Shanghai and Shenzhen Stock Exchanges introduce new criteria for the main board: "Light assets, high R&D investment." Support main board companies to raise additional funds and increase R&D investment.

Securities Times reporters Zhang Shuxian and Wu Shaolong

On March 27, the Shanghai and Shenzhen Stock Exchanges revised and implemented the stock issuance and listing review guidelines—criteria for identifying “light assets and high R&D investment” (revised in 2026), expanding the scope of application of the “light assets and high R&D investment” standards to main board companies. After the revision, the proportion of refinancing for main board companies that meet the standards for supplementing working capital and repaying debts can exceed 30% of the total raised funds, with the excess used for R&D investments related to the main business.

Specifically, the “light assets” identification standard for main board listed companies in the Shanghai and Shenzhen markets states that physical assets should not account for more than 20% of total assets; the “high R&D investment” standard requires that the average R&D investment over the past three years constitute at least 15% of operating income, or that 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 same period accounts for at least 5% of operating income. The Shenzhen Stock Exchange has also made adaptive adjustments to the previously issued “high R&D investment” standard for the ChiNext board, raising the R&D investment proportion lower limit from 3% to 5% in the criterion stating “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% of operating income.”

On October 11, 2024, the Shanghai Stock Exchange took the lead in establishing the “light assets and high R&D investment” standards on the Sci-Tech Innovation Board, allowing the portion of refinancing that exceeds 30% of working capital to be used for R&D investments related to the main business. To date, 14 Sci-Tech Innovation Board companies have adopted this standard for refinancing, with a total proposed financing of 35.12 billion yuan, accounting for 37% of the number of accepted companies and 76% of the proposed financing amount in 2025, covering various listing standards and major industries on the Sci-Tech Innovation Board. Among them, two growth-tier companies raised 5.78 billion yuan. Currently, 12 companies have registered and become effective, and the “light assets and high R&D investment” standard has become an important method for Sci-Tech Innovation Board companies to conduct refinancing. In June 2025, the refinancing “light assets and high R&D investment” standards for the ChiNext board were released and implemented, with companies such as Jiangbolong choosing to apply for refinancing under this standard.

After this revision, the “light assets” identification standards for the main board, Sci-Tech Innovation Board, and ChiNext board of the Shanghai and Shenzhen markets are consistent. However, regarding “high R&D investment,” the standards for the main board and ChiNext board are aligned, while the Sci-Tech Innovation Board’s standards specify that “the average R&D investment over the past three years should be no less than 15% of operating income or the cumulative R&D investment over the past three years should be no less than 300 million yuan,” and that “the proportion of R&D personnel in the total number of employees in the most recent year should be no less than 10%.”

Relevant officials from the Shanghai and Shenzhen Stock Exchanges stated that they will continue to 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” standards to actively utilize this policy tool, promoting the implementation of typical cases, and facilitating greater resource concentration in the field of new productive forces. They aim to further enhance the flexibility and convenience of refinancing and to genuinely improve the sense of gain among market participants.