In order to further implement requirement of deployment by Central Committee of the Communist Party of China and State Council to build sci-tech innovation board and position sci-tech innovation and better support and encourage “hard & core technology” enterprise to get listed on sci-tech innovation board and speed up transformation of scientific and technological achievement into actual productivity and drive economic development to innovation oriented transformation. According to Implementation Opinion on Establishment of Sci-Tech Innovation Board and Pilot Registration System in Shanghai Securities Exchange and Regulation on Registration and Management of IPO by Sci-Tech Innovation Board (trial), China Securities Regulatory Commission formulated and released Guidance on Evaluation of Sci-Tech Innovation Attribute (trial) (hereinafter referred to as Guidance) the other day.
“Guidance” further defines connotation and denotation of enterprises with sci-tech innovation attribute and presented detailed evaluation index system for sci-tech innovation attribute. The evaluation index system for sci-tech innovation attribute is based on structure of conventional index + exceptional index, including 3 conventional indexes and 5 exceptional clauses. The enterprise maybe considered to have sci-tech innovation attribute on the premise that it satisfies the requirement of 3 conventional indexes at the same time or it meets the requirement of 3 conventional indexes at different time but meets the requirement of any one of 5 exceptional indexes. The design of such index system is characterized by high degree of operability and certain flexible space in evaluation of sci-tech innovation attribute, highlighting the reform orientation of improving inclusiveness of capital market for sci-tech innovation oriented enterprises.
3 conventional indexes include R&D investment or percentage of R&D investment to operation revenue, patent for invention, operation revenue or compound growth rate thereof. The above-mentioned 3 indexes lay particular emphasis on indicating R&D investment and achievement output by enterprise and its tangible impact on business operation, with investment & return and technological content of enterprise evaluated in a comprehensive way, in which, the percentage of R&D investment to operation revenue in recent three years shall be more than 5%, the accumulative amount of investment in R&D in recent three years shall be more than RMB 6000 yuan, the main business income shall be from more than 5 patents for invention, the compound growth rate of business income in recent three years shall be up to 20%, the business income in the year shall be up to RMB 300 million yuan, these data and index are determined by repeated calculation and integrated trade-off based on the statistic analysis of the actual situation of the listed and declared enterprises listed on sci-tech innovation board together with the operating situation of other sci-tech enterprises in pre-listing tutoring and registration. The setting of relevant data and index has further enhanced the inherent sci-tech innovation attribute of the enterprises listed on sci-tech innovation board, which satisfy the general requirement of adherence to sci-tech innovation board positioning and adapt to actual situation of enterprise and sci-tech development in China.
5 exceptional indexes are further elaboration and implementation of priority given to supporting public offer by enterprises conforming to national strategy and boasting key and core technology and having outstanding capacity for sci-tech innovation on sci-tech innovation board stipulated in Regulation on Registration and Management of IPO by Sci-Tech Innovation Board (trial) , being further supplement to 3 conventional indexes to be strictly observed in practice.
The evaluation index system for sci-tech innovation attribute presented in Guidance is determined based on actual situation of sci-tech innovation oriented enterprises at the present time. China Securities Regulatory Commission shall carry out dynamic adjustment of the guidance policy moderately based on the progress in sci-tech innovation board so as to enable capital market further support improvement in capacity for sci-tech innovation and competitive power for real economy and make contributions to structural reform of supply side and high quality development of economy in an active way.
Source: China Securities Regulatory Commission www.csrc.gov.cn