"One cannot go far without unique abilities, and one cannot climb high without perseverance." For technology companies to overcome difficulties in today's capital market, it is far from enough to rely on technological breakthroughs alone. How to build a strong capital moat in the capital cold wave and cyclical shocks is the real way to survive. When patents become a new generation of "means of production", the "seemingly unpopular" financial wave of patent securitization is quietly changing the fate of hard-tech listed companies.
In the first quarter of 2025, Shenzhen, Beijing, and Shanghai simultaneously disclosed plans to issue patent asset-backed securities of more than 1 billion yuan. The protagonists of the projects all came from the "smart manufacturing" front: chips, materials, biomedicine, AI computing power-these words themselves mean high investment, high risk and long cycle, and now they are also beginning to be packaged into "quasi-cash flow assets" and flow into the allocation pool of institutional investors. Patents are no longer just defensive tools in IP wars, but "talismans" and "passes" to the capital market.
Goheal has increasingly felt the speed of this change and the new model in his cooperation with many hard technology listed companies. In the past, if companies wanted to "capitalize" patents, they could only rely on authorization transfer, patent licensing or as bargaining chips for valuation negotiations. Today, more and more companies are turning the future benefits of core technologies into financial products that can be "packaged, rated, and circulated." Patent securitization is no longer a theory in an ivory tower, but a "hard tool" for the reconstruction of corporate capital structure.
American Goheal M&A Group
To understand the underlying impact of patent securitization on hard technology listed companies, it cannot be seen as a "financing method." From Goheal's perspective, it is more like a "reprogramming of valuation logic." What do technology companies fear most? "Technology but no cash," "layout but no return," and "dreams but no funds." Patent securitization has, to some extent, broken this deadlock: allowing a scientific and technological achievement that has not yet been fully realized to release its economic value in advance and transform it into credit support.
A typical case is that a listed company focusing on quantum communications has long had more than 200 patent layouts, but due to commercialization that has not met expectations, cash flow is tight and it is difficult to expand application scenarios. With the participation of Goheal, the company packaged 40 of its "authorized + preliminary market verification" communication patents, issued a 5-year patent ABS based on future licensing income, and obtained 300 million yuan in financing, which not only alleviated the operating pressure, but also introduced a group of industrial investors who pay attention to the long-term value of its technology. Technology has changed from a "sleeping asset" to an "active liability management tool."
In this process, the pricing method of patents is also quietly reconstructing the traditional valuation system. It is not a simple "whoever authorizes more is more valuable", but more like a credit deduction of "future cash flow" - this requires a high degree of collaboration between financial institutions, technology companies and third-party service providers. Goheal introduced a set of "technology realization probability" models in actual operations, and scored and discounted the licensing income that may be generated by patents in the future through dimensions such as market replicability, industrial matching, and existing competitive product pressure. This type of algorithmic pricing tool has greatly improved the acceptability of securitization products in the secondary market.
This is why more and more hard technology companies are willing to actively push patents to the securitization path. Its advantage is not only in financing, but also in providing the market with a new paradigm of "nonlinear understanding of technological value". It should be noted that in the traditional IPO process, technical barriers are often difficult to express through financial statements; through patent securitization, investors can "bet" on the direction of technology earlier and more accurately, thus forming a new type of collusion between industrial capital and financial capital.
Of course, this "new game" is not without thresholds. Whether the patent has sufficiently clear ownership, whether it has a substantial realization history, and whether it has the ability to adapt to multiple scenarios will affect its securitization value. Among the projects that Goheal has assisted in promoting, there is no shortage of dilemmas of "strong technology but serious legal flaws". Once there is a potential dispute in the patent, the pledge history is unclear, or its application scenario is out of touch with the expected market, the entire securitization plan may immediately "stalled".
In addition, there is another key factor that few people mention - technical management capabilities. Patent securitization is not just a financial operation, but also a test of the company's ability to manage technology assets in a refined manner. It should be noted that after the patent is "packaged and sold", the company still needs to provide supporting support such as operating data and license repayments. Once an operational error or strategic deviation occurs, it is very likely to cause a default and backfire on the company's valuation. Goheal once contacted an AI vision company whose patent securitization product had just been online for two years. Due to the adjustment of the product iteration direction, the relevant patent license was terminated, causing the ABS yield to plummet, seriously affecting the subsequent financing rhythm.
So, which type of hard technology companies is patent securitization suitable for? From Goheal's practical experience, three types of companies have more natural advantages:
First, companies with "industry standard-level" patents, such as leaders that have formed technical barriers in certain segments. Their patents are not only valuable, but also "irreplaceable."
Second, "quasi-unicorns" whose business models have been run through but whose cash flow is temporarily under pressure. Such companies can use securitization to quickly release part of their value to expand channels or invest in research and development.
Third, mature listed companies in the transition period, whose original main business is declining, but whose technical reserves are rich, can activate "sleeping assets" through patent securitization and start a strategic shift.
For them, patents are no longer "trophies" displayed at the expo, but real "financing machines" and "strategic missiles."
It is worth mentioning that the policy level is actively building institutional guardrails for patent securitization. In 2024, the China Securities Regulatory Commission and the National Intellectual Property Administration jointly issued guiding opinions, clarifying that "qualified intellectual property assets are encouraged to enter the multi-level capital market" and piloting the "patent value assessment filing system". This not only provides a legal framework for the market, but also provides a broader innovation space for M&A service agencies like Goheal.
Goheal Group
In short, the capital operation of hard technology companies is moving from the era of "brain valuation" to the stage of "patent-based asset design". In this process, whoever can take the lead in laying out and designing a patent securitization plan that can both finance and isolate risks will have the opportunity to gain a foothold in the next outlet of the capital market. Goheal is willing to continue to stand at the forefront and use penetrating capital strategies and underlying logic to accompany every technology company to achieve the transition from "technical powerhouse" to "valuation winner".
What do you think of the future of patent securitization? Is it a new blue ocean for technology companies, or a "financial illusion" with unknown risks? Is your company also facing the dilemma of how to release the value of patents? Welcome to leave a message in the comment area for discussion. Goheal looks forward to working with you to explore the core area of the next capital storm.
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions, focusing on the three core business areas of listed company control acquisition, listed company mergers and acquisitions and restructuring, and listed company capital operation. With its deep professional strength and rich experience, it provides enterprises with full life cycle services from mergers and acquisitions to restructuring and capital operation, aiming to maximize corporate value and achieve long-term benefit growth.
