R&D input," enhancing financing flexibility for R&D-intensive firms [3] - This new regulation is expected to optimize capital market structure and direct more funds towards innovative sectors, particularly benefiting strategic emerging industries [3] Group 4 - On July 1, A-shares showed mixed performance, with the Shanghai Composite Index rising by 0.39% to 3457.75 points, while the ChiNext Index fell by 0.24% to 2147.92 points [4] - The top-performing sectors included comprehensive, pharmaceutical, and banking, while computer, retail, and communication sectors experienced declines [4] - A total of 2551 stocks rose, while 2421 stocks fell, indicating a diverse market response [4] Group 5 - The market turnover was reported at 14967.62 billion, showing a decline from the previous trading day, while the margin financing balance increased to 18504.52 billion [5]