Countdown of data asset entry into the table: active actions by enterprises and data exchanges

Our reporter Guo JichuanStarting from October 1, 2023, the "Guiding Opinions on Data Asset Evaluation" (hereinafter referred to as the "Guiding Opinions") formulated by the China Asset Evaluation Association has been officially implemented. This is also another financial and accounting document that promotes the capitalization of data, following the release of the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" (hereinafter referred to as the "Interim Provisions") by the Ministry of Finance in August

Our reporter Guo Jichuan

Starting from October 1, 2023, the "Guiding Opinions on Data Asset Evaluation" (hereinafter referred to as the "Guiding Opinions") formulated by the China Asset Evaluation Association has been officially implemented. This is also another financial and accounting document that promotes the capitalization of data, following the release of the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" (hereinafter referred to as the "Interim Provisions") by the Ministry of Finance in August.

The reporter has recently contacted and visited multiple local data exchanges, all of which are implementing systems and rules for data asset recording. Zhao Lifang, a researcher at the Research Institute of Shanghai Data Exchange (hereinafter referred to as "Shanghai Data Exchange"), told Securities Daily that data exchanges empower innovative applications of data assets by strengthening the basic allocation of data element markets. The "Provisional Regulations" and "Guiding Opinions" will promote the development and construction of a unified data element market in China.

Top level design of data asset entry into the table

Gradually improve

At the end of last year, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Building a Data Infrastructure System to Better Play the Role of Data Elements" (hereinafter referred to as the "Twenty Data Articles"), emphasizing the need to explore new models for data asset entry into the balance sheet. The Provisional Regulations will be implemented on January 1, 2024, which is considered as the landing time for data assets in the industry.

Ma Chaoliang, from the Tongzheng Digital Economy Research Center of the China (Shenzhen) Comprehensive Development Research Institute, stated in an interview with Securities Daily that the introduction of the "Guiding Opinions" and "Interim Provisions", two financial and accounting documents promoting data asset securitization, is a further implementation of the "Twenty Data Articles", which is conducive to activating the enthusiasm of both supply and demand sides in the data market and opening up the era of full competition in the marketization of data elements, Based on previous policies such as the establishment of the National Data Bureau and the implementation of data rights for local and industrial exploration, the top-level design of data elements is being further improved.

The Guiding Opinions clearly define the attributes, evaluation objects, operational requirements, evaluation methods, and disclosure requirements of data assets. Data assets refer to data resources that are legally owned or controlled by a specific entity, can be measured in currency, and can bring direct or indirect economic benefits. And it is proposed that when conducting data asset evaluation business, it is also necessary to pay attention to cost factors, scenario factors, market factors, and quality factors that affect the value of data assets. The Guiding Opinions and Provisional Regulations complement each other, laying a solid foundation for the entry of data assets into the table, as well as the operation of pricing and subsequent transactions.

Guo Mingjun, Director of the Planning Department of the Big Data Development Department of the National Information Center, told reporters that the two national level financial and accounting documents clarify that eligible data can be recognized as assets and included in enterprise financial statements, and also provide policy guidance for the value evaluation of data assets. The issuance and implementation of two policy documents will greatly promote the process of data capitalization, stimulate the innovative vitality of data element enterprises, and promote the high-quality development of China's data element market.

Enterprise asset size

Expected thickening

In the era of the digital economy, data has become an indispensable means of production for the survival and development of enterprises, and the entry of data assets into the table is a legitimate confirmation of the value of data as an asset.

Cai Tiancheng, Director of the Strategic Research Center of the Guangdong Hong Kong Macao Greater Bay Area Big Data Research Institute, told reporters that most high-tech listed companies have high-quality data resources. If they cannot be reflected in financial reports, it will result in weak correlation between the final provided balance sheet and income statement information and investor decision-making, posing a serious challenge to the fairness of accounting statements and the ability to reflect the true state of the enterprise. The inclusion of data assets in the table can more objectively reflect the true value of most enterprises, especially those in the new economic field.

Enterprise asset size

Faced with the countdown to the entry of data assets into the financial statements, listed companies have also actively taken action, some announcing the launch of a "data asset entry service consortium" with leading accounting firms, law firms, data exchanges, and other institutions; Some pilot companies that have publicly announced their status as data asset entry companies for local data exchanges have participated in the development of data asset entry services and standards from different perspectives.

Sun Zhan, senior consultant at the Strategic Research Center of the Guangdong Hong Kong Macao Greater Bay Area Big Data Research Institute, told reporters: The inclusion of data assets in the table can strengthen the ability of enterprises to collect, store, and manage data, while also improving their ability to mine, utilize, and analyze data, enhancing their motivation for deep development and utilization of data, promoting the formation of a business model centered on data assets in the capital market, and further releasing the financial value of data assets

Data Exchange

Multidimensional Innovation Practice

Data Exchange

On August 21st, the Shanghai Stock Exchange released the "Data Element Market Prosperity Plan", which launched a special incentive fund for promoting the circulation of data elements. A person in charge of a company participating in this plan stated that the demand side contacted through the Shanghai Stock Exchange platform has gradually begun to transform, providing new assistance for channel development, business development, and product quality improvement.

Data ExchangeData Exchange

On September 27th, the Western Data Trading Center held a press conference on the digital asset (consumption points) platform in Chongqing. A reporter from Securities Daily learned that the platform integrates enterprise consumption point resources such as clothing, food, housing, transportation, entertainment, shopping, and tourism, opening up the redemption path of consumption points at retail terminals, and achieving cross platform, cross industry, and cross regional free redemption of personal and enterprise consumption points.

The relevant person in charge of the Western Data Trading Center told reporters that the platform can help consumers exchange their points held by different enterprises for the same type, solving the problem of a small amount of points not meeting the exchange threshold set by the enterprise and becoming invalid upon expiration, and improving the usability of points held by consumers.

Wang Kun, Deputy Secretary General of the Digital Integration Working Committee of the China Electronics Chamber of Commerce, told reporters that digital integration is a relatively convenient asset for early processing among various data assets. Its ownership is clear, registration is convenient, and anti-counterfeiting and traceability work can also be achieved. With the emergence of big data and blockchain technology, as well as clear entry times for data assets, the goal of innovative models such as digital integration becoming assets is already in sight. It is now necessary to conduct pilot projects while tracking and researching various phenomena to form lenient, scientific and rigorous laws and regulations, as well as a healthy business model conducive to the real economy.

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