Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant moment in the implementation of the "1+6" reform, which aims to support innovative enterprises in various high-tech sectors [1][11]. Group 1: New Listings - Three companies, He Yuan Bio (禾元生物), Xi'an Yicai (西安奕材), and Bibete (必贝特), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the STAR Market's growth tier [1][3]. - These companies will be included in the STAR Market's growth tier from the day of their listing, expanding the "hard technology army" of the board [1][3]. Group 2: Market Performance - On the listing day, the three new stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio increasing by 203%, and Bibete rising by 175%. By the end of the trading day, their respective gains were approximately 199%, 213%, and 74% [3][4]. Group 3: Company Profiles - He Yuan Bio specializes in innovative drug development, particularly in recombinant human albumin derived from rice, with its core product expected to be approved for market by July 2025. The company has a pipeline of eight drugs, with significant revenue growth projected from 2022 to 2024 [6][7]. - Bibete focuses on developing innovative drugs for major diseases, with one product already approved and several others in various stages of clinical trials. The company has not yet generated revenue but is advancing its commercialization efforts [8]. - Xi'an Yicai is a semiconductor company specializing in 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity. Despite significant revenue growth from 2022 to 2024, the company remains unprofitable due to high initial investments and costs [8][9]. Group 4: Regulatory Context - The "1+6" reform implemented in June 2023 has successfully introduced a growth tier for unprofitable companies on the STAR Market, allowing for a broader range of high-tech sectors to access public capital markets [11][12]. - As of October 28, 2025, 22 companies have utilized the STAR Market's fifth set of standards for listing, with many transitioning from research and development phases to commercialization [11][12].

Core Insights - The listing of three unprofitable "hard technology" companies on the Sci-Tech Innovation Board marks a significant step in enhancing the capital market's support for technological innovation and new productivity development [1][3][5] - The establishment of the Sci-Tech Growth Layer aims to improve the inclusiveness and adaptability of the capital market, allowing unprofitable tech companies to access funding [4][6] Group 1: New Listings and Market Development - Three unprofitable companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibet-U, have collectively listed on the Sci-Tech Growth Layer, increasing the total number of companies in this layer to 35 and the total number of listed companies on the Sci-Tech Innovation Board to 592 [1][5] - The introduction of the Sci-Tech Growth Layer is part of the broader "1+6" policy initiative aimed at enhancing the capital market's inclusiveness and adaptability [4][6] Group 2: Regulatory and Institutional Changes - The China Securities Regulatory Commission (CSRC) emphasizes the need for a strategic focus on risk prevention, strong regulation, and promoting high-quality development in the capital market [3][10] - The shift in listing standards from historical financial performance to future value creation reflects a new regulatory approach that supports the growth of "hard technology" companies [8][9] Group 3: Future Outlook and Strategic Goals - Companies listed in the Sci-Tech Growth Layer plan to leverage capital market platforms for business expansion, focusing on increasing R&D investment and delivering returns to investors [9][10] - The establishment of the Sci-Tech Growth Layer is expected to inject new vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable, high-R&D enterprises [7][9]

Core Viewpoint - The article discusses the recent listing of three unprofitable companies on the STAR Market, marking a significant event as it is the first time in two years that unprofitable enterprises have been allowed to go public under the new "1+6" reform policy, expanding the "hard technology" sector on the STAR Market [1][3][10]. Group 1: New Listings - Three companies, He Yuan Bio (禾元生物), Xi'an Yicai (西安奕材), and Bibete (必贝特), were listed on October 28, 2023, under the STAR Market's growth layer for innovative companies [1][3]. - These companies are the first batch of new registrations since the implementation of the "1+6" reform, which aims to support unprofitable enterprises in the technology sector [1][10]. Group 2: Market Performance - On the listing day, all three stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio by 203%, and Bibete by 175%. By the end of the trading day, their respective increases were approximately 199%, 213%, and 74% [3][4]. Group 3: Company Profiles - He Yuan Bio specializes in innovative drug development, particularly in recombinant human albumin derived from rice, with a projected revenue of 133.997 million yuan in 2022, increasing to 252.161 million yuan in 2024, but still reporting net losses [6][11]. - Bibete focuses on developing innovative drugs for major diseases, with a projected revenue of 0 yuan for 2022-2024, and net losses of 1.88 billion yuan in 2022 and 1.73 billion yuan in 2024 [7][11]. - Xi'an Yicai operates in the semiconductor industry, specifically in the production of 12-inch silicon wafers, with revenues projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, but also reporting significant net losses [8][9]. Group 4: STAR Market Reforms - The "1+6" reform introduced in June 2023 has successfully set up a growth layer for the STAR Market, allowing unprofitable companies to list under the fifth set of standards, which has already seen 32 existing unprofitable companies included [10][12]. - The STAR Market has supported 22 biopharmaceutical companies under the fifth set of standards since its inception, with many transitioning from research phases to commercialization [10][11]. Group 5: Future Outlook - The article highlights the potential for further expansion of the fifth set of standards to include more cutting-edge technology sectors such as artificial intelligence and commercial aerospace, which require significant upfront investment and have long development cycles [14].

Core Viewpoint - The main focus of the news is the significant outflow of capital from the Shanghai and Shenzhen stock markets, with a net outflow of 48.369 billion yuan, indicating a bearish sentiment among investors [1]. Group 1: Market Overview - The total net outflow of capital from the Shanghai and Shenzhen markets reached 48.369 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 3.603 billion yuan [1]. - A total of 194 stocks saw net inflows, while 397 stocks experienced net outflows [1]. - On the Sci-Tech Innovation Board, 257 stocks rose, while 330 stocks fell [1]. Group 2: New Stock Performance - Newly listed stock C He Yuan-U had the highest closing increase of 213.49% with a turnover rate of 83.76% and a net inflow of 1.776 billion yuan [1]. - Other new stocks, C Yi Cai-U and C Bi Bei Te-U, also performed well, with closing increases of 198.72% and 74.41%, respectively [1]. Group 3: Capital Flow Analysis - Among the stocks with net inflows, C He Yuan-U led with a net inflow of 1.776 billion yuan, followed by C Yi Cai-U with 1.295 billion yuan and C Bi Bei Te-U with 413 million yuan [1]. - The stock with the highest net outflow was Zhongxin International, which saw a net outflow of 844 million yuan and a decline of 1.35% [1]. - Other notable stocks with significant net outflows included Lanqi Technology and Haiguang Information, with outflows of 369 million yuan and 343 million yuan, respectively [1]. Group 4: Continuous Capital Flow - A total of 53 stocks experienced continuous net inflows for more than three trading days, with the highest being Huafeng Measurement and Weichuang Electric, both with seven consecutive days of inflow [2]. - Conversely, 111 stocks faced continuous net outflows, with Youyan Silicon experiencing the longest streak at 13 consecutive days [2].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.84%, closing at 1471.73 points, with a total trading volume of 4.268 billion shares and a turnover of 234.438 billion yuan, resulting in an average turnover rate of 2.24% [1] - Among the tradable stocks on the STAR Market, 257 stocks closed higher, with 6 stocks rising over 10% and 20 stocks rising between 5% and 10%. Conversely, 330 stocks closed lower [1] - The highest turnover rate was recorded by C He Yuan, a newly listed stock, which surged by 213.49% with a turnover rate of 83.76% and a trading volume of 2.782 billion yuan, attracting a net inflow of 1.776 billion yuan [1][2] Stock Highlights - Newly listed stocks C He Yuan and C Yi Cai saw significant gains, with increases of 213.49% and 198.72%, respectively. C Bi Bei Te also rose by 74.41% [2] - In terms of industry distribution, the electronics sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 36 stocks, followed by the computer and power equipment sectors with 16 and 9 stocks, respectively [2] Fund Flow - Among high turnover stocks, 24 experienced net inflows from major funds, with C He Yuan, C Yi Cai, and C Bi Bei Te leading in net inflow amounts of 1.776 billion yuan, 1.295 billion yuan, and 413 million yuan, respectively [2] - Conversely, stocks like Xi Bu Chao Dao, Dong Xin Co., and Sai Nuo Yi Liao faced significant net outflows, with amounts of 326 million yuan, 317 million yuan, and 276 million yuan, respectively [2] Leverage Fund Movements - A total of 59 high turnover stocks received net purchases from leveraged funds, with notable increases in financing balances for Hua Feng Technology, Xi Bu Chao Dao, and Sheng Yi Electronics, which rose by 344 million yuan, 325 million yuan, and 279 million yuan, respectively [3] - Stocks with decreased financing balances included Jin Shan Office, Dong Xin Co., and Si Nan Navigation, which saw reductions of 487 million yuan, 117 million yuan, and 4.186 million yuan, respectively [3] Quarterly Performance - Among the high turnover stocks, 43 have reported their Q3 results, with significant year-on-year net profit growth observed in Shi Jia Guang Zi, Zhen Lei Ke Ji, and Hua Feng Technology, with increases of 727.74%, 598.09%, and 558.51%, respectively [3] - The stock with the highest projected net profit growth is Sheng Yi Electronics, with an expected median net profit of 1.114 billion yuan, reflecting a year-on-year increase of 497.50% [3]

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant development in the board's reform and expansion of the "hard technology" sector [1][2]. Group 1: New Listings and Market Performance - Three companies, He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), and Bibet (688759.SH), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the "1+6" reform [1][2]. - On the listing day, the new stocks experienced significant price increases, with Xi'an Yicai rising by 361%, He Yuan Bio by 203%, and Bibet by 175%, closing with respective gains of approximately 199%, 213%, and 74% [2]. Group 2: Company Profiles and Financials - He Yuan Bio specializes in innovative drugs, particularly in the biopharmaceutical sector, and has achieved a breakthrough in recombinant human albumin production using a rice-based expression system [3][4]. - The company has a pipeline of eight drugs, with its core product, recombinant human albumin injection (HY1001), expected to be approved for market by July 2025 [3]. - Financially, He Yuan Bio reported revenues of 13.4 million yuan in 2022, 24.3 million yuan in 2023, and 25.2 million yuan in 2024, with net losses of 144 million yuan, 187 million yuan, and 151 million yuan respectively [3][4]. - Bibet focuses on innovative drug development for major diseases, with a pipeline that includes a class 1 innovative drug expected to be approved by October 2025 [6]. - Bibet's financials show no revenue from 2022 to 2025, with net losses of 188 million yuan, 173 million yuan, and 56 million yuan respectively [6]. - Xi'an Yicai operates in the semiconductor industry, specializing in 12-inch silicon wafer production, ranking first in China and sixth globally [6][7]. - The company reported revenues of 1.055 billion yuan in 2022, 1.474 billion yuan in 2023, and 2.121 billion yuan in 2024, with net losses of 533 million yuan, 683 million yuan, and 738 million yuan respectively [7]. Group 3: STAR Market Reforms and Future Outlook - The STAR Market's "1+6" reform has successfully introduced a growth layer for unprofitable companies, allowing them to list under the fifth set of standards [8][9]. - As of October 28, 2025, 22 companies have listed under the fifth set of standards, with many transitioning from research phases to commercialization [8]. - Approximately 21 of these companies have launched 48 drug or vaccine products, contributing to a significant portion of China's innovative drug approvals [8]. - The expansion of the fifth set of standards to include sectors like artificial intelligence and commercial aerospace aims to support high-potential companies with substantial upfront investments and long development cycles [10].

Core Insights - The first batch of newly registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, with two of the three companies being biopharmaceutical firms, He Yuan Bio (688765) and Biobetter (688759) [1][4] - Both companies experienced significant stock price increases on their first trading day, with He Yuan Bio rising by 213.49% and Biobetter by 74.41% [2][3] Company Performance - He Yuan Bio opened at 88 CNY per share, reaching a high of 91.32 CNY before closing at 91.1 CNY, resulting in a total market capitalization of 32.57 billion CNY and a trading volume of 2.782 billion CNY [2][3] - Biobetter opened at 48.9 CNY per share, with a peak increase of 175.03%, ultimately closing at 31.01 CNY, leading to a market capitalization of 13.96 billion CNY and a trading volume of 1.107 billion CNY [2][3] Financial Status - Both He Yuan Bio and Biobetter have not yet achieved profitability, with projected net losses for 2022 to 2025 ranging from approximately -144 million CNY to -1.87 billion CNY for He Yuan Bio and -188 million CNY to -1.73 billion CNY for Biobetter [5][6] Product Pipeline and Innovation - He Yuan Bio has a robust product pipeline with eight drugs under development, including a recombinant human albumin injection that has received regulatory approval, while two drugs are in Phase II clinical trials [6][7] - Biobetter focuses on innovative drug development for major diseases, with one breakthrough therapy already approved and several others in various stages of clinical trials [6][7] Market Sentiment - The significant stock price increases are attributed to optimistic market expectations regarding the high growth potential of the biopharmaceutical industry and the scarcity of new stocks, which has driven investor sentiment [4][6] - The capital market's acceptance of unprofitable biopharmaceutical companies reflects a supportive environment for technology-driven enterprises, facilitating funding for long development cycles and high capital needs [6][7]

Core Points - The article highlights the debut of three companies: He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), and Bibet (688759.SH) at the Shanghai Stock Exchange listing ceremony on October 28 [1] - These companies are the first batch of new registered firms in the Sci-Tech Innovation Board's growth tier since the "1+6" reform, enhancing the "hard technology" content of the sector [1] Company Summaries - Xi'an Yicai raised a total of 4.636 billion yuan through its initial public offering [1] - He Yuan Bio raised 2.599 billion yuan in its IPO [1] - Bibet secured 1.6 billion yuan from its initial public offering [1] - The total fundraising amount from these three companies is 8.835 billion yuan [1]

Group 1 - N必贝特-U (688759) was listed today, opening with a rise of 175.03%, and closing with a gain of 74.41%, with a total trading volume of 34.03 million shares and a turnover of 1.107 billion yuan, resulting in a turnover rate of 73.25% [2] - Among the four new stocks listed today, N必贝特-U had the smallest increase, while N禾元-U surged by 213.49%, N奕材-U increased by 198.72%, and N泰凯英 rose by 188.53% [2][3] - 必贝特 is a biopharmaceutical company focused on innovative drug development, targeting major diseases such as cancer, autoimmune diseases, and metabolic disorders, with a commitment to developing First-in-Class drugs and addressing unmet clinical needs [2] Group 2 - The total issuance of N必贝特-U was 90 million shares, with an online issuance of 21.6 million shares at a price of 17.78 yuan per share, resulting in a final online subscription rate of 0.04772481% [3] - The initial fundraising amount for N必贝特-U was 1.6 billion yuan, primarily allocated to new drug research and development projects, the establishment of a research and development center in Qingyuan, and the construction of a formulation industrialization base, as well as to supplement working capital [3]

中国经济网北京10月28日讯 今日，广州必贝特医药股份有限公司（股票简称：必贝特，股票代码：688759.SH）在上交所科创板上市。该股开盘报 48.90元，截至收盘报31.01元，涨幅74.41%，成交额11.07亿元，振幅104.67%，换手率73.25%，总市值139.56亿元。 如投资者以当日开盘价48.90元买入，截至收盘亏损达36.58%。 必贝特是一家以临床价值为导向、专注于创新药自主研发的生物医药企业。公司聚焦于肿瘤、自身免疫性疾病、代谢性疾病等重大疾病领域，依托 自主研发构建的核心技术平台，持续开发临床急需的全球首创药物（First-in-Class）和针对未满足临床需求的创新药物。 | | 1 1 18 . | | --- | --- | | 117 | . N | 公司实际控制人为钱长庚，无控股股东。本次发行前，钱长庚直接持有公司15.2840%的股份，是公司的第一大股东，同时通过担任广州药擎执行事 务合伙人控制公司8.5899%的股份。钱长庚与蔡雄（直接持有公司11.1364%的股份）、熊燕（直接持有公司8.9479%的股份）签署《一致行动人协议》， 基于上述安排，钱长庚合计控制公司4 ...