Deuxième anniversaire du tableau spécialisé pour l'innovation et la spécialisation à Shanghai : près de 600 entreprises « entrent en bourse » – une double dynamique de réglementation et de financement

日前，在上海专精特新专板开板及认股权试点启动两周年暨中小企业专精特新发展生态圈活动现场，数百位中小企业负责人、金融机构代表齐聚一堂，“规范”“融资”是他们讨论的关键词。
Recently, at the two-year anniversary event of the launch of the Shanghai Specialized, Refined, Unique, and Innovative Board and the Stock Option Pilot, hundreds of heads of SMEs and representatives from financial institutions gathered together, with “standardization” and “financing” being the keywords of their discussions.

两年来，由上海股权托管交易中心（下称“上海股交中心”）具体承建和运营的上海专精特新专板（下称“专板”）累计服务企业近600家，其中国家级专精特新“小巨人”企业及上海市级专精特新企业占比近六成，一个覆盖企业全生命周期的资本生态正在加速形成。
Over the past two years, the Shanghai Specialized, Refined, Unique, and Innovative Board (hereinafter referred to as the “Board”), specifically constructed and operated by the Shanghai Equity Custody Trading Center (hereinafter referred to as “Shanghai Equity Center”), has served nearly 600 enterprises, with nearly 60% being national-level specialized, refined, unique, and innovative “little giant” enterprises and Shanghai municipal-level specialized, refined, unique, and innovative enterprises. A capital ecosystem covering the entire life cycle of enterprises is accelerating its formation.

助力企业“强练内功”
Helping Enterprises “Strengthen Their Internal Capabilities”

作为专板规范层企业，云郅系统集成（上海）有限公司（下称“云郅”）董事长李科告诉上海证券报记者，进入专板规范层形成了倒逼机制——公司的财务内控、管理流程都必须对标更高标准。
As a company in the standardization layer of the Board, Li Ke, chairman of Yunzh System Integration (Shanghai) Co., Ltd. (hereinafter referred to as “Yunzh”), told Shanghai Securities Journal that entering the standardization layer of the Board has created a reverse pressure mechanism— the company’s financial internal control and management processes must meet higher standards.

李科表示，进入专板规范层，不仅是一个资本市场对接动作，更是通过上海股交中心平台的背书和资源对接，企业的公信力得到了显著提升。总的来看，带给公司最核心的赋能，就是从“业务型企业”向“规范化治理企业”转型，为公司长期稳健发展打下制度基础。
Li Ke stated that entering the standardization layer of the Board is not only a capital market integration action but also significantly enhances the company’s credibility through the endorsement and resource connection of the Shanghai Equity Center platform. Overall, the most core empowerment brought to the company is the transformation from a “business-oriented enterprise” to a “standardized governance enterprise,” laying a systemic foundation for the company’s long-term and stable development.

这种规范化的“阵痛”带来了实质提升，凭借“专精特新”企业身份，云郅获得财政支持，银行授信额度也提升至千万元级别。
This standardized “growing pain” has brought substantial improvements. With its identity as a “specialized, refined, unique, and innovative” enterprise, Yunzh has received financial support, and its bank credit limit has also increased to the tens of millions level.

据介绍，两年来，上海股交中心倡议发起的“上海专精特新企业服务联盟”，成员已扩充至近30家。依托专板打造的“一月一链”投融资路演品牌，累计举办37场活动，服务企业近400家，促成意向投资金额超12亿元。在互联互通方面，专板与沪深北三大交易所建立深度合作机制，依托挂牌审核“绿色通道”，一批标杆企业已成功登陆新三板。
According to reports, over the past two years, the “Shanghai Specialized, Refined, Unique, and Innovative Enterprise Service Alliance” initiated by the Shanghai Equity Center has expanded its membership to nearly 30. Relying on the Board, the “One Chain Per Month” investment and financing roadshow brand has held a total of 37 events, serving nearly 400 enterprises and facilitating intended investment amounts exceeding 1.2 billion yuan. In terms of connectivity, the Board has established a deep cooperation mechanism with the three major exchanges of Shanghai, Shenzhen, and Beijing, and a number of benchmark enterprises have successfully landed on the New Third Board relying on the “green channel” for listing review.

上海股交中心总经理张隽表示，站在两周年新起点，上海股交中心将以“深化规范培育，深化金融赋能，深化产业协同”为抓手，将专板打造成为企业私募融资的“补给站”、创新发展的“加速器”和转板上市的“培育港”。
Zhang Jun, general manager of the Shanghai Equity Center, stated that standing at the new starting point of the two-year anniversary, the Shanghai Equity Center will take “deepening standardization cultivation, deepening financial empowerment, and deepening industrial collaboration” as its focus, transforming the Board into a “supply station” for private financing of enterprises, an “accelerator” for innovative development, and a “nurturing port” for transferring to public listings.

上海股交中心还在会上推出合作机构“白名单”机制。“白名单”机制旨在建立统一的准入与服务标准，构建从需求诊断到落地跟踪的全流程闭环管理。通过遴选外部差异化服务产品、公示合作机构信息等举措，打造透明、可靠的企业服务补充工具箱，为上海股交中心在市场开拓与企业服务过程中提供更多可选工具与资源支撑，进一步提升项目对接成效与服务落地实效。
The Shanghai Equity Center also introduced a “white list” mechanism for cooperative institutions at the meeting. The “white list” mechanism aims to establish unified access and service standards, creating a full-process closed-loop management from demand diagnosis to implementation tracking. By selecting differentiated external service products and publicizing information about cooperative institutions, a transparent and reliable supplemental toolbox for enterprise services is being created, providing more optional tools and resource support for the Shanghai Equity Center in market development and enterprise services, further enhancing project matching effectiveness and service implementation effectiveness.

认股权打通“先授信后融资”
Stock Options Clear the Way for “Credit First, Financing Later”

“专板与认股权业务是相互赋能的，发行认股权的有不少是专精特新企业。”上海股交中心相关负责人表示。认股权，是指企业或相关方按照协议约定，授予外部机构在未来某一时期认购一定数量或一定金额企业股权（或股份）的选择权。作为发行方，企业可在暂不稀释股权的前提下，通过让渡部分未来成长收益，获取资金或金融服务资源支持，助力跨越发展难关。
“The Board and the stock option business empower each other, and many of the entities issuing stock options are specialized, refined, unique, and innovative enterprises,” said a relevant person in charge of the Shanghai Equity Center. Stock options refer to the rights granted to external institutions by enterprises or related parties, according to the agreement, to purchase a certain number or certain amount of equity (or shares) in the enterprise at a future time. As the issuer, the enterprise can obtain funding or financial service resource support by transferring part of its future growth benefits without diluting its equity.

辛顿人工智能便是认股权试点的首批企业之一。公司综合运营部负责人喻瑞琼介绍说，作为初创型科技企业，资金问题曾是前期发展的最大痛点。“传统股权融资周期较长，难以跟上企业研发和业务的节奏，而纯信用贷款又难以满足资金需求。通过上海股交中心平台，公司与南京银行达成了认股权合作。”喻瑞琼说。
Xindun Artificial Intelligence is one of the first enterprises in the stock option pilot program. Yu Ruiqiong, head of the company’s comprehensive operations department, stated that as a startup technology company, funding issues had been the biggest pain point in the early stages of development. “Traditional equity financing has a long cycle, making it difficult to keep pace with the company’s R&D and business rhythm, while pure credit loans cannot meet funding needs. Through the Shanghai Equity Center platform, the company has reached a stock option cooperation with Nanjing Bank,” Yu Ruiqiong said.

据介绍，双方合作采用“远期认股+债权融资”的组合模式——南京银行先获得辛顿人工智能的认股权（尚未正式行权），随后以现金贷款形式为企业提供债权资金支持。喻瑞琼表示，这种模式相当于银行为企业提供了“背书”，有助于更好地对接社会资本。由于深度合作，企业在获得债权融资时，利率方面也可能获得一定优惠。目前，认股权尚未正式行权，但债权资金已到位，有效缓解了企业发展阶段的资金压力。行权后，双方将以约定价格进行股权分配，实现利益最大化。
It is reported that the cooperation between the two parties adopts a combination model of “forward stock options + debt financing”— Nanjing Bank first obtains the stock options of Xindun Artificial Intelligence (which have not yet been formally exercised), and then provides debt funding support to the enterprise in the form of a cash loan. Yu Ruiqiong stated that this model is equivalent to the bank providing “endorsement” for the enterprise, which helps to better connect with social capital. Due to the deep cooperation, the enterprise may also receive certain interest rate discounts when obtaining debt financing. Currently, the stock options have not been formally exercised, but the debt funds have been in place, effectively alleviating the financial pressure during the enterprise’s development stage. After the options are exercised, the two parties will distribute equity at an agreed price to maximize benefits.

在业内人士看来，认股权业务有效契合了金融机构、科创企业、创投机构等利益诉求，可实现多方共赢。其中，商业银行作为认股权业务的主力军和“催化剂”，能够充分发挥股债联动优势，是投贷联动、“贷款+外部直投”的重要实施主体。
Industry insiders believe that the stock option business effectively meets the interests of financial institutions, technology innovation enterprises, and venture capital institutions, achieving a win-win situation for multiple parties. Among them, commercial banks, as the main force and “catalyst” of the stock option business, can fully leverage the synergy between equity and debt and are important implementers of the investment-loan linkage and “loans + external direct investment.”

在市场建设方面，截至2025年底，上海股交中心认股权试点平台累计完成86单认股权登记，总融资规模超过3.68亿元。在参与主体与登记数量稳步增长的基础上，平台业务实现了从登记到流转、行权的闭环突破，目前已完成2单认股权转让和1单认股权行权。
In terms of market construction, by the end of 2025, the Shanghai Equity Center’s stock option pilot platform has completed a total of 86 stock option registrations, with a total financing scale exceeding 368 million yuan. Based on the steady growth of participating entities and registration numbers, the platform’s business has achieved a breakthrough in the closed loop from registration to circulation and exercise, and has currently completed 2 stock option transfers and 1 stock option exercise.