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On the evening of 20th, the China Securities Regulatory Commission issued the evaluation index system of science and technology innovation board, and put forward the specific evaluation index system of science and technology innovation attribute.
The evaluation index system of scientific and technological innovation attributes adopts the structure of "conventional indicators+exception clauses", including 3 conventional indicators and 5 exception clauses. If an enterprise meets three conventional indicators at the same time, it can be considered as a scientific and technological attribute; If you don't meet the three conventional indicators at the same time, but meet any of the five exceptions, it can also be considered as a scientific and technological attribute.
The three conventional indicators are "R&D investment or the proportion of R&D investment in operating income", "number of invention patents" and "operating income or compound growth rate of operating income".
If a China company wants to be listed on the A-share market, it must make a profit in the first three years before it can apply for an initial public offering on the China Stock Exchange. The "unreachable" profits make the new forces of car-making mainly focus on US stocks. Now, Kechuang Edition is the first to launch the evaluation index of scientific and technological attributes, which undoubtedly adds a very important financing channel for the new car-making forces in financial difficulties.
According to three conventional indicators and five exception clauses, this paper analyzes the advantages of the new power of science and technology version of car-making going public.
First of all, R&D investment accounted for more than 5% of operating income in the last three years, or the accumulated amount of R&D investment in the last three years was 6,000 yuan? More than 10 thousand yuan
The new forces of building cars focus on intelligent networked cars. R&D expenses such as autonomous driving and intelligent cockpit have been at a high level. It will cost a lot of money just to introduce talents and set up R&D centers around the world. He, Chairman and CEO of Xpeng Motors, said, "Intelligent R&D and operation are the core engines for future differentiation and globalization of Xpeng Motors. We decided that in the entire Xpeng Motors team, students who maintain independent research and development and innovation systems account for more than 50%. "
In addition, Xpeng Motors has R&D centers and manufacturing plants in Guangzhou, Beijing, Shanghai, Zhengzhou and Chongqing in China, and R&D centers in Hongkong and Silicon Valley in the United States to do autonomous driving and Internet systems.
Because there is no detailed data, it can still be seen from the R&D center and the proportion of personnel allocation that R&D has invested a very high proportion in the new force of building cars. The reason why R&D is so expensive is that R&D is the most important thing. In addition, we look at R&D investment from Wei, a representative of the new car-making force that has been listed. R&D has always been at a high level and easily meets the primary conditions of technological innovation.
In 20 19, Weilai invested 4.432 billion yuan in R&D..
In 20 18, Weilai invested 3,997.9 million yuan in R&D..
In 20 17, weilai spent 2.603 billion on r&d. ..
20 16, weilai spent14.65 million on r&d. ..
Secondly, in terms of patents.
Some professionals pointed out that "the technology innovation board has no profit requirements, but it is a registration system, but this does not mean that there is no requirement. One is the letter, which can't be faked, and the other is the real technological innovation, not the traditional industry packaging listing. "
Invention patents have undoubtedly become the hard-core standard of science and technology, and the new force of making cars is unique in patents.
Data show that 20 19 China automobile patent data statistical analysis list. In 20 19, Xpeng Motors published 742 patents. In terms of patent quality, inventions account for 76.28% of public patents in Xpeng automobile, ranking first among domestic automobile enterprises.
As of 2065438+September 2009, Weimar Automobile has applied for and obtained 1, 157 patents. The patent authorization obtained by Weimar Automobile is mainly in the core technical fields related to intelligent electric vehicles, such as three electric systems, battery management, safety, artificial intelligence (automatic driving, intelligent cockpit) and so on. Among them, the number of patents granted by Weimar Automobile in the field of artificial intelligence has exceeded 100.
Third, operating income. Specifically, it means that the compound growth rate of operating income in the last three years has reached 20%, or the amount of operating income in the last year has reached 300 million yuan.
Operating income is the easiest to meet among the three conditions.
In terms of power batteries, the separation and listing of Honeycomb Energy and BYD batteries, the power battery companies under Great Wall, is most likely to be realized in the technology version. BYD's investment in battery research and development and the number of patents are obvious to all. Like a beehive, it is not difficult to meet the listing requirements of the technology version.
To take a step back, even if it does not meet the three conventional indicators and meets any of the five exception clauses, it can be considered as a scientific and technological attribute.
Freeman Shen, founder of Weimar, said that the company is open to initial public offering (IPO) in the United States. Freeman Shen said that there is a team inside the company that is studying the relevant proposal of listing in the United States, Hongkong or Chinese mainland. However, Shen Hui once wrote in a circle of friends that he had returned to China to start a business. Of course, he wants to list in China.
Li was accused of going public in the United States.
Xpeng Motors, Baiteng, Zero Run and other new car-making forces have not yet indicated the specific listing schedule and location.
Write it at the end
Whether or not the technology version is listed, the release of the evaluation index system of the technology attribute of the technology version is a good thing for the new car-making forces that are in urgent need of financing.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.