China: 哪些企业可以上科创板?——科创板定位之维度解析

Last Updated: 6 November 2019
Article by Zhu Liang
Most Read Contributor in China, October 2019

自科创板正式开板以来,已有愈4个月的时间。截至2019年10月21日,有164家企业向上海证券交易所提交了申请材料。其中54家完成了注册程序,但也有12家企业终止了申请,其中10家企业因各方面的原因主动撤回了申请材料,2家企业未通过科创板上市委员会的审核,被终止申请。而这些终止申请的企业中,大部分企业系由于不符合科创板的定位而主动撤回或被否决其上市申请。

我们知道,科创板试行的是注册制,交易所主要通过向发行人(拟上市企业)提出审核问询、发行人回答问题方式开展审核工作,基于科创板定位,判断发行人是否符合发行条件、上市条件和信息披露要求。因此符合科创板定位是发行人必须满足的基本条件之一。本文拟在结合近期相关案例的基础上对科创板定位展开分析,以期在实践中开展具体项目时可更好地予以把握。

一、科创板定位的维度

根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》,科创板定位于坚持面向世界科技前沿、面试经济主战场、面向国家重大需求,主要服务于符合国家战略、突破关键核心技术、市场认可度高的科技创新企业。重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业,推动互联网、大数据、云计算、人工智能和制造业深度融合,引领中高端消费,推动质量变更、效率变更、动力变更。

从上述方针来看,科创板定位具有横向和纵向两个维度。横向维度,即行业范围。对此科创板具有明确的限制,即上述提及的新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业。纵向维度,即发行人自身科技含量的程度,应当具有突破的关键核心技术且被市场高度认可,同时需要具备解决国家相关领域被"卡脖子"的实力,能实现进口替代,从而顺应并符合国家战略及经济发展的需求。

因此,若要判断发行人是否符合科创板的定位,需要从上述两个维度来综合判断,缺一不可。

二、科创板定位的判断标准

1.横向行业范围的判断标准

根据《上海证券交易所科创板企业上市推荐指引》(以下简称"《上市推荐指引》")第六条的规定,下列领域的科技创新企业应当重点推荐:

(1)新一代信息技术领域,主要包括半导体和集成电路、电子信息、下一代信息网络、人工智能、大数据、云计算、新兴软件、互联网、物联网和智能硬件等;

(2)高端装备领域,主要包括智能制造、航空航天、先进轨道交通、海洋工程装备及相关技术服务等;

(3)新材料领域,主要包括先进钢铁材料、先进有色金属材料、先进石化化工新材料、先进无机非金属材料、高性能复合材料、前沿新材料及相关技术服务等;

(4)新能源领域,主要包括先进核电、大型风电、高效光电光热、高效储能及相关技术服务等;

(5)节能环保领域,主要包括高效节能产品及设备、先进环保技术装备、先进环保产品、资源循环利用、新能源汽车整车、新能源汽车关键零部件、动力电池及相关技术服务等;

(6)生物医药领域,主要包括生物制品、高端化学药、高端医疗设备与器械及相关技术服务等;

(7)符合科创板定位的其他领域。

从上述规定来看,《上市推荐指引》以举例的方式明确列明了六大行业领域,同时也开了一个口子,符合条件的其他领域也可在科创板上市。这意味着即使不属于该六大行业领域,但如发行人所处的行业可以实现互联网、大数据、云计算、人工智能和制造业深度融合,引领中高端消费,推动质量变更、效率变更、动力变更的,则也将有机会在科创板上市。

从目前已申报材料的企业行业范围来看,也基本属于上述列明的六大领域内。主要包括智能设备制造、先进化工新材料的研发生产、生物医药研发、大数据服务、专业技术服务、先进轨道交通领域的系统研发等。

但近期网络上讨论较为火热的已进行辅导备案并拟申请科创板上市的北京思维造物信息科技股份有限公司(即"罗辑思维")则可能会突破上述六大领域,而通过"其他领域"这一条路来实现上市。从目前公开渠道可以搜索到的资料来看,罗辑思维似乎并不符合传统意义上的科技创新公司。根据天眼查的搜索结果,公司大部分知识产权为商标,具有332个商标;专利方面有10项,但超过半数是外观设计专利;软件著作权有15项,但大部分则为电子商务配套管理系统,例如罗辑思维电商业务商品发布管理系统、逻辑思维电商业务客服管理系统、逻辑思维电商业务购物车系统等。因此,从表面上看,罗辑思维更像是一个商业模式创新公司,例如将线下出版变为线上知识付费。由于目前罗辑思维尚处于上市辅导阶段,因此公开披露的信息有限,对于其科创板定位以及究竟是否有足够的核心技术及科技含金量还需待其披露相应招股文件后方能知晓。

尽管如此,相对而言横向行业范围的判断标准仍然较为清晰。大部分情况下可以从发行人的主营业务相关产品和服务上即可作出判断。但正如上文所述,符合横向行业范围仅是符合科创板定位的一个标准,还需要从纵向发行人自身的科技含量来进一步判断。

2.纵向科技含量的判断标准

《上市推荐指引》第五条就发行人自身的科技创新能力提出了"六个是否"的判断标准:

(1)是否掌握具有自主知识产权的核心技术,核心技术是否权属清晰、是否国内或国际领先、是否成熟或者存在快速迭代的风险;

作为科技创新企业,拥有自主知识产权是首要且必备的条件。并且该等知识产权必须是在相关领域具有领先地位,不会被快速迭代,更不能是已经面临淘汰的技术。这也是上交所问询中较为常见的问题之一。

包括请发行人说明核心技术认定为"国内领先""国内先进""国际先进"的具体依据,是否成熟或者存在快速迭代的风险,是否取得专利或其他技术保护措施?进一步分析披露公司核心技术是否存在技术壁垒,是否已经属于通用技术,是否存在快速迭代风险?公司相关技术是否成熟或存在快速迭代的风险,下游市场空间是否接近饱和或存在"天花板"情形?核心技术在境内与境外发展水平中所处的位置,"国际先进""国内领先"的具体评价标准,是否存在快速迭代的风险等等。

同时,核心技术的权属是否清晰也是至关重要的问题。科创板上市企业的创始人一般为具有高学历背景的技术人才,有些来自于高校,有些来自于科研机构,也有些曾经在其他高科技企业任职。因此,其核心技术的原始取得可能会存在潜在的纠纷。例如来源于职务发明或来源于他人的共同发明。一旦以科技创新为主要核心竞争力的企业之核心技术存在权属纠纷,则对该企业的持续经营能力将会存在重大影响,也会吸引上交所的关注。例如科创板上市委员会就向宁波长阳科技股份有限公司提出过"发行人目前与相关企业在境内存在专利权纠纷。请发行人代表说明上述专利纠纷所涉相关生产工艺,除在涉诉反射膜产品中使用外,是否在发行人其他产品中使用。"

(2)是否拥有高效的研发体系,是否具备持续创新能力,是否具备突破关键核心技术的基础和潜力,包括但不限于研发管理情况、研发人员数量、研发团队构成及核心研发人员背景情况、研发投入情况、研发设备情况、技术储备情况;

这一个是否的逻辑是顺应着上述第一个是否而展开。因为在科技创新速度日益加快的现代社会,如果发行人拥有国内或国际领先的核心技术且不存在快速迭代的风险,那势必就应当具备高效的研发体系、突破关键核心技术的基础和潜力以及持续的创新能力,而这些又离不开一支强大的研发团队的支持。因此,从这个是否角度出发,也可以从另一个侧面来判断发行人的核心技术是否具有水分,是否真正地处于领先地位。

从目前已注册的企业来看,研发人员占总员工数量的比例大部分维持在20%-40%之间。而晶晨半导体研发人员的占比甚至达到了81.13%。除了关注研发人员的数量,也会关注研发人员的收入水平是否合理。例如"补充披露核心技术人员未参与公司员工持股计划的原因,税前年薪为XX万元在公司中的薪酬水平,是否与核心技术人员身份相匹配?核心技术人员薪酬水平与公司研发和技术实力的匹配性以及与同行业可比公司的比较情况,技术人员薪酬水平能否维持技术人员的稳定,激励措施是否健全等。

除研发人员规模外,研发费用占营业收入的比例也是一个比较重要的因素。按照《高新技术企业认定管理办法》规定,关于研发费用占同期销售收入总额的比例要求最低不低于3%。从目前已注册的上市企业来看主要集中在5%-20%之间,高于一般的高新技术企业。

(3)是否拥有市场认可的研发成果,包括但不限于与主营业务相关的发明专利、软件著作权及新药批件情况,独立或牵头承担重大科研项目情况,主持或参与制定国家标准、行业标准情况,获得国家科学技术奖项及行业权威奖项情况;

这个是否主要关注发行人的知识产权情况和参与重大科研项目的情况。一般而言,专利、软件著作权或者新药批件的数量是一家企业技术是否成熟、是否被市场认可的重要指标之一。目前已注册的企业大部分专利数量超过了50件。而中国通号的1400多项专利更是遥遥领先于其他企业。当然,专利等知识产权也并非一味追求数量,质量也是核心要素。

除了拥有数量较多、质量较高的知识产权外,发行人如能积极参与重大的科研项目,自然也是从另一个方面体现了发行人核心技术的先进性。江苏北人就在其上市保荐书中披露:自公司成立以来,公司承担3项国家级重大科研项目研发任务并成功将科研项目研发成果商业化。卓越新能则披露:公司现建有省级企业技术中心、重点实验室、工程技术中心和国家级博士后科研站等,承担了"国家重点新产品计划"、"国家火炬计划"、国家"十五"、"十一五"、"十二五"等多个生物柴油应用技术科研项目并取得大量科技成果。

(4)是否具有相对竞争优势,包括但不限于所处行业市场空间和技术壁垒情况,行业地位及主要竞争对手情况,技术优势及可持续性情况,核心经营团队和技术团队竞争力情况;

竞争优势是发行人保持其相关行业内领先地位的重要原因,因此发行人需要详细披露和说明自己的优势所在。从目前已申报的企业来看,对于竞争优势一般可以从这些方面来分析:

1市场优势。发行人所处的市场竞争是否激烈、市场规模是否不断在扩大、是否已经占有较高的市场份额、是否具有较强的市场拓展能力、产品或服务价格是否具有优势、是否能满足客户个性化需求等。

2技术优势。发行人综合技术实力是否强劲、研发人员和研发体系是否完善、研发的产品是否丰富或是否得到了客户的广泛认可、制造工艺和核心技术是否先进及领先、是否克服了行业内较难克服的技术等。

3品牌优势。发行人是否具有较高的品牌知名度、品牌效应是否足以吸引到客户等。

除以上方面外,还可以从产品优势、服务优势、人才团队优势、客户优势、差异化竞争优势等多方面进行分析和阐述,以丰富和突出自身的竞争优势。

(5)是否具备技术成果有效转化为经营成果的条件,是否形成有利于企业持续经营的商业模式,是否依靠核心技术形成较强成长性,包括但不限于技术应用情况、市场拓展情况、主要客户构成情况、营业收入规模及增长情况、产品或服务盈利情况;

这个系列的"是否"则要求发行人的技术成果应能有效转化为实际产品。因为发行人毕竟是上市公司,除了鼓励创新研发外,还需要对广大投资者负责。况且实践是检验真理的最好标准,如相关技术非常前沿和高端但却始终无法落地,则也可以从侧面反映该技术可能并不是一个成熟的技术。

为判断是否符合这一要求,可以从发行人的发展历程、核心技术用途、同行业竞争对手的技术情况、主要客户与公司的合作情况、盈利变动趋势、相关行业专家的评价等方面来分析和判断。

(6)是否服务于经济高质量发展,是否服务于创新驱动发展战略、可持续发展战略、军民融合发展战略等国家战略,是否服务于供给侧结构性改革。

该系列"是否"系突出了科创板设立的主旨。发行人的主营业务应当服务于国家整体的战略导向和发展规划,符合国家中长期科学和技术发展规划、符合产业结构调整方向。如不是,则相关行业可能并不能可持续发展,也可能在将来面临淘汰或产能过剩的情形。

上述"六个是否"分别从核心技术、研发体系、研发成果、竞争优势、经营成果以及战略方向等六个方面提出了核查要求,可以帮助发行人和中介机构初步判断企业自身是否符合科创板的行业定位。

但上述两个维度是大方向的把握,而不能代表全部。因为行业总是在不断地发展、技术总是在不断突破,市场也会不断衍生出新的需求和新的细分领域。实践中每家企业都有自己的特点和情况,应当根据自身的实际情况来进行综合判断。

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In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions