Shanghai Stock Exchange adds new criteria for main board listed companies: "light assets" and "high R&D investment" recognition standards

MetaMuskRat · 2026-03-29T04:10:39+00:00

The Shanghai Stock Exchange has revised the criteria for "light assets and high R&D investment," stipulating that main board listed companies' physical asset proportion must not exceed 20%, and the proportion of R&D expenses for high R&D investment must meet specific standards to enhance the innovation capability of listed companies.

MetaMuskRat

2026-03-29 04:10:39

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On March 27, People’s Finance News reported that the Shanghai Stock Exchange revised and released the “Guidelines for the Application of the Shanghai Stock Exchange Listing Review Rules No. 6 - Identification Standards for Light Assets and High R&D Investment (2026 Revision).” The main addition is the identification standards for “light assets and high R&D investment” for companies listed on the main board. It specifies that the identification standard for “light assets” for companies listed on the Shanghai main board is that physical assets account for no more than 20% of total assets; the identification standard for “high R&D investment” is that the average R&D investment over the past three years accounts for no less than 15% of operating revenue, 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 past three years accounts for no less than 5% of operating revenue.

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