La Bourse de Shanghai introduit des critères de reconnaissance pour le « faible actif, forte dépense en R&D » sur le marché principal

北京商报讯（记者 马换换 李佳雪）3月27日晚间，上交所官网显示，为更大力度支持科技创新，推动上市公司高质量发展，上交所修订形成了《上海证券交易所发行上市审核规则适用指引第6号——轻资产、高研发投入认定标准（2026年修订）》（以下简称《6号指引》），现予以发布，并自发布之日起施行。

Beijing Business News (Reporters Ma Huanhuan and Li Jiaxue) On the evening of March 27, the Shanghai Stock Exchange’s official website showed that in order to more strongly support technological innovation and promote the high-quality development of listed companies, the Shanghai Stock Exchange has revised and formed the “Shanghai Stock Exchange Issuance and Listing Review Rules Applicable Guidelines No. 6 - Criteria for Identifying Light Assets and High R&D Investment (2026 Revision)” (hereinafter referred to as the “Guideline No. 6”), which is now released and will be implemented from the date of publication.

修订后的《6号指引》共十二条，主要修订内容包括，一是新增主板上市公司“轻资产”和“高研发投入”认定标准。结合科创板试点经验和主板市场实际情况，明确沪市主板上市公司“轻资产”认定标准为实物资产占总资产比重不高于20%；沪市主板上市公司“高研发投入”认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。

The revised “Guideline No. 6” consists of twelve articles, with the main revisions including that, firstly, new identification standards for “light assets” and “high R&D investment” for main board listed companies have been added. Based on the pilot experience from the Sci-Tech Innovation Board and the actual situation of the main board market, it is clarified that the identification standard for “light assets” for listed companies on the Shanghai Stock Exchange is that the proportion of physical assets to total assets does not exceed 20%; the identification standard for “high R&D investment” for listed companies on the Shanghai Stock Exchange 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.

二是设置负面情形。明确上市公司股票被实施退市风险警示或者其他风险警示的，再融资募集资金用于补充流动资金和偿还债务的比例不得超过募集资金总额的30%。

Secondly, negative scenarios are set. It is clarified that if a listed company’s stock is subject to delisting risk warnings or other risk warnings, the proportion of refinancing raised funds used to supplement working capital and repay debts must not exceed 30% of the total amount of raised funds.

三是其他内容。原《6号指引》第十一条规定募集资金变更后的用途不符合监管要求的，应当在本次再融资时调减募集资金。考虑到扣减事项应当由上位规则统一规范，本次修订删除该条规定，相关事项适用上位规则相关规定。

Thirdly, other content. The original Article 11 of “Guideline No. 6” stipulated that if the use of raised funds after the change does not comply with regulatory requirements, the amount of raised funds should be reduced during this refinancing. Considering that the deduction matters should be uniformly regulated by the higher-level rules, this revision deletes this stipulation, and related matters shall apply to the relevant provisions of the higher-level rules.