In order to thoroughly implement the major decision and deployment of the CPC Central Committee on realizing high-level scientific and technological self-reliance and self-improvement, and earnestly implement the requirements of "promoting scientific and technological innovation and promoting industrial optimization and upgrading" put forward in the 2022 government work report, on May 20, according to the unified deployment of the China Securities Regulatory Commission and summarizing the early pilot work experience, the Shenzhen Stock Exchange issued the business guidelines for innovative varieties of corporate bonds No. 6 - scientific and technological innovation corporate bonds, Further unblock the direct financing channels of scientific and technological innovation enterprises, and improve the institutional mechanism of the exchange bond market to support scientific and technological innovation.
The main contents of the corporate bond business guidelines for scientific and technological innovation include:
First, clarify the issuer. The issuers of sci-tech innovation corporate bonds include sci-tech innovation, sci-tech innovation upgrading, sci-tech innovation investment and sci-tech innovation incubation.
Second, clarify the requirements for the use of raised funds. The proportion of funds raised by issuers of Sci-tech Innovation Upgrading, sci-tech innovation investment and Sci-tech Innovation Incubation shall not be less than 70%, and the proportion of funds raised for industrial parks or incubation infrastructure shall not exceed 30%. The funds raised by the above three types of enterprises can be used to contribute to the rights and interests of scientific and technological innovation enterprises, and give play to the bridge role of scientific and technological innovation corporate bonds connecting creditor's rights funds and equity funds. At the same time, encourage the issuers of scientific and technological innovation corporate bonds to use the replacement funds for new scientific and technological innovation investment, form an investment cycle, and encourage the issuers at the core of the industrial chain to use the raised funds to provide support to the upstream and downstream enterprises of the industrial chain.
Third, refine the requirements for information disclosure and verification by professional institutions. Clarify the information disclosure requirements of different types of issuers, such as scientific and technological innovation attributes, business development, use of raised funds, and urge the lead underwriters and securities service institutions to perform their duties diligently and earnestly fulfill their verification responsibilities.
Fourth, improve supporting measures. Adopt special identification to facilitate market identification; Implement special audit to improve the efficiency of issuance and listing audit or listing condition confirmation; Improve the flexibility of information disclosure and allow high-quality issuers to appropriately optimize relevant information disclosure under compliance.
For a long time, the Shenzhen Stock Exchange has always placed a prominent position in supporting scientific and technological innovation and leading high-quality development with innovation. In 2017, we launched innovative and start-up corporate bonds. In 2021, under the framework of innovative and start-up corporate bond policy, we launched the pilot work of scientific and technological innovation corporate bonds, and further strengthened the precise support of the exchange bond market in the field of science, technology and innovation. So far, the issuance scale of innovation and entrepreneurship, scientific and technological innovation and fixed income products in Shenzhen has exceeded 25 billion yuan, effectively stimulating the vitality and driving force of innovation and development.
Next, the Shenzhen Stock Exchange will further support more market players to make full use of the function of scientific and technological innovation bonds, continue to improve the supply of products, systems and services in the Shenzhen market, optimize the capital chain around the industrial chain innovation chain, continuously improve the pertinence and effectiveness of services, guide the efficient flow of funds into the field of science and technology and innovation, and promote the high-level circulation of science and technology, capital and real economy, Help to lead high-quality innovation and entrepreneurship to a new level with high-level science and technology.
