<p>At a critical time in China's economic transformation, the listing of Changxin Storage reflects the challenges China faces in the valuation of intellectual property rights. The U.S. market values similar patents much higher than China, highlighting a fundamental divergence in asset pricing logic between the two countries. Although China has made progress in intellectual property protection, insufficient judicial enforcement has resulted in the value of patents not being fully realized in the capital market. This phenomenon reveals the financing difficulties faced by Chinese technology companies and emphasizes the urgent need for the pricing of intangible assets</p>

- China's economic development has shifted from rapid growth to technological self-reliance, highlighting the challenge of valuing patents in international markets, with U.S. valuations significantly higher than China's.  
- In 2023, a study showed that the average licensing fee for patents in the U.S. was $7.48 million compared to $2.31 million for Chinese counterparts, revealing issues in intellectual property protection and the need for deeper financial reforms.  
- The disparity stems from differences in judicial strength, evidentiary rules, and patent transfer rates between the two countries, impacting banks' willingness to use patents as collateral for financing.

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China's Financial Deep Water Zone: How to Turn the "Intangible" into "Valuable" - Reflections on Changxin Storage's Preparation for Listing | Chen Xinshen