Archived（May 31, 2018）
(Promulgated by Order No. 24 of the Shenzhen Municipal People’s Government on March 25, 1994, revised according to Order No. 82 of the Shenzhen Municipal People’s Government of January 26, 1999)
Chapter I General Provisions
Article 1 In order to make fair and reasonable valuation of intangible assets, protect the legal rights and interests of the related parties concerned, these measures are hereby formulated in accordance with the related laws, regulations of the state.
Article 2 The intangible assets referred to in these measures shall include:
(1) the patent right, right to the exclusive use of a trademark, copyright;
(2) the technological secrets and other business secrets;
(3) the designation and shop name of a firm, appellation of origin, commercial goodwill;
(4) the other intangible assets stipulated by laws, regulations or recognized by international customs.
Article 3 These measures shall apply to engaging in the intangible assets
valuation within the Shenzhen Special Economic Zone (hereinafter referred to as the Special Zone).
Article 4 The intangible assets valuation shall follow the principle of legitimacy, authenticity, impartiality, and independence, a valuation result shall comprehensively, fully reflect the value of intangible assets, and a valuation report shall be clear, succinct.
Article 5 If a unit possessing state-owned assets under the Shenzhen Municipality (hereinafter referred to as the municipality) is in one of the following situations, the intangible assets valuation shall be conducted according to law:
(1) the state-owned intangible assets are to be auctioned, assigned;
(2) the state-owned intangible assets need to be priced in pooling, merging, property assigning, and liquidating of enterprises;
(3) the state-owned intangible assets need to be priced when state-owned enterprises are reorganized into companies of limited liability and companies limited by shares;
(4) the state-owned intangible assets are used as an investment to establish Chinese and foreign equity joint ventures or Chinese and foreign cooperation joint ventures with foreign companies, enterprises, other economic organizations or individuals;
(5) the other situations which make the intangible assets valuation necessary according to the rules of the state.
Article 6 When a unit possessing state-owned assets not under the municipality
uses intangible assets for capital subscription in order to establish a company limited by shares or a company of limited liability, the intangible assets valuation shall be conducted according to law.
Article 7 If non-state-owned intangible assets need to be valued in order to be priced for buying shares, to be assigned, etc., the intangible assets valuation agency may value the intangible assets according to the authorization by the owner of the intangible assets or the agreement between the parties concerned.
Chapter II Administration of Intangible Assets Valuation Agencies
Article 8 The full-time agencies of intangible assets valuation and the agencies, which take the intangible assets valuation as a part-time work, such as accounting firms, auditing firms, assets valuation companies, financial companies, etc. (hereinafter referred to as the valuation agencies) shall meet all the following requirements simultaneously to be qualified for undertaking the intangible assets valuation in the Special Zone:
(1) to have the full-time personnel in law, economics, and accounting and more than 3 engineers and technicians who have middle-rank or higher professional titles, or corresponding qualifications;
(2) the employed personnel must have the professional training of intangible assets valuation and obtain the certificate to be qualified for taking their jobs;
(3) to have independent corporate capacity after the registration at the municipal department of industrial and commercial administration;
(4) to hold a certificate of intangible assets valuation issued by the municipal department in charge of state-owned assets.
Article 9 The qualifications of a valuation agency for intangible assets valuation
shall be examined and verified by the municipal department in charge of state-owned assets jointly with the related governmental departments, and granted by the municipal department in charge of state-owned assets.
The full-time agencies of intangible assets valuation shall be administered, supervised by the Shenzhen municipal department in charge of science and technology.
Article 10 The valuation agencies shall provide the compensated service of intangible assets valuation, the rates of the valuation fees to be collected shall be examined and set by the municipal department in charge of prices.
Chapter III Procedures and Methods of Valuation
Article 11 The valuation of state-owned intangible assets shall be conducted according to the following procedure:
(1) the unit possessing state-owned intangible assets files an application to the department in charge of state-owned assets for setting up a project;
(2) the unit possessing state-owned intangible assets entrust an valuation agency with the valuation by presenting a written approval of its application for setting up a project;
(3) the valuation agency makes a survey and verification, valuation and estimation of the valued object, and completes a valuation report;
(4) the applicant submit the valuation report to the municipal department in charge of state-owned assets for the record.
The valuation agency shall place the valuation result on file.
Article 12 The valuation of non-state-owned intangible assets shall be conducted according to the following procedure and requirements:
(1) a truster and a valuation agency sign a contract of entrustment with intangible assets valuation in which the following items should be made clear:
1. the name or designation and domicile of the truster and the trustee;
2. the name of the intangible assets to be valued;
3. the purposes and requirements of the valuation;
4. the rights and obligations of the truster and the trustee;
5. the date when the valuation report to be submitted;
6. the amount of the valuation fee and the date of payment;
7. the liabilities for breaking the contract.
(2) the truster provides the catalogue and instruction of the assets to be valued, the certificate of ownership, degree of technological development of the valued assets, which the valuation needs, as they really are;
(3) the valuation agency makes a survey and verification, valuation and estimation of the valued object, and completes a valuation report.
Article 13 A valuation agency and its personnel shall have the obligations to keep
secret the technological secrets and other business secrets they have known in doing their professional work.
Article 14 If a truster or the related persons have an objection to the valuation result, an application for objection may be filed to the municipal department in charge of science and technology or the municipal trade organization of assets valuation established according to law. If the application for objection is found reasonable, the unit having accepted the application for objection shall remit the application to the original valuation agency for a revaluation, or entrust another valuation agency with revaluation.
If the revaluation of intangible assets referred to in the previous section proves that the original valuation indeed has mistakes, the original valuation agency shall pay for the revaluation fee when this agency is responsible for the mistakes; the original truster shall pay the revaluation fee when this truster is responsible for the mistakes; if the original valuation result has no mistake, the applicant shall pay for the revaluation fee.
Article 15 The following situations shall be distinguished from each other to assess the revaluation in the intangible assets valuation:
(1) for the purchased intangible assets, the revaluation should be based on the purchase cost and the capacity of the assets to make profits;
(2) for the self-created or self-possessed intangible assets, the revaluation should be based the actual cost needed to form the assets and the capacity of the assets to make profits;
(3) for the self-created or self-possessed intangible assets whose cost has not been calculated separately, the revaluation should be based on the capacity of the assets to make profits.
Article 16 The intangible assets valuation may be made by the method of current
value of yields, the method of cost of replacement, the method of current market price, the method of liquidation price, and the other methods approved by the municipal department in charge of state-owned assets.
The method of current value of yields shall mean that the prospective yield of each year or each month of the remaining life of the object of valuation is converted into current value according to an appropriate conversion rate and then cumulated into the current value on the date of valuation basis.
The method of cost of replacement shall mean the assets valuation by deduction of the material devaluation, functional devaluation, economical devaluation of the assets under valuation from the totally new assets in the current conditions.
The method of current market price shall mean that the price of the assets is estimated by selecting one or several of the same kind of the assets or similar assets through a market survey as the objects for comparison, analyzing the purchase prices and transaction conditions of these objects for comparison, and making adjustments by comparison.
The method of liquidation price shall mean that the revaluation shall be made according to the value of the assets of an enterprise which can become the liquidation value in the liquidation of the enterprise.
Chapter IV Legal Liabilities
Article 17 If a unit possessing state-owned intangible assets, in violation of Article 5 of these measures, causes the drain of the assets and the loss to the state, the municipal department in charge of state-owed assets shall investigate into the administrative or economic responsibilities of the parties concerned; if a crime is constituted, the criminal responsibility shall be investigated into according to law.
Article 18 If a valuation agency resorts to malfeasance or collaborates with a truster to provide a false result and does damages to the state or others, the valuation agency and the truster shall be held jointly and severally liable for compensation; if a crime is constituted, the criminal responsibility of directly responsible persons shall be investigated into according to law.
Article 19 If a valuation agency and its personnel, in violation of Article 13 of these measures, leak to the others the technological secrets or other business secrets they have known in doing their professional work, the valuation agency and its personnel shall be held liable for compensation when a damages has been done to their truster.
Article 20 If a valuation agency takes the acts referred to in Articles 18, 19, and abuses power for personal gains, fails to be responsible, and makes the result of the intangible assets valuation seriously inaccurate in the work of the intangible assets valuation, the municipal department of state-owned assets valuation and the responsible unit of the valuation agency shall impose the following punishments according to the seriousness of the circumstances:
(1) to declare the valuation invalid and to order the valuation agency to make a revaluation;
(2) to give a warning;
(3) to revoke the certificate of the qualifications for valuation.
Administrative sanctions or economic punishments shall be imposed on directly
responsible persons according to law.
Article 21 If a punished valuation agency and its personnel have an objection to
administrative punishments, an application for review may be filed to the administrative review office of the Shenzhen Municipal People’s Government within 15 days from the date of receiving the notice on the punishments; if the applicant has an objection to the review decision, a legal action may be taken at the people’s court within 15 days from the date of receiving the notice on the review decision.
Chapter V Supplementary Provisions
Article 22 The Shenzhen Municipal People’s Government shall be responsible for the interpretation of these measures.
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