Core Viewpoint - The article discusses the challenges faced by state-owned enterprises in China regarding asset valuation in the context of technological innovation, highlighting the need for improved evaluation methods and regulatory frameworks to adapt to rapid technological advancements [1][10][38]. Group 1: Challenges in Asset Valuation - The speed of technological advancement has outpaced the ability of existing evaluation systems to adapt, leading to difficulties in valuing innovative technologies [2][3]. - A specific case involves a deep-sea exploration patent where the valuation process faced significant disagreements over projected market penetration rates, with the technical team predicting over 30% while evaluators suggested only 15% [6][18]. - The lack of market comparables for certain assets creates a "deadlock" in valuation, as seen in the case of a geological exploration company's data assets, which were undervalued due to the absence of transaction references [28][30]. Group 2: Regulatory Developments - The State-owned Assets Supervision and Administration Commission (SASAC) is working on revising asset evaluation management systems to provide targeted regulations for the valuation of assets in the technology innovation sector [11][38]. - New regulations allow for alternative valuation methods for "core" technologies, but practical implementation remains challenging due to existing evaluation frameworks [19][38]. - The Ministry of Finance is guiding the establishment of a comprehensive asset evaluation standard system, which includes 33 evaluation standards that must be adhered to by evaluation institutions [39][40]. Group 3: Operational Inefficiencies - The current asset evaluation process is lengthy, often taking 2 to 3 months, which discourages investment in innovative enterprises [36]. - There is a general lack of a robust evaluation methodology tailored for state-owned technology enterprises, leading to increased risks in valuation outcomes [35]. - The complexity of operational processes in state-owned venture capital further complicates investment and exit decision-making [36].

Core Viewpoint - The rapid advancement of technology in state-owned innovative enterprises is outpacing the ability of traditional asset evaluation systems to adapt, leading to significant challenges in valuing new technologies and data assets [1][5]. Group 1: Challenges in Asset Valuation - The new regulations from the State-owned Assets Supervision and Administration Commission (SASAC) allow for alternative valuation methods for original and critical technologies, but practical implementation remains problematic [2][10]. - A specific case involving a deep-sea exploration patent illustrates the struggle between the technology team and evaluators over projected market penetration rates, with the technology team predicting over 30% while evaluators suggest only 15% [3][9]. - The evaluation of data assets also faces significant hurdles, as traditional methods fail to account for the unique nature of these assets, leading to undervaluation [15][19]. Group 2: Policy and Regulatory Developments - SASAC is working on improving asset evaluation management systems and revising related regulations to better address the needs of the innovative technology sector [5][20]. - The China Asset Appraisal Association (CAAA) has developed 33 asset evaluation standards, which include guidelines specifically for the evaluation of innovative enterprises [21]. - Future legislative efforts are expected to enhance the regulatory framework for asset valuation, aiming to create a more unified and effective evaluation management system [20].