The Shenzhen Stock Exchange has added new criteria for determining "light asset" and "high research and development investment" for listed companies on the main board.

The Shenzhen Stock Exchange has issued the "Shenzhen Stock Exchange Stock Issuance and Listing Review Business Guidelines No. 8 - Criteria for Identifying 'Light Asset, High R&D Investment'" The guidelines introduce new criteria for determining "Light Asset" and "High R&D Investment" for companies listed on the main board. Drawing on the experience of the Growth Enterprise Market and the actual situation of the main board market, it specifies that for main board-listed companies in the Shenzhen market, the criteria for identifying "Light Asset" is that physical assets account for no more than 20% of total assets; and the criteria for identifying "High R&D Investment" is that the average R&D investment over the past three years accounts for no less than 15% of operating income, or the cumulative R&D investment over the past three years is no less than 3 billion yuan with the average R&D investment over the past three years accounting for no less than 5% of operating income.