China Securities Regulatory Commission: Decision on amending the "Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)"-Industry News-Shenzhen deep trust patent Agency Co., LTD

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China Securities Regulatory Commission: Decision on amending the "Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)"

Release Time：

2023-02-07

Recently, the official website of the China Securities Regulatory Commission issued the "Decision on Amending the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)"", which changed Article 1, paragraph 1, item (3) of the "Guidelines for Science and Technology Innovation"“more than 5 invention patents that generate main business income” revised to "more than 5 invention patents applied to the company's main business"；

Change Article 2(5) “there are more than 50 invention patents (including national defense patents) that form core technologies and main business income” revised to “Form core technologies and applied to the total number of invention patents (including national defense patents) in the main business is more than 50."

[Announcement No. 48] "Decision on Amending the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)"

Decision on amending the "Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)"

Drafting Instructions

In order to further promote the reform of the registration system, implement the positioning of the Science and Technology Innovation Board, and support and encourage hard technology companies to be listed on the Science and Technology Innovation Board, according to the "Implementation Opinions on Establishing the Science and Technology Innovation Board on the Shanghai Stock Exchange and Piloting the Registration System" and "The Science and Technology Innovation Board for the First Time" "Measures for the Registration and Management of Public Offerings of Stocks (Trial)" and other relevant regulations, the China Securities Regulatory Commission has revised the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)" (hereinafter referred to as the "Guidelines for Science and Technology Innovation"), and the relevant situations are explained as follows.

1. Modify the background

Article 1 of the "Guidelines for Science and Technology Innovation" stipulates that companies that adopt the fifth set of listing standards to apply for the Science and Technology Innovation Board may not apply the indicators of science and technology attributes regarding operating income. This is mainly due to the fact that the fifth set of listing standards for the Science and Technology Innovation Board does not have operating income requirements. . According to the "Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Stocks or Depository Receipts by Innovative Enterprises" and other regulations, there are no operating income requirements for the listing standards of overseas-listed red-chip enterprises. However, there is no clear stipulation in the relevant rules whether such enterprises can be exempted from the application of operating income indicators when applying for the Science and Technology Innovation Board. In order to coordinate the listing standards and sector positioning rules and maintain the consistency of legislative logic, we have revised the relevant provisions of the "Guidelines for Science and Technology Innovation".

In addition, the indicators of scientific and technological innovation attributes regarding invention patents are not accurate enough for companies without operating income and need to be optimized and adjusted.

2. Main contents of modifications

(1) Add qualified red-chip companies listed overseas to be exempted from the provisions of the "Guidelines on Science and Technology Innovation" on operating income indicators

In Article 1 of the "Guidelines for Science and Technology Innovation", "or red-chip companies that have been listed overseas and apply for the Science and Technology Innovation Board in accordance with the "Several Opinions on the Pilot Program of Domestic Issuance of Stocks or Depositary Receipts by Innovative Enterprises" and other relevant rules may not apply to the above-mentioned ( 4) Provisions on indicators”.

(2) Revise the expression of invention patent indicators in the "Guidelines for Science and Technology Innovation"

Replace Article 1, Paragraph 1, Item (3) of the "Guidelines for Science and Technology Innovation""more than 5 invention patents that generate main business income" is changed to "More than 5 invention patents that are applied to the company's main business"；Change Article 2(5) “there are more than 50 invention patents (including national defense patents) that form core technologies and main business income” revised to "there are more than 50 invention patents (including national defense patents) that have formed core technologies and been applied to the main business."

(3) Others

Adjustments have been made to the references to individual legal provisions in the "Guidelines for Science and Technology Innovation".

China Securities Regulatory Commission Announcement

[2022]No. 48

The "Decision on Modifying the "Guidelines for the Evaluation of Scientific and Technological Innovation Attributes (Trial)" is hereby announced and shall come into effect on the date of issuance.

China Securities Regulatory Commission

December 30, 2022

Guidelines for evaluating scientific and technological innovation attributes (Trial)

(Announced on March 20, 2020, based on the China Securities Regulatory Commission's "Decision on Amending the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)" on April 16, 2021, the first amendment was made based on the China Securities Regulatory Commission on December 30, 2022. The Management Committee's "Decision on Amending the "Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial)" (Second Amendment)) In order to implement the positioning of the Science and Technology Innovation Board and support and encourage hard technology companies to be listed on the Science and Technology Innovation Board, according to the "On the Shanghai Stock Exchange" "Implementation Opinions on Establishing the Science and Technology Innovation Board and Piloting the Registration System" and "Measures for the Registration and Management of Initial Public Offerings of Stocks on the Science and Technology Innovation Board (Trial)" formulate these guidelines.

1. Support and encourage enterprises in relevant industries and fields that meet the following four indicators to apply for listing on the Science and Technology Innovation Board:

(1) R&D investment in the last three years accounts for more than 5% of operating income, or the cumulative R&D investment in the last three years exceeds 60 million yuan;

(2) The proportion of R&D personnel to the total number of employees that year shall not be less than 10%;

(3) More than 5 invention patents applied to the company’s main business;

(4) The compound growth rate of operating income in the last three years has reached 20%, or the operating income in the last year has reached 300 million yuan.

Enterprises that apply for the Science and Technology Innovation Board using the listing standards specified in Item (5) of Article 2.1.2, Paragraph 1, of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", or in accordance with the "On the Domestic Issuance of Stocks or Deposits by Innovative Enterprises" Red-chip companies that have been listed overseas and apply for the Science and Technology Innovation Board based on the "Several Opinions on Pilot Program" and other relevant rules do not need to apply for the above-mentioned indicator (4); the software industry does not apply to the above-mentioned indicator (3), and R&D investment accounts for The ratio should be above 10%.

2. Support and encourage enterprises in relevant industries and fields specified in the positioning of the Science and Technology Innovation Board that, although they do not meet the aforementioned indicators, meet one of the following circumstances to apply for listing on the Science and Technology Innovation Board:

(1) The core technology owned by the issuer is recognized by the national competent authorities as having an internationally leading and leading role or is of great significance to the national strategy;

(2) The issuer, as the main participating unit or the issuer’s core technical personnel as the main participants, has won the National Science and Technology Progress Award, the National Natural Science Award, and the National Technology Invention Award, and applied relevant technologies to the company’s main business;

(3) The issuer independently or takes the lead in undertaking major national science and technology projects related to its main business and core technologies;

(4) The issuer’s main products (services) relying on core technologies are key equipment, key products, key components, key materials, etc. encouraged, supported and promoted by the state, and have achieved import substitution;

(5) A total of more than 50 invention patents (including national defense patents) that have formed core technologies and been applied to the main business.

3. Restrict financial technology and model innovation companies from listing on the Science and Technology Innovation Board. Real estate companies and companies mainly engaged in financial and investment businesses are prohibited from listing on the Science and Technology Innovation Board.

4. The Shanghai Stock Exchange shall formulate specific business rules for the implementation of these Guidelines. (Source: Member of China Securities Regulatory Commission)

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