SZSE: Adjusts the Criteria for "High R&D Investment" on the ChiNext Board

iDaily AI Express, March 27, the Shenzhen Stock Exchange revised the “Shenzhen Stock Exchange Stock Issuance and Listing Review Business Guidelines No. 8 — Recognition Standards for Light-Asset Companies with High R&D Investment,” which was approved by the China Securities Regulatory Commission. It is hereby published and will take effect from the date of publication. The recognition standards for the Growth Enterprise Market’s “high R&D investment” were adjusted. By comprehensively considering the midpoint of the ratio of average R&D investment over the most recent three years to operating revenue across the entire market, and to avoid differences across sectors, the R&D investment proportion threshold in the Growth Enterprise Market’s “high R&D investment” recognition standard—“the cumulative R&D investment over the most recent three years is not less than 300 million yuan, and the average R&D investment over the most recent three years as a proportion of operating revenue is not less than 3%”—was adjusted. The lower bound for the R&D investment proportion was changed from 3% to 5%. Regarding other content, the original Article 11 of the Guidelines provides that if the intended use after changing the purposes of raised funds does not comply with regulatory requirements, the corresponding scale of raised funds shall be reduced at the time of this issuance of securities. This revision deletes that provision, and the relevant matters shall apply the higher-level provisions.

Daily Economic News