The municipal intellectual property authority recently announced that 34 local companies received a combined 309 million yuan ($49.7 million) in loans using 672 patents as collateral in the first 10 months of last year. The companies work in a wide range of businesses including auto production, biomedicine, machinery and environmental protection. Pharscin Co was granted a 20 million yuan loan after pledging three patents, the biggest IP loan in the city's drug industry.

(Source: China Daily)