Benefits for technology-based companies! The extension of refinancing with light assets and high R&D standards to the Shenzhen Main Board broadens the scope of applicable firms.

Securities Times Reporter Wu Shaolong

On March 27, 2026, the Shenzhen Stock Exchange revised and implemented the “Guidelines for the Review of Stock Issuance and Listing at the Shenzhen Stock Exchange No. 8 - Standards for Identifying Light Assets and High R&D Investment (2026 Revision)” (referred to as the “Guidelines”), expanding the applicable scope of the current “light assets and high R&D investment” identification standards for the ChiNext board to include main board companies. After the revision, the relevant standards for the main board and the ChiNext board are completely consistent, allowing main board companies that meet the standards to break through limits on refinancing for R&D investments, further enhancing refinancing flexibility.

Applicable Scope Expanded to Main Board of Shenzhen Market

The “14th Five-Year Plan” explicitly states the need to “continue to deepen the comprehensive reform of capital market investment and financing, enhancing the inclusiveness and adaptability of the capital market system.” This year’s government work report further emphasizes the regular implementation of a “green channel” mechanism for listing financing and mergers and acquisitions for technology companies in key core technology fields. Previously, the Shenzhen and Shanghai exchanges introduced a package of optimized refinancing measures to increase support for technological innovation.

In June 2025, the “light assets and high R&D investment” identification standards for refinancing on the ChiNext board were implemented. Companies listed on the ChiNext board, such as Jiangbolong, have chosen to apply for refinancing under the “light assets and high R&D investment” standards, receiving positive feedback from the market. Main board technology companies have also expressed a desire to quickly enjoy the benefits of the related systems.

Market analysis indicates that whether to further consolidate market position, enhance core competitiveness, actively seek a second growth curve, or proactively pursue transformation and upgrading, main board technology companies need long-term, large-scale, and more flexible R&D funding to support technological iteration and innovation, improve the success rate of R&D projects, and promote the efficient conversion of scientific and technological achievements, while significantly enhancing the sense of gain for a wide range of small and medium-sized investors.

The revision of these “Guidelines” expands the applicable scope of the “light assets and high R&D investment” identification standards to main board companies in the Shenzhen market, actively and timely responding to market calls one year after the related guidelines for the ChiNext board were released, which is a key measure to enhance the inclusiveness and adaptability of the refinancing system.

Further Highlighting the “Support for Excellence and Science” Orientation

The revised “Guidelines” consist of 12 articles. After the revision, the relevant standards for the main board and the ChiNext board are completely consistent.

The identification standard for “light assets” for main board listed companies in the Shenzhen market is that physical assets account for no more than 20% of total assets; the “high R&D investment” identification standard is that the average R&D investment over the past three years accounts for no less than 15% of operating income, or the cumulative R&D investment over the past three years is no less than 300 million yuan and the average R&D investment over the past three years accounts for no less than 5% of operating income.

At the same time, this revision makes adaptive adjustments to the previously issued “high R&D investment” identification standards for the ChiNext board, further highlighting the “support for excellence and science” orientation. In the ChiNext board’s “high R&D investment” identification standard, the lower limit for the R&D investment ratio of “the cumulative R&D investment over the past three years is no less than 300 million yuan and the average R&D investment over the past three years accounts for no less than 3%” is adjusted from 3% to 5%, which is higher than the median of the average R&D investment as a percentage of operating income for listed companies in the Shenzhen and Shanghai markets over the past three years. The moderate increase in the “high R&D investment” identification criteria aims to guide listed companies to increase R&D investment in technological innovation, focusing on those with deep R&D and innovative characteristics, and to provide support for enhancing their innovation vitality and forming a virtuous cycle of innovative development through an efficient and flexible refinancing system.

A relevant official from the Shenzhen Stock Exchange stated that it will closely focus on supporting the development of new productive forces as a key point of effort, supporting more listed companies in the Shenzhen market that meet the “light assets and high R&D investment” identification standards to actively use this policy tool, promoting the implementation of exemplary cases and driving greater efforts to gather factor resources in the field of new productive forces.