The Shanghai and Shenzhen Stock Exchanges announced that the A-share main board is welcoming positive news.

For stock trading, look at the Jin Qilin analyst reports, authoritative, professional, timely, comprehensive, helping you discover potential thematic opportunities!

On March 27, the Shanghai and Shenzhen Stock Exchanges revised and released the guidelines for identifying light assets and high R&D investment standards.

This revision mainly adds identification standards for “light assets and high R&D investment” in the main board market, where the “light assets” identification standard 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 last three years accounts for no less than 15% of operating income, or the cumulative R&D investment over the last three years is no less than 300 million yuan, and the average R&D investment over the last three years accounts for no less than 5% of operating income.

The relevant standards for the Growth Enterprise Market have been adaptively revised, with the lower limit of the proportion of R&D investment in the “high R&D investment” identification standard adjusted from 3% to 5% for “cumulative R&D investment over the last three years no less than 300 million yuan and average R&D investment over the last three years accounting for no less than 3% of operating income,” further highlighting the orientation of “supporting the excellent and supporting science.”

The applicable scope is expanded to the main board.

Why broaden the applicable scope of the relevant standards to the main board? In recent years, main board companies have actively followed cutting-edge technology research and development, and the industry continues to transform and upgrade. From the current distribution of listed companies on the main board, it also involves strategic emerging industries such as new-generation information technology, high-end equipment manufacturing, biomedicine, and new materials, gathering a number of listed companies with core technical capabilities. Such companies have low fixed asset ratios, high intangible asset ratios, and consistently high R&D expenditures significantly above the industry average, which are closely related to their operational development, transformation and upgrading, and continuous technological iteration and product innovation, requiring long-term, substantial, and stable funding support to meet R&D needs.

It is reported that the main board “light assets” identification standard is consistent with that of the Sci-Tech Innovation Board and the Growth Enterprise Market, comprehensively considering the actual situation of R&D investment on the main board, and based on the pilot experience of the Sci-Tech Innovation Board and the Growth Enterprise Market, the relevant standards for “high R&D investment” on the main board have been adaptively adjusted to better highlight the characteristics of technology innovation enterprises on the main board by setting a combination of relative ratios and absolute monetary indicators, emphasizing the adaptability and precision of the capital market in supporting technological innovation, and promoting the high-quality development of listed companies.

After obtaining the “light assets” standard identification, the portion of the company’s refinancing used to supplement working capital exceeding 30% can be used for R&D investments related to its main business. This means relaxing the limit on the proportion of raised funds for working capital, allowing the excess portion to be directed towards main business R&D, which helps enhance the specificity and effectiveness of fund utilization.

Industry insiders believe that the revision of this guideline expands the applicable scope of the “light assets and high R&D investment” identification standards to main board companies, which is a key measure to enhance the inclusiveness and adaptability of the refinancing system in response to market demands.

Regarding the consideration of adjusting the “high R&D investment” identification standards for the Growth Enterprise Market, a relevant person in charge of the Shenzhen Stock Exchange stated that appropriately raising the “high R&D investment” identification index aims to guide listed companies to increase R&D investment in technological innovation, focusing on listed companies that deeply engage in R&D and have innovative characteristics, with an efficient and flexible refinancing system to continuously enhance their innovation vitality and promote a virtuous cycle of innovative development.

Promote the implementation of typical cases.

From the early pilot results, as of now, there are 14 companies on the Shanghai Stock Exchange that have adopted this standard for refinancing, with a total proposed financing of 35.12 billion yuan, accounting for 37% and 76% of the number of companies and proposed financing amount for the Sci-Tech Innovation Board in 2025, covering various listing standards and major industries.

Companies like Jiangbolong on the Shenzhen Stock Exchange have chosen to apply for refinancing under the “light assets and high R&D investment” standard, with positive responses from all market participants.

Relevant persons in charge of the Shanghai and Shenzhen Stock Exchanges stated that in the next step, they will focus on better serving technological innovation and the development of new productive forces, supporting more listed companies that meet the “light assets and high R&D investment” identification standards to actively utilize this policy tool, promote the implementation of typical cases, and further enhance the flexibility and convenience of refinancing, effectively improving the market’s sense of gain.

		Sina's statement: This news is reprinted from Sina's cooperative media. Sina.com publishes this article for the purpose of conveying more information and does not mean that it agrees with its views or confirms its descriptions. The content of the article is for reference only and does not constitute investment advice. Investors operate based on this at their own risk.

A wealth of information and precise interpretation, all in the Sina Finance APP

Editor: Song Yafang