Editor's note: securitization of intellectual property is based on the expected future benefits of intellectual property, through structured design for credit enhancement, issuing securities that can be circulated in the market to finance. How to make \"know this\" become capital? What else does \"intellectual property finance\" play? In recent years, China's intellectual property securitization is in the ascendant, in order to invigorate intellectual property assets, resolve the financing problems of enterprises to actively explore new plans, let's take a look.
How to make \"know this\" become capital? What else does \"intellectual property finance\" play? In recent years, China's intellectual property securitization is in the ascendant, in order to invigorate intellectual property assets, solve the financing problems of enterprises to actively explore new plans.
Intellectual property securitization is based on the expected future income of intellectual property, through structured design for credit enhancement, issuing securities that can be circulated in the market to finance. Compared with the traditional asset securitization, the biggest difference of intellectual property securitization is that the underlying assets are not physical assets, but intangible intellectual property.
Back more than 20 years ago, American rock star David Bowie went public with a 10-year interest rate of% on copyrighted music works through US financial markets. Later, intellectual property securitization gradually extended to patents, trademarks and other fields, but has been progressing slowly, not on a scale. As a big country of intellectual property rights, can China go further on the way of intellectual property securitization?
In recent years, China has frequently sounded the policy horn of intellectual property securitization. General Secretary Xi Jinping pointed out in his report to the Nineteenth National Congress of the Party that it is necessary to strengthen support for innovation in small and medium-sized enterprises, promote the transformation of scientific and technological achievements, advocate innovation culture, and strengthen the creation, protection and application of intellectual property rights. We will deepen the reform of the financial system and strengthen the real economic capacity of financial services. In September 2017, the State Council issued the National Technology Transfer System Construction Program No.44 to encourage the development of intellectual property securitization financing pilot. The 13th Five-Year Plan for the Protection and Application of Intellectual Property Rights of the People's Republic of China states that it is necessary to explore the development of intellectual property securitization and trust business. In June 2019, the Plan for the Further Implementation of the National Intellectual Property Strategy in 2019 to Accelerate the Construction of a Strong Intellectual Property Power was issued, encouraging the Hainan Free Trade Test Zone to explore intellectual property securitization and encourage the Xiong'an New District to carry out the financing of intellectual property securitization.
\"I believe that at present, China already has the corresponding conditions to carry out intellectual property securitization: after scientific and technological research and development achievements have accumulated to a certain extent, a large number of intellectual property output needs to be transformed and implemented and commercial realization, the financing needs of small and medium-sized enterprises in science and technology are exuberant, and the traditional asset securitization financing mode (ABS) has flourished, and a lot of innovation has been carried out, which provides a good market and technical basis for intellectual property securitization. Li Dongya, general manager of Shenzhen Huazhitong Intellectual Property Operations Co. Ltd., told China Intellectual Property News.
Ding Jian, chairman of Beijing Smart Wealth Group and Beijing-China Jinhao Asset Appraisal Co., Ltd., agrees that securitization of intellectual property combines intellectual property with finance to realize the market value of intellectual property through unique operation mode and structured design, opening another door for financing technology-based SMEs. The securitization of intellectual property rights through intellectual property rights, financing from the capital market, opened up direct financing channels for both sides of capital supply and demand, not only to meet the needs of production, operation and scientific research of enterprises, but also to rescue enterprises from the risk of intellectual property depreciation and difficult realization of intellectual property rights derived claims.
Although people in the industry are generally optimistic about the prospect of intellectual property securitization as a new type of financing for scientific and technological enterprises, it is important to pay attention to the current situation, because of the difficult valuation of intellectual property, difficult to realize, difficult to confirm the right and unclear cash flow, it directly affects the feasibility of intellectual property as the underlying asset of securitization, which makes it face many problems that have not been touched in the securitization of traditional assets. Even in the United States, its securitization of intellectual property is often presented in individual cases.
At present, many places in our country are actively exploring the securitization of intellectual property, and have made many innovations in basic assets, transaction mode, guarantee mode and credit enhancement mode.
iqiyi century intellectual property supply chain financial asset support special program was approved in december 2018, issued in december 2018, the issuance scale of 100 million yuan, the issuer is tianjin ju quantity commercial factoring co., ltd, ju quantity factoring (aaa) credit guarantee, the basic assets are the accounts receivable formed between the upstream content partner and the iqiyi century intellectual property transactions.
the first venture - liberal arts lease one asset support special plan was approved in december 2018, the issue time in march 2019, the issuance scale is 100 million yuan, the issuer is beijing cultural science and technology finance leasing co., ltd., beijing cultural investment development group limited liability company (aaa) as the difference payment commitment, the basic asset is the patent right, copyright \"intellectual property financing lease\" receivable creditor's rights, involving invention patents, utility model patents, copyright and other intellectual property rights.
Societe Generale Yuanrong - Guangzhou Development Zone Patent Licensed Assets Support Program was approved in August 2019, issue time in September 2019, issue scale is 100 million yuan, the issuer is Guangzhou Kaide Financial Leasing Co., Ltd., Guangzhou Development Zone Financial Holdings Group Co., Ltd.(AAA) as the difference payment commitment person, the underlying assets are the creditor's rights receivable based on the patent license fee.
These three typical securitization cases have been classified as supply chain mode, financial leasing mode and patent licensing mode respectively. Both the supply chain model and the patent licensing model are based on the securitization of the accounts receivable claims enjoyed by the dealers in the normal business process because of the supply of intellectual property products sales, intellectual property licensing, authorized operation, etc. iqiyi century's supply chain model is suitable for enterprises with real copyright transactions or copyright use benefits, while guangzhou's innovative patent secondary licensing model is more suitable for enterprises with a large number of patent assets in the self-sustaining state of securitization financing. The \"first start-up - liberal arts lease a special asset support program\" is based on intellectual property assets as after-sale lease or financial leasing under the form of securitization, the underlying assets are leased intellectual property rights, rent is the future cash flow.
In addition to the already issued securitization cases, the pilot business of securitization in Shenzhen, Shanghai, Nanjing and other places is advancing in an orderly manner. \"These intellectual property securitization cases are of exemplary significance in the exploration of intellectual property securitization and can serve as a model for intellectual property securitization.\" Ding Jian thinks.
Li Dongya introduces that the securitization of intellectual property is divided into two types: stock type and debt type. At present, the supply chain mode, financial leasing mode and patent license mode that have been issued in our country all belong to the kind of debt-type intellectual property securitization.
Generally speaking, the basic assets of debt-type intellectual property securitization are mainly creditor's rights, while the basic assets of debt-type intellectual property securitization belong to the category of real right; the investor's return of debt-type intellectual property securitization is often the fixed rate of return set in advance, while the securitization of stock-type intellectual property is based on the economic gains of this intellectual property, which is in proportion to the agreed income of the main body of intellectual property management. But the securitization of stock-type intellectual property rights is issued by the state, although the difficulty of landing is relatively small, but our country has not yet liberalized the relevant policies.
Reporters from a number of technology-based sme intellectual property owners understand that they are concerned about the progress of domestic securitization of intellectual property, but still in a \"cannot reach\" position. He yongchun, director of intellectual property, told reporters:'there are so many companies with intellectual property assets in our country that many companies are very willing to try to realize the value of intellectual property through securitization. However, after all, securitization in domestic intellectual property rights is still a new thing, but also need to guide, cultivate and get market recognition. Now the threshold of issuing the main body and foundation of intellectual property securitization is still very high, and it is still difficult for small and medium-sized enterprises with real financing needs to realize it.
At present, how to promote securitization of intellectual property smoothly, li tiya suggested that for large-scale, while relatively good underlying assets, securitization of intellectual property financing alone. For most small and medium-sized science and technology enterprises, it is suggested to use different intellectual property assets package as far as possible, even different enterprises'different intellectual property assets package form to carry on the product design, this kind of collective product cannot only improve the credit rating, but also reduce the risk of loss of basic assets. For different categories of intellectual property, different modes of operation can be considered for classification processing. In the long run, he looks forward to policy support from relevant government departments to encourage trading institutions to boldly try to develop equity-based securitization.
\"Intellectual property securitization market is a blue sea, how to constantly innovate and improve its basic model, achieve standardization, replicable, there is a wide range of exploration space.\" Ding Jian initiated the 50-person forum of intellectual property securitization in China, hoping to provide the exchange platform for professionals and provide ideological impetus for the development of intellectual property securitization in China. (Reporter: Liu Yan)