It's all coming out. In recent days, the shanghai stock exchange section's board of censorship system has started processing applications for listing of shares and has received documents from the sponsoring agencies through the system. This marks the final “opening” of the science board。
Since the opening of the china international import fair last year, president xi jinping announced the establishment and pilot registration of a science board at the shanghai stock exchange. As a new block independent of the existing master board market, science and technology prioritizes support for enterprises that are in line with national strategies, have key core technologies, are highly capable in science, technology and innovation, rely mainly on core technologies for their production, have stable business models, have high market recognition, have a good social image and have strong growth。
“one of the core evaluation indicators of key core technology and sti capabilities is intellectual property rights such as patents, technology secrets, etc. The creation of high-quality intellectual property rights (iprs) and the development of a strategic intellectual property rights (ipr) layout are the basis for enterprises to master key core technologies and safeguard their core competitiveness. Intellectual property rights (iprs) will be one of the important `thresholds' for enterprises to be listed on science boards.” xu chun minh, dean of the institute of intellectual property of shanghai university, said to the chinese intellectual property journalist。
Intellectual property disclosure is critical
This time, the cvm, in formulating its policy in relation to science and technology, has placed greater emphasis on the technological strength of enterprises, adopting a system of registration on the market, easing the requirement of “net profits” and introducing “market value” as an indicator of market conditions. “some science and technology enterprises do not necessarily meet the conditions for listing in the general stock market. Lee sun-dee, researcher, institute of law, chinese academy of social sciences, stated that。
However, the policy also provides more detailed conditions for applying for “core technology” “core technical staff” in listed enterprises. In march of this year, the cvm issued the scheme for the administration of the first publicly issued stock registers (the pilot scheme) (hereinafter referred to as the management scheme), article xii specifically included “stable core technicians” as one of the conditions for issuing shares. The simultaneous publication of guidelines for the disclosure of corporate information and formatting of publicly issued securities, no. 41 — statement of the stock exchanges of science and technology corporations (hereinafter referred to as standard no. 41), also provides for disclosure of stock losses of “core technicians”, linkages, scientific research results, etc。
In addition, the scheme provides that the issuer may not have material title disputes, such as major assets, core technology, trademarks, etc., that have a significant negative impact on going concern. Ifrs 41 provides that the issuer should disclose the risks that the company may incur as a result of major technological, product, policy, business model changes, including risks such as the non-exclusive licensing or authorization of technology, the failure of technology to produce products or industrialize; the fundamentals of the industry in which the company operates and its competitive situation; the composition and impact of resource elements such as the main fixed assets, intangible assets, which have a significant impact on the main business; the core technology and technology sources of the main product or service, and the technological sophistication and specific indications of the issuer, taking into account the level of technology and contribution to the industry。
“iprs will be a key element in the ipo audit, such as whether enterprises possess core technologies and are positioned to do so; whether they have well-established systems of intellectual property protection; and whether intellectual property rights such as core technologies are stable. These questions will most likely be asked.” analysis by wang xiaobing, executive director of the shanghai rise law office, indicates that disclosure of corporate intellectual property information will focus primarily on matters that may have a greater impact on stock exchange prices or investment decisions。
“information disclosure relates to the origin of a company's intellectual property rights and its management, changes in core technical staff, significant tenure disputes over intellectual property rights and major litigation matters, which affect not only the normal continuation of the business, but also the process of listing the business on the board.” xu chun ming believes。
“technology r & d is original or improved, judged primarily by whether its intellectual property is licensed or independently acquired and dependent on others. In addition to the need for market and technology analysis, patent information analysis is essential for information disclosure on the development and future trends of new technologies, technological levels and characteristics of products or services, competitive advantages and disadvantages, industry developments, opportunities and challenges.”
Intellectual property risks need to be treated with caution
In accordance with the shanghai stock exchange's 3 march guidance for listing and listing enterprises of the shanghai stock exchange, the sponsoring agency should give priority to science and technology innovation enterprises that are in line with national strategies, break through key core technologies and have high market recognition; are part of a new generation of high-technology and emerging industries, such as information technology, high-end equipment, new materials, new energy sources, energy conservation and environmental conservation, and biomedicine; and have access to the internet, big data, cloud computing, artificial intelligence, and manufacturing depth integration. According to non-exhaustive statistics, more than 10 enterprises have submitted applications for listing to the public, including companies such as enlightenment medical services, potai semiconductor, new photo-electro-electro-ray, zenan biology, chinese summer letters, sets, kindalai and zhang jiang。
“there is a widespread phenomenon at home and abroad that, in the process of listing, firms tend to be prone to the opportunity of competitors to initiate intellectual property disputes in order to create difficulties in intellectual property rights, delay and obstruct the entry of enterprises into the market, which may eventually lead to the failure of enterprises to take up the market or other more serious risks.” in the view of lee sun-de's view, companies listed in the ordinary stock market can rely on other strengths, not just on innovation or intellectual property rights, but for creative boards that are primarily targeted at sti-based, ipr-intensive enterprises, firms wishing to do so are more likely to be challenged by competitors using iprs as “magnifying mirrors” and are more likely to be exposed to ipr risks, so that enterprises are well prepared to respond to ipr risks before they are ready for listing。
“in order for an enterprise to be listed on the board, it is necessary to establish a sound system of management of enterprise intellectual property rights and a system of legal risk prevention, patent mining and layout of core technologies, and to maintain the stability of the core technology and core technical staff in a sustained manner after the listing phase and subsequent successful listing, avoiding major adverse intellectual property disputes, while maintaining research and development inputs and maintaining the sustainability and competitive advantage of the enterprise.” private wang suggested that enterprises could seek the help of intellectual property services to conduct due diligence and provide legal advice on the stability, legal risks, competitive advantages, etc. Of core intellectual property rights, and to establish a set of norms, sound and sustainable intellectual property management and risk-control systems that could contribute to market entry and sustainable development thereafter。
“financial authorities, public review authorities and even courts should also be aware of the intellectual property risks of enterprises when they are listed. The creation of an intellectual property dispute does not necessarily amount to a problem with the enterprise's intellectual property rights, and the relevant authorities responsible for listing and auditing should hire experts from the industry to make technical and intellectual property professional determinations that an enterprise should not be barred from listing because of an intellectual property dispute. Intellectual property disputes must be treated with caution and against undue competition.” in the view of lee sun-de's view, the establishment of an sme that lacks advantages in terms of market size, capital size, production size, etc., will help to stimulate science and technology innovation in a broad range of enterprises, especially smes, and to generate more scientific and technological results and intellectual property rights, thereby stimulating sme development and promoting the overall economic development of the country. “enterprises should seize the moment and appreciate the policy’s intent to make the best use of science and technology for their own development.” (intellectual property report, intern journalist zou bing)
