Looking Back at the Eight Measures on Deepening the SSE STAR Market Reform and Supporting Scientific and Technological Innovation and the Development of New Quality Productive Forces–A New Start for Reform｜"Light-Asset, High-R&D" Refinancing Gathers Pace, Boosting Innovation on the SSE STAR Market

Translated from Shanghai Securities News, He Xinyi

Since the release of the Eight Measures on Deepening the SSE STAR Market Reform and Supporting Scientific and Technological Innovation and the Development of New Quality Productive Forces (the "Eight Measures") one year ago, reform measures have been steadily promoted, and initial results have been achieved around supporting the development of new quality productive forces. Among them, the clarification of the identification standards for "light assets and high R&D investment" guides funds to the field of scientific and technological innovation, injecting strong impetus into the innovative R&D of SSE STAR Market enterprises.

According to statistics from Shanghai Securities News reporters, since the release of the identification standards in October last year, 9 SSE STAR Market listed companies such as Cambricon Technologies Corporation Limited and Dizal (Jiangsu) Pharmaceutical Co., Ltd. have applied for refinancing based on this, with a planned financing amount of nearly 25 billion yuan. Most of these companies are concentrated in industries such as semiconductors and biomedicine. With the advancement of financing, a series of chip and innovative drug research and development projects have been launched one after another, and the vitality of scientific and technological innovation has burst out.

Active Refinancing Among "Light Assets and High R&D Investment" Companies

On June 4, Cambricon Technologies Corporation Limited's application for a private placement of 4.98 billion yuan was accepted by the SSE. This is the second directional add-issuance of the company in five years since its listing and the largest amount of financing. The funds will be mainly invested in large model chip and software platform projects and used to supplement current capital. The industry pointed out that the implementation of the "light assets and high R&D investment" identification standards for the SSE STAR Market has freed relevant companies from the 30% supplementary current capital and debt repayment ratio restrictions when refinancing.

At present, in addition to Cambricon Technologies Corporation Limited, there are 8 SSE STAR Market companies that have applied for refinancing based on the standards, with a total planned financing of 24.796 billion yuan, concentrated in the biomedicine and semiconductor industries, with a financing amount between 1 billion yuan and 4.5 billion yuan. All funds will be used for main business projects such as innovative drugs and chip research and development. The refinancing of Dizal (Jiangsu) Pharmaceutical Co., Ltd. and Verisilicon Microelectronics (Shanghai) Co., Ltd. has been registered and effective on January 26 and March 20 this year respectively; the refinancing of seven companies such as Cambricon Technologies Corporation Limited is in the review and inquiry stage, and the SSE is also accelerating the review progress in accordance with regulations.

As the first unprofitable enterprise to apply the identification standards, Dizal (Jiangsu) Pharmaceutical Co., Ltd. successfully completed a directional add-issuance of 1.796 billion yuan in fundraising in April this year. All the funds raised will be invested in core product research and development, new drug research and development projects, industrialization projects and supplementary current capital. Lyu Hongbin, Chief Financial Officer of Dizal (Jiangsu) Pharmaceutical Co., Ltd., said that if it is not recognized, the company may cut investment in new drug research and development and delay the construction of international R&D and production bases, thus affecting the development and clinical progress of core products and weakening its international competitiveness.

As a semiconductor company, Verisilicon Microelectronics (Shanghai) Co., Ltd. plans to allocate 64.89% of the proceeds from this refinancing to research and development. The funds can be flexibly used for IP R&D projects, which is in line with the company's high R&D investment characteristics. Chairman Dai Weimin pointed out that in the past, some companies were restricted from refinancing, and the use of funds deviated from the core development direction, increasing the operating burden. Now that the identification standards are clear, sci-tech enterprises can reasonably plan financing, solve financing difficulties, and help technical breakthroughs.

Precise Empowerment to Activate Innovation Vitality in Sci-tech Enterprises

Since 2025, the number of refinancing applications accepted across the market has significantly increased, demonstrating a positive cycle of "policy benefits being released—case demonstration driving—rising market enthusiasm". Wu Kaicheng from the Securities Investment Banking Department of Guotai Haitong Securities Co., Ltd. said that more and more SSE STAR Market companies are considering using the identification standards, which are mainly applicable to industries such as biomedicine and semiconductors. Previously, light-asset operating companies often made unreasonable investments and changed projects funded by the raised capital to meet financing requirements. Nowadays, sci-tech enterprises can prepare investment projects financed by raised funds according to their actual operating models and increase R&D investment, and the review process is more efficient because of clear standards.

Gao Yuan from Huatai United Securities Co., Ltd. said that with the smooth financing channels for sci-tech enterprises that meet the standards, policies have effectively broken through financing bottlenecks and promoted the gathering of resources towards technological innovation, and thus the SSE STAR Market will further become a core platform for cultivating new quality productive forces and supporting scientific and technological self-reliance. Although there are currently more than 100 SSE STAR Market companies that meet the "light assets and high R&D investment" identification standards, only 9 have tried the new regulations. Wu Kaicheng believes that the refinancing plan of enterprises depends on their own business needs. The policy has been implemented for a short time, and all parties are still adapting.

The above information is provided for reference purposes only and does not constitute investment advice.