China: 科创板上市制度中的知识产权要点

Last Updated: 3 May 2019
Article by Chunming Xu
Most Read Contributor in China, April 2019

3月2日凌晨,科创板"2+6"相关制度规则正式发布,进入落地实施阶段。证监会发布《科创板首次公开发行股票注册管理办法(试行)》、《科创板上市公司持续监管办法(试行)》;上交所发布了《上交所科创板股票发行上市审核规则》等6项配套业务规则。

科创板上市制度中有哪些知识产权内容和规则?本文拟作初步梳理如下。

一、知识产权密集型企业:科创板定位

《科创板首次公开发行股票注册管理办法(试行)》(以下简称《管理办法》)第三条明确了科创板的定位:"面向世界科技前沿、面向经济主战场、面向国家重大需求。优先支持符合国家战略,拥有关键核心技术,科技创新能力突出,主要依靠核心技术开展生产经营,具有稳定的商业模式,市场认可度高,社会形象良好,具有较强成长性的企业。"

从知识产权角度解读科创板定位,关键核心技术和科技创新能力的核心评价指标之一就是专利权、技术秘密权等知识产权。具有高质量的知识产权和战略性的知识产权布局,是企业拥有并控制关键核心技术的基础,是企业核心竞争力的保障。因此,在这个角度上解读科创板定位,科创板上市企业应为知识产权密集型企业。知识产权将是企业在科创板上市的重要"门槛"之一。

二、无知识产权重大权属纠纷:发行条件之一

《管理办法》第二章 规定了科创板的发行条件,第十二条规定"发行人业务完整,具有直接面向市场独立持续经营的能力",该条之(三)规定"发行人不存在主要资产、核心技术、商标等的重大权属纠纷,重大偿债风险,重大担保、诉讼、仲裁等或有事项,经营环境已经或者将要发生重大变化等对持续经营有重大不利影响的事项。"

知识产权是科创板上市企业市场竞争的核心资源,毫无疑问是直接面向市场独立持续经营的保障。知识产权的重大权属纠纷和重大诉讼仲裁事项,不仅影响企业的正常持续经营,更会影响企业在科创板上市的进程。

三、知识产权风险:风险因素信息披露的重要内容

《管理办法》第四章 规定了科创板的信息披露, 第三十九条规定:"发行人应当根据自身特点,有针对性地披露行业特点、业务模式、公司治理、发展战略、经营政策、会计政策,充分披露科研水平、科研人员、科研资金投入等相关信息,并充分揭示可能对公司核心竞争力、经营稳定性以及未来发展产生重大不利影响的风险因素。"这一规定当然包括了必然影响公司核心竞争力和经营稳定性的知识产权风险。

《公开发行证券的公司信息披露内容与格式准则第41号——科创板公司招股说明书》(以下简称《第41号准则》)第三十三条进一步明确具体化了相关的知识产权风险披露规定:"发行人应结合科创企业特点,披露由于重大技术、产品、政策、经营模式变化等可能导致的风险:(一)技术风险,包括技术升级迭代、研发失败、技术专利许可或授权不具排他性、技术未能形成产品或实现产业化等风险;......(五)法律风险,包括重大技术、产品纠纷或诉讼风险,土地、资产权属瑕疵,股权纠纷,行政处罚等方面对发行人合法合规性及持续经营的影响"。

知识产权风险主要包括:知识产权权利效力风险(无效风险、失效风险)、知识产权权属风险、知识产权诉讼风险、知识产权权利行使风险、知识产权交易风险等等。

四、知识产权信息分析:竞争状况信息披露的重要内容

《第41号准则》第五十条规定了"发行人应结合所处行业基本情况披露其竞争状况",其中包括:"(三)所属行业在新技术、新产业、新业态、新模式等方面近三年的发展情况和未来发展趋势,发行人取得的科技成果与产业深度融合的具体情况;(四)发行人产品或服务的市场地位、技术水平及特点、行业内的主要企业、竞争优势与劣势、行业发展态势、面临的机遇与挑战,以及上述情况在报告期内的变化及未来可预见的变化趋势;(五)发行人与同行业可比公司在经营情况、市场地位、技术实力、衡量核心竞争力的关键业务数据、指标等方面的比较情况。"

对于新技术的发展情况和未来发展趋势,产品或服务的技术水平及特点、竞争优势与劣势、行业发展态势、面临的机遇与挑战,同行业可比公司在技术实力、衡量核心竞争力的关键指标等方面的比较,除了市场分析和技术分析外,专利信息分析必不可少,甚至是至关重要。

五、知识产权资产:资源要素信息披露的重要内容

《第41号准则》第五十三条规定:"发行人应披露对主要业务有重大影响的主要固定资产、无形资产等资源要素的构成,分析各要素与所提供产品或服务的内在联系,是否存在瑕疵、纠纷和潜在纠纷,是否对发行人持续经营存在重大不利影响。发行人与他人共享资源要素的,如特许经营权,应披露共享的方式、条件、期限、费用等。"

知识产权资产是公司的核心无形资产,专利、商标、著作权(版权)、商业秘密、集成电路布图设计、计算机软件版权等知识产权对公司业务具有重大影响,与所提供产品或服务具有重大内在联系。

六、知识产权来源及管理:技术先进性信息披露的重要内容

《第41号准则》第五十四条规定了核心技术及技术来源和技术先进性及具体表征的信息披露。其中规定:"发行人应披露主要产品或服务的核心技术及技术来源,结合行业技术水平和对行业的贡献,披露发行人的技术先进性及具体表征。披露发行人的核心技术是否取得专利或其他技术保护措施、在主营业务及产品或服务中的应用和贡献情况";"发行人应披露正在从事的研发项目、所处阶段及进展情况、相应人员、经费投入、拟达到的目标;结合行业技术发展趋势,披露相关科研项目与行业技术水平的比较;披露报告期内研发投入的构成、占营业收入的比例。与其他单位合作研发的,还应披露合作协议的主要内容,权利义务划分约定及采取的保密措施等";"发行人应披露核心技术人员、研发人员占员工总数的比例,核心技术人员的学历背景构成,取得的专业资质及重要科研成果和获得奖项情况,对公司研发的具体贡献,发行人对核心技术人员实施的约束激励措施,报告期内核心技术人员的主要变动情况及对发行人的影响"。

这一规定,涉及了公司技术研发的知识产权来源和知识产权管理。技术研发属于原创性还是改进型,其知识产权来源是他人许可转让还是独立取得,是否依赖他人,以此评判技术的先进性和独立性。技术研发过程中的知识产权管理,特别是保密管理和权利归属管理,决定了公司对技术的拥有和控制。

七、知识产权合法性:独立经营能力信息披露的重要内容

《第41号准则》第六十二条规定:"发行人应分析披露其具有直接面向市场独立持续经营的能力:(一)资产完整方面。生产型企业具备与生产经营有关的主要生产系统、辅助生产系统和配套设施,合法拥有与生产经营有关的主要土地、厂房、机器设备以及商标、专利、非专利技术的所有权或者使用权,具有独立的原料采购和产品销售系统;非生产型企业具备与经营有关的业务体系及主要相关资产;......(七)发行人不存在主要资产、核心技术、商标的重大权属纠纷,重大偿债风险,重大担保、诉讼、仲裁等或有事项,经营环境已经或将要发生的重大变化等对持续经营有重大影响的事项。"

公司合法拥有商标、专利、非专利技术的所有权或者使用权,不存在核心技术、商标的重大权属纠纷和重大担保、诉讼、仲裁等或有事项,确保公司知识产权的合法性,是其具有直接面向市场独立持续经营能力的重要保证。

八、知识产权文件:应报送申请文件

《公开发行证券的公司信息披露内容与格式准则第42号——首次公开发行股票并在科创板上市申请首次公开发行股票并在科创板上市申请文件》规定了应报送的文件,其中规定了相关的知识产权文件,主要包括:

(1)发行人拥有或使用的对其生产经营有重大影响的商标、专利、计算机软件著作权等知识产权证书清单(需列明证书所有者或使用者名称、证书号码、权利期限、取得方式、是否及存在何种他项权利等内容)。发行人律师就清单所列产权证书出具鉴证意见。

(2)特许经营权证书。

(3)对发行人有重大影响的商标、专利、专有技术等知识产权许可使用协议。

综上,尽管目前科创板上市制度中并未出台知识产权指引,但科创板的定位决定了知识产权在科创板上市和信息披露中的重要性。无论是拟上市科创板的公司,还是未来上市科创板的公司,都无法回避知识产权问题。IPO要顺利,IP先OK!

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