- The report tracks the recent IPO performance in the A-share market, including the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, ignoring lock-up restrictions[2][10][39] - For A-class accounts with a scale of 2 billion, the IPO yield since the beginning of 2025 until October 31, 2025, is 2.65%, while for B-class accounts of the same scale, the yield is 2.23%[2][10][39] - For larger accounts with a scale of 10 billion, the IPO yield for A-class accounts is 0.96%, and for B-class accounts, it is 0.73%[2][10][39] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[2][18][39] - The report calculates the theoretical IPO yield using the formula: $ Class Full Subscription Quantity = Maximum Subscription Limit × Average Class Offline Winning Rate $ $ Full Subscription Yield = (First Opening Price - Initial Offering Price) × Full Subscription Quantity $[38][39][41] - The full subscription yield for individual stocks mostly ranges between 5 to 100 thousand yuan, with the highest yields being C奕材-U (98.18 thousand yuan), C禾元-U (78.03 thousand yuan), and 联合动力 (50.81 thousand yuan)[38][39][41] - The report provides detailed monthly IPO yield calculations for different account scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) across Sci-Tech Innovation Board, ChiNext, and Main Board, assuming 90% capital utilization efficiency and all quotes successfully included[39][42][46]

Core Viewpoint - The article provides an overview of the latest trends in investment and financing activities in the domestic market, highlighting key sectors and significant financing events. Group 1: Investment Overview - This week, there were 109 disclosed financing events in the domestic primary market, an increase of 12 compared to the previous week. Among these, 36 events disclosed financing amounts, totaling 4.786 billion RMB, with an average financing amount of 133 million RMB [7]. - The most active sectors in terms of financing events were intelligent manufacturing, artificial intelligence, and healthcare, with 21, 16, and 13 events respectively [9]. Group 2: Sector Highlights - In terms of disclosed financing amounts, artificial intelligence led with a total financing scale of approximately 1.055 billion RMB. Notably, the bionic robot developer "Wubai Intelligent" secured nearly 500 million RMB in Series A financing [9][10]. - The healthcare sector followed with a disclosed financing total of 670 million RMB, where the medical isotope developer "Nuclear Element Innovation" received 430 million RMB in Series A financing [10]. Group 3: Regional Distribution - The disclosed financing events were primarily concentrated in Jiangsu, Zhejiang, and Guangdong, with Jiangsu reporting 24 events, Zhejiang 19 events, and Guangdong 18 events [14][17]. Group 4: Stage Distribution - The stage distribution of the disclosed financing events showed that 81 were early-stage, 24 were growth-stage, and 4 were late-stage [17]. Group 5: Major Financing Events - The article mentions significant financing events, including the acquisition of 70% of the semiconductor packaging materials manufacturer "Huawei Electronics" by Huahai Chengke for 1.12 billion RMB [35][37]. Group 6: Active Investment Institutions - The most active investment institutions this week included CRRC Capital with 4 investment events, Shenzhen Capital Group with 3, and Legend Capital with 2 [24]. Group 7: IPO Highlights - A total of 8 companies were monitored for IPOs this week, with the highest market capitalization being "Sany Heavy Industry" at 212.898 billion HKD. All listed companies had previously received VC/PE or CVC investments [28][29].

Core Points - The listing of three unprofitable high-tech companies on the Sci-Tech Innovation Board marks a significant step in capital market support for technological innovation and new productivity development [2][4] - The establishment of the Sci-Tech Growth Layer enhances market inclusivity and strengthens the capital market's role in serving the real economy [1][10] Group 1: New Listings - Three companies, Bibet (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), were listed on the Sci-Tech Innovation Board, representing the first batch of new registered enterprises in the Sci-Tech Growth Layer [1][2] - Bibet focuses on innovative drug development, with its product BEBT-908 approved for treating various blood cancers and solid tumors [2][3] - Heyuan Bio has developed a leading rice recombinant protein expression system, with its core product HY1001 approved for treating liver cirrhosis [2][3] - Xi'an Yicai specializes in the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally in terms of monthly shipment and production capacity [3] Group 2: Performance of Existing Companies - The 32 existing companies in the Sci-Tech Growth Layer achieved a total revenue of 675.75 billion yuan in 2024, with 29 companies surpassing 100 million yuan in revenue [5][6] - The average annual compound growth rate of revenue for these companies reached 27.87%, outperforming the overall growth rate of the Sci-Tech Innovation Board [6] - In the first half of 2025, these companies reported a year-on-year revenue growth of 37.79% and a significant reduction in losses, with a total loss reduction of 71.23 billion yuan [6][7] Group 3: R&D Investment and Innovation - The existing companies collectively invested 30.6 billion yuan in R&D in 2024, with a median R&D investment-to-revenue ratio of 65.40%, leading the Sci-Tech Innovation Board [6][9] - Since the establishment of the Sci-Tech Board, 22 previously unprofitable companies have achieved profitability, with an average of four companies "delisting" from the unprofitable status each year [6][7] - The Sci-Tech Growth Layer has facilitated significant collaborations, such as the global strategic partnership between Baili Tianheng and Bristol-Myers Squibb, which involved an upfront payment of 800 million USD [8][9] Group 4: Future Outlook - The establishment of the Sci-Tech Growth Layer is expected to attract more technology companies, expanding the coverage of the Sci-Tech Innovation Board and providing a broader market space for quality tech enterprises [10] - The focus on high-level technological self-reliance and the development of new productivity will be key objectives during the 14th Five-Year Plan period, with the Sci-Tech Growth Layer playing a crucial role in this process [10]

Group 1 - Core viewpoint: Wuhan Heyuan Biotechnology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as one of the first newly registered companies in the growth tier [1] - On its first trading day, Heyuan Biotechnology closed at 91.10 yuan, representing a 213.49% increase, and by October 31, the stock price reached 123.55 yuan per share, with a total market capitalization exceeding 40 billion yuan [1] - The company raised a total of 2.6 billion yuan through this issuance, primarily for the construction of a recombinant human albumin industrialization base, new drug research and development, and to supplement working capital [1] Group 2 - Heyuan Biotechnology, established in 2006, is an innovative enterprise that has developed a recombinant human albumin injection (from rice) called Aofumin, which is the world's first "rice-derived" innovative drug approved by the National Medical Products Administration [1] - The company has built an intelligent production line with an annual capacity of 1 million bottles that meets international standards and is currently constructing an industrialization base with an expected annual output of 12 million bottles of recombinant human serum albumin injection, aiming for completion by 2026 [1] Group 3 - Shareholder information indicates that Shuangliang Energy's controlling shareholder, Shuangliang Group, holds shares in Heyuan Biotechnology through its investment platform, Shanghai Shuangliang Equity Investment Co., Ltd. [2] - Among the shareholders holding more than 5% of the company, Yang Daichang and Su Xueteng act in concert, while Beida Pharmaceutical and Hangzhou Beiming collectively hold 9.02% of the shares [2] - Shanghai Tongsheng and Shanghai Shuangliang together hold 7.63% of the shares, with Ye Jiping holding 6.45%, and Yifeng Ruiyi and Yifeng No. 9 collectively holding 5.31% [2]

Core Viewpoint - The recombinant protein concept has seen a significant increase of 3.72%, leading the sector in gains, with notable stocks such as Sangamo Therapeutics and ST Wan Fang reaching their daily limit up [1][2]. Group 1: Market Performance - The recombinant protein sector had 50 stocks rising, with Sangamo Therapeutics hitting a 20% limit up, followed by Zai Lab and others with gains of 16.14%, 13.07%, and 12.33% respectively [1]. - The top decliners included Haoyuan Pharmaceutical, Kefu Medical, and Marubi Biotechnology, which fell by 5.89%, 4.35%, and 4.16% respectively [1]. Group 2: Capital Flow - The recombinant protein sector attracted a net inflow of 527 million yuan, with 26 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflow [2]. - The leading stock in terms of net inflow was C He Yuan, with a net inflow of 187 million yuan, followed by Sangamo Therapeutics and Maiwei Biotechnology with net inflows of 132 million yuan and 126 million yuan respectively [2][3]. Group 3: Stock Performance Metrics - The top stocks by net inflow ratio included Sangamo Therapeutics at 16.55%, Maiwei Biotechnology at 12.96%, and C He Yuan at 9.88% [3]. - The trading volume and turnover rates for key stocks were notable, with C He Yuan showing a turnover rate of 37.86% and Sangamo Therapeutics at 1.87% [3][4].

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The article discusses the recent IPO of Wuhan Heyuan Biotechnology Co., Ltd., which has introduced a novel approach to producing human serum albumin using genetically modified rice, raising questions about its market viability and regulatory challenges [1][3]. Group 1: Company Overview and Financial Performance - Heyuan Biotechnology's IPO raised approximately 2.6 billion yuan, with shares soaring 213.49% on debut, leading to a market capitalization exceeding 30 billion yuan [1]. - The company reported revenues of 13.4 million yuan in 2022, 24.3 million yuan in 2023, and projected 25.2 million yuan in 2024, while incurring net losses of 144 million yuan, 187 million yuan, and 151 million yuan respectively over the same period [7][8]. - R&D expenses significantly outpaced revenue, totaling 110 million yuan in 2022, 159 million yuan in 2023, and 116 million yuan in 2024, leading to a rising debt ratio from 18.8% to 43.4% [9][10]. Group 2: Market Potential and Sales Risks - The primary product, HY1001, has only been approved for a single indication, with a declining patient population projected to decrease from 713,000 in 2017 to 492,000 by 2030, raising concerns about market size [12]. - Initial revenue projections for HY1001 were significantly reduced in subsequent inquiries, indicating potential sales challenges and market competition from other recombinant human albumin products [12][13]. Group 3: Regulatory and Compliance Challenges - The company faces significant regulatory hurdles, as it has not yet obtained the necessary safety certificates for its genetically modified rice, which is essential for large-scale production [15][16]. - The lack of clear regulations for the use of genetically modified plants in pharmaceuticals adds to the uncertainty surrounding the company's operational compliance [17]. Group 4: Legal Issues and Patent Litigation - Heyuan Biotechnology is embroiled in a lengthy patent dispute with Ventria Bioscience, which has raised questions about the company's technological independence and incurred substantial legal costs [18][21]. - The ongoing litigation has resulted in significant financial burdens, with legal fees amounting to approximately 79.1 million yuan over three and a half years, impacting the company's cash flow [24].

Group 1 - On October 30, C禾元 executed a block trade of 34,000 shares, with a transaction value of 3.9284 million yuan, accounting for 0.2% of the total trading volume for the day [1] - The transaction price was 115.54 yuan, which represents a 2% discount compared to the market closing price of 117.9 yuan [1]

Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, addressing supply shortages and virus transmission risks associated with traditional plasma extraction methods [2][3][4]. Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University in 2006, recently launched its core product, HY1001 (recombinant human albumin injection), becoming the first plant-derived recombinant human albumin drug approved in China [2][3]. - The company made its debut on the STAR Market, experiencing a stock price surge of over 200% on its first trading day, with a market capitalization exceeding 405 billion yuan by October 29 [3][4]. Technology and Innovation - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction and purification of recombinant human serum albumin with a purity of 99.9999% [3][4]. - This method not only mitigates the risks associated with plasma extraction but also enhances the domestic supply capacity of human serum albumin [5]. Market Context - The demand for human serum albumin in China is projected to grow, with a significant reliance on imported products, which accounted for 69% of the supply as of 2024 [4]. - The primary clinical applications of human serum albumin include treatment for liver disease, kidney disease, and as an adjunct therapy for malignant tumors, highlighting its critical role in healthcare [4]. Competitive Landscape - He Yuan Bio faces competition from four other domestic companies developing recombinant human albumin products, primarily using yeast as raw materials [6]. - The fastest competitor, Tonghua Anruite, has already received approval for its product in Russia and Kyrgyzstan, while other companies are at various stages of clinical trials [6]. Clinical Development - Currently, He Yuan Bio's recombinant human albumin has only one approved indication for treating liver cirrhosis with low albumin levels, which constitutes about 30% of the overall market [7]. - The company is actively pursuing expansion into the U.S. market, with plans to complete Phase III clinical trials by 2025 and submit a marketing application in 2026 [7]. Additional Products - Besides recombinant human albumin, He Yuan Bio is also developing other products, including recombinant human lactoferrin lysozyme oral solution for treating acute diarrhea in children, currently in Phase III trials [8].

Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, traditionally reliant on human plasma extraction, thus addressing supply shortages and reducing virus transmission risks [1][2]. Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University, recently launched its core product, HY1001 (recombinant human albumin injection), becoming the first plant-derived recombinant human albumin drug approved in China [1][2]. - The company made a significant market impact, with its stock price surging over 200% on its debut on the STAR Market, leading to a market capitalization exceeding 40.5 billion yuan [2]. Technology and Innovation - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction and purification of recombinant human serum albumin with a purity of 99.9999% [2][4]. - This method not only mitigates the risks associated with plasma extraction but also enhances the domestic supply capability of human serum albumin, which is crucial given the increasing demand and reliance on imports [3][4]. Market Demand and Competition - The demand for human serum albumin in China is projected to grow, with imports accounting for 69% of the supply as of 2024, highlighting a significant gap in domestic production [3]. - He Yuan Bio faces competition from four other companies developing recombinant human albumin products, with the fastest progress seen from Tonghua Anruite, which has already received approval for its product in Russia and Kyrgyzstan [5]. Clinical Applications and Future Plans - The primary clinical application for He Yuan Bio's recombinant human albumin is in treating low albumin levels in liver cirrhosis patients, which constitutes about 30% of the overall market [5]. - The company is also focused on expanding its indications and plans to enter the U.S. market, with a timeline to complete Phase III clinical trials by 2025 and submit a market application in 2026 [6].