Core Insights - The introduction of the "light asset, high R&D investment" recognition standard has led to a significant increase in the number of companies applying for refinancing on the Sci-Tech Innovation Board, with 9 companies submitting applications totaling 24.796 billion yuan [1][2] - This policy effectively addresses the financing bottleneck for "light asset, high R&D investment" enterprises, promoting resource allocation towards technological innovation [1][2] - The policy is expected to further establish the Sci-Tech Innovation Board as a core platform for nurturing new productive forces and supporting technological self-reliance [1] Group 1: Company Actions - Cambrian Technology announced a plan to raise 4.98 billion yuan through a specific issuance of A-shares, with over 30% of the funds allocated for non-capital expenditures related to R&D [1][2] - The company indicated that 87.25% of the raised funds would be used for personnel salaries and product trial costs, emphasizing its commitment to R&D [2] - Dize Pharmaceutical became the first company to complete refinancing under the new standard, adjusting its financing scale to focus on core projects, thereby accelerating its clinical and industrialization processes [3] Group 2: Industry Impact - The "light asset, high R&D investment" standard enhances the financing convenience for tech-driven companies, allowing them to increase R&D investments and improve their R&D capabilities [2][4] - The policy has improved the transparency and efficiency of refinancing reviews, providing greater flexibility for companies in need of funding [4] - It is estimated that over a hundred companies on the Sci-Tech Innovation Board may meet the "light asset, high R&D investment" criteria, although only a few have submitted refinancing applications so far [4] Group 3: Recommendations - Industry experts suggest that regulatory bodies should continue to strengthen policy promotion and provide operational guidance to help companies and intermediaries better understand and apply the new standards [5]