On February 9, 2026, the Shanghai Stock Exchange (SSE) unveiled a set of to solicit public feedback, with the deadline for responses set for February 16, 2026. These guidelines are designed to bolster technological innovation and foster the high-quality development of listed companies by introducing fresh benchmarks for classifying 'asset-light' and 'high R&D investment' firms among those listed on the main board. Specifically, the 'asset-light' criterion mandates that physical assets should constitute no more than 20% of a company's total assets. Meanwhile, the 'high R&D investment' criterion stipulates that a company's average R&D investment over the past three years should represent no less than 15% of its operating revenue. Alternatively, the cumulative R&D investment over the same period should be no less than RMB 300 million, with an average proportion of no less than 5%. Moreover, the guidelines outline negative conditions, explicitly stating that for listed companies whose stocks are under delisting risk warnings or other risk alerts, the proportion of refinancing funds allocated for supplementing working capital and repaying debts must not exceed 30% of the total funds raised.