（原标题：湖北首单"认股权"服务落地 科创企业融资再添新渠道） 与之相关的一个背景是，湖北省委、省政府高度重视多层次资本市场募资培育体系建设，认股权服务模 式的落地，对科创企业而言，突破了传统融资的限制，获得了发展关键期的资源支持；园区从单纯 的"服务收费者"变身"价值共享者"，实现了从管理到投资的转型升级。产学研深度融合的鲜活实践，让 科技成果产业化的步伐大大加快，打造出园区与企业"共成长、共获利"的生态共赢机制。 经济观察网 程久龙 11月28日，经济观察网从武汉股权托管交易中心获悉，近期，该交易中心与宜昌市 西陵区政府通过"园区服务+认股权"孵化模式，为该区科技型中小企业湖北索敢科技有限公司完成认股 权服务，实现湖北首单"认股权"落地。"认股权"服务模式的成功实践不仅是武汉股交服务科创企业的全 新突破，更为湖北"轻资产、高成长"的科技型中小企业，提供了新的融资渠道。 据经济观察网了解，下一步，武汉股权托管交易中心将以首笔落地案例为样板，加大认股权业务的推广 和落地力度，与各地政府建立"政策引导+金融协同+企业赋能"的三位一体生态，更好发挥多层次资本 市场公开募资做培育职能作用，助力地方经济高质量发展。 ...

武汉股交中心表示，湖北省委省政府高度重视多层次资本市场融资培育体系建设，认股权服务模式的落 地，对科创企业而言，突破了传统融资的局限，获得了发展关键期的资源支持；园区从单纯的"服务收 费者"转型为"价值共享者"，实现了从管理到投资的转型升级。产学研深度融合的鲜活实践，让科技成 果产业化的步伐大大加快，打造出园区与企业"共成长、共获利"的生态共赢机制。 下一步，武汉股交中心将以首笔落地案例为标杆，加大认股权业务的推广和落地力度，与各地政府建 立"政策引导+金融协同+企业赋能"的三位一体生态，更好发挥多层次资本市场公开募资做培育职能作 用，助力地方经济高质量发展。 作为近年来兴起的一种创新金融工具，认股权是企业授予外部机构在未来某一时期认购一定数量或一定 金额企业股权的选择权。针对科创企业融资难的行业痛点，武汉股交中心与西陵区政府合作"精准破 局"，双方组建专项团队，从"产业投资+认股权""科技成果+认股权"等多个方向探索，最终敲定"园区服 务+认股权"这一适配本地企业需求的创新路径。此次获得融资支持的索敢科技是一家深耕合成生物技 术的科技初创企业，拥有饲草育种及种植项目多项国家专利，因其"轻资产"属性，曾受限于 ...

Core Insights - The development of the private equity market and regional equity markets in China is still in its early stages, facing systemic challenges that need to be addressed for growth [3][10] - The off-market capital market is crucial for the future trajectory of China's capital markets, as it directly influences the momentum of the stock market [4][5] Off-Market Capital Market Evolution - The off-market capital market is characterized by a diverse range of participants and significant potential scale, impacting the future of China's capital markets [4] - Internationally, off-market markets are evolving towards specialization, technological advancement, and regulatory collaboration, contrasting with the more liquid and transparent on-market exchanges [4] Regional Equity Market Development - The regional equity market in China began in the early 2010s and saw explosive growth in 2015, with over 40,000 companies listed by 2015 and currently 35 regional markets serving 170,000 enterprises [5] - The service offerings of regional equity markets have expanded significantly, now including a diverse range of products such as equity and bond trading, fund transfers, and employee stock ownership plans [5] Role of Private Equity and Venture Capital - The rise of private equity and venture capital in China reflects the evolution of off-market capital formation, with over 12,000 fund managers and a total fund size exceeding 14.3 trillion yuan by the end of 2024 [7] - In 2024, the private equity market completed over 8,408 investment cases, amounting to 638 billion yuan, with approximately 60% of funds directed towards strategic emerging industries [7] Opportunities and Challenges in Off-Market Capital Markets - The off-market capital market is positioned to support technological innovation and provide accessible equity services to a vast number of small and medium-sized enterprises (SMEs) [8][9] - The current challenges include information asymmetry, low trading efficiency, weak resource allocation capabilities, and limited exit options for investors [10][11] Recommendations for Improvement - To enhance the quality of the multi-tiered capital market, it is suggested to focus on improving equity services, refining exit mechanisms, and strengthening policy support [12][14] - Establishing a comprehensive equity service system and enhancing data collection and disclosure practices are essential for building a robust off-market capital market [12][13]

Core Viewpoint - The successful implementation of the "warrant financing" model in Hubei Province represents an innovative financing channel for high-growth, light-asset technology SMEs, addressing the financing challenges faced by tech enterprises [1][2] Group 1: Financing Model - The "warrant" is a financial instrument that grants external entities the option to purchase a certain number or amount of company equity at a future date, emerging as an innovative financing tool in recent years [1] - The collaboration between the Xiling District government and Wuhan Equity Custody Trading Center aims to explore various directions such as "industrial investment + warrants" and "technological achievements + warrants," ultimately settling on the "park service + warrants" model [1] Group 2: Company Profile - Hubei Suogang Technology Co., Ltd. has multiple national patents related to forage breeding and planting projects and has entered the Sanxia Chuanggu Industrial Park in Yichang's Xiling District [1] - The park converted three years of rent and service value into an 8% equity subscription right for the company [1] Group 3: Future Plans - Wuhan Equity Custody Trading Center plans to promote the warrant financing model comprehensively and establish a three-in-one ecosystem of "policy guidance + financial collaboration + enterprise empowerment" with local governments [2] - This initiative aims to continuously unleash the innovative vitality of the regional equity market in Hubei [2]

Core Viewpoint - HSBC Holdings has granted stock options to employees under its UK Savings Preference Share Plan, allowing them to subscribe to a total of 11.9008 million shares at a par value of $0.50 each [1] Group 1 - HSBC Holdings announced the issuance of stock options to employees on September 24, 2025 [1] - The total number of shares granted under the plan is 11.9008 million [1] - Each share has a par value of $0.50 [1]

Core Viewpoint - The Beijing Equity Exchange has successfully completed its first online transfer of stock options, marking a significant milestone in the digitalization of financial services for innovative enterprises in Beijing [1][2]. Group 1: Transaction Details - The stock option transfer involved a high-tech enterprise focused on space laser communication technology, which is also a recipient of investment from Beijing's commercial aerospace and low-altitude economy industry fund [1]. - The transaction was facilitated by CITIC Bank's Beijing branch, which utilized a "loan + stock option" model to support the enterprise's development [1]. - All processes from registration confirmation, asset valuation, to transfer transaction were completed online, achieving a fully digital business cycle [1]. Group 2: Future Plans and Innovations - The Beijing Equity Exchange aims to enhance its role as a regional equity market by continuing to innovate in systems and business practices, thereby improving financing channels for innovative enterprises [2]. - The exchange plans to build a technology-finance linkage mechanism, enhancing capital efficiency and creating a distinctive technology finance service ecosystem in the capital [2].

Group 1 - The Tianjin Binhai High-tech Zone has introduced a management approach for technology achievement transformation, pioneering the "pre-research and post-equity" and "pre-investment and post-equity" models to support innovation projects [1] - The management approach features three highlights: first, it establishes a "pre-research and post-equity" system to bridge the gap in the technology innovation chain, allowing fiscal funds to support research teams and tech enterprises, converting project support funds into equity [1][2] - The approach aims to inject early-stage capital, providing up to 5 million yuan for individual tech projects and up to 50 million yuan for major innovation projects, addressing funding needs in seed and angel investment stages [2] Group 2 - The management approach innovates the operation of fiscal funds, transitioning from traditional subsidies to a circular innovation capital model, with a three-tier review mechanism ensuring quality project selection [2] - Tianjin OTC will collaborate with the Binhai High-tech Zone to promote policies and support the signing, registration, and custody of "equity subscription" agreements, enhancing the service for high-quality development of research projects and tech enterprises [3] - The OTC will explore additional service scenarios, such as "financial institutions + equity subscription" and "park services + equity subscription," to build a comprehensive service system for equity registration and valuation [3]