技术研发投入大、周期长、风险高，是生物医药行业普遍面临的问题。上海技术交易所"生物医药管线 质押融资"模式从团队、市场、技术等维度对医药管线进行全面考量，为企业在研管线提供科学、公允 的价值赋能，助力银行深度剖析生物医药企业核心资产，形成"一价"。同时，上海技术交易所通过技术 权益登记和质押登记，为银行授信提供确权和质押佐证，解决了生物医药企业技术资产权益认定问题， 形成"两证"。上海技术交易所基于核心专利、临床数据及其他技术秘密对生物医药管线技术权益进行确 权登记并估值，并通过区块链存证技术保障企业方和金融机构的相关权益。 "这笔生物医药管线质押贷款是我们作为创新药研发公司获取大额、相对低成本、非稀释性资金的关键 工具。它有效盘活了公司的核心无形资产，加速了研发和商业化进程，提升了公司信用，并优化了资本 结构，为企业发展注入了金融力量。"和径医药科技（上海）有限公司（以下简称"和径医药"）相关负 责人对《金融时报》记者表示。 让和径医药受益的"生物医药管线质押融资"业务模式，是上海技术交易所携手银行探索出的一条金融赋 能生物医药和助力"知产"变"资产"的新路径，目前在上海地区已落地多笔业务，并在全国推广。除 ...

Core Viewpoint - The Beijing Intellectual Property Financial Ecosystem Comprehensive Pilot Action Plan aims to establish a convenient, efficient, and well-structured intellectual property financial ecosystem by 2027, promoting a positive interaction between intellectual property, industry, and finance [1][2][3]. Overall Requirements - The plan emphasizes the importance of financial support for technological innovation and cultural development in Beijing, aiming to enhance the conversion and application of intellectual property achievements and improve the quality of financial services for the real economy [2]. Specific Tasks - **Facilitation of Intellectual Property Pledge Registration**: The plan includes measures to streamline the pledge registration process, including a fully paperless online registration system and the establishment of comprehensive service points for financing consultations [3][4]. - **Strengthening Intellectual Property Value Assessment**: It encourages banks to develop internal assessment systems for intellectual property value, promoting the use of standardized evaluation guidelines and tools [4][5]. - **Upgrading Financial Services**: The plan aims to optimize internal mechanisms within commercial banks, enhance the variety of financial products, and support innovative financing models based on intellectual property [5][6][7]. Mechanism for Intellectual Property Transactions - The plan encourages the establishment of specialized platforms for the disposal of intellectual property assets and promotes the active trading of intellectual property rights through various financial instruments [6][7]. Collaboration Mechanism - It emphasizes the need for a robust risk-sharing and compensation mechanism, enhancing data sharing and financial service capabilities to support the financing of intellectual property pledges [8][9]. Support Measures - The plan outlines the establishment of a pilot work mechanism to coordinate efforts across various departments, ensuring the effective implementation of the action plan [8][9].

Core Viewpoint - The rapid development of Intellectual Property Asset-Backed Securities (ABS) is driven by supportive policies, improved market conditions, and the urgent financing needs of enterprises, particularly in the technology sector [2][4]. Group 1: Policy Support - The Chinese government has implemented a series of policies to promote the development of knowledge property ABS, including the China Securities Regulatory Commission's initiative to explore knowledge property asset securitization [2][4]. - Local governments have also introduced tailored measures to support knowledge property ABS, creating a synergistic effect with national policies [2]. Group 2: Market Environment - The enhancement of intellectual property protection and stricter infringement penalties have significantly increased the market value stability of intellectual property, boosting investor confidence [2][3]. - The growing awareness of knowledge property ABS among financial institutions, including banks and securities firms, has stimulated the issuance of related products [3]. Group 3: Enterprise Demand - Technology companies, characterized by "light assets and heavy intellectual property," face challenges in traditional financing due to the lack of fixed asset collateral, which knowledge property ABS can address by converting intangible assets into tradable financial assets [3]. - The successful securitization of intellectual property not only provides funding for R&D projects but also signals the company's technological strength and innovation potential to the market [3][4]. - The process of intellectual property securitization encourages companies to better manage and protect their intellectual property, fostering a virtuous cycle of innovation investment and financing support [3].