Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 989 million yuan compared to the previous day, with 81 stocks seeing an increase of over 10 million yuan in financing balance [1] - As of October 28, the total margin financing balance on the Sci-Tech Innovation Board reached 259.614 billion yuan, marking a daily increase of 1.011 billion yuan, continuing a trend of increases for three consecutive trading days [1] - The stocks with the highest net financing purchases included C He Yuan, C Yi Cai, and Ju Chen Co., with significant increases in their financing balances and corresponding stock price rises [2] Financing Balance Summary - The total margin financing balance on the Sci-Tech Innovation Board is 259.614 billion yuan, with a financing balance of 258.678 billion yuan [1] - There are 474 stocks with a financing balance exceeding 100 million yuan, and 45 stocks with a financing balance over 1 billion yuan [1] - Newly listed stocks on October 28, C He Yuan and C Yi Cai, had initial financing balances of 269 million yuan and 251 million yuan, respectively [1] Net Financing Purchases - C He Yuan had the highest net financing purchase amounting to 269 million yuan, with a daily increase of 213.49% in stock price [2] - The average increase in stock prices for stocks with net purchases exceeding 10 million yuan was 5.61%, with notable increases for C He Yuan and C Yi Cai [2] - The sectors attracting the most financing interest included electronics, machinery, and power equipment, with 37, 12, and 9 stocks respectively [2] Financing Balance Proportions - The average financing balance as a percentage of the circulating market value for stocks with significant net purchases is 4.36% [2] - Tian Cheng Technology had the highest financing balance proportion at 11.57%, with a financing balance of 458 million yuan [2]

Group 1 - The core point of the news is that He Yuan Bio experienced a significant stock price increase of 213.49% on October 28, with a trading volume of 2.782 billion yuan [1] - On the same day, He Yuan Bio had a financing buy amount of 369 million yuan, with a net financing purchase of 269 million yuan, indicating strong investor interest [1] - The company's total financing and securities balance reached 269 million yuan, accounting for 7.21% of its circulating market value [1] Group 2 - As of October 28, the number of shareholders for He Yuan Bio increased to 47,100, a rise of 84,075% compared to the previous period [2] - The average circulating shares per person decreased to 869 shares, a drop of 99.85% from the previous period [2] - For the period from January to September 2025, He Yuan Bio reported an operating income of 19.6608 million yuan, a year-on-year decrease of 8.51%, and a net profit attributable to the parent company of -121 million yuan, also a decrease of 8.44% year-on-year [2]

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 of the board, with significant initial trading performance [1][2]. Group 1: Company Overview - Heyuan Biotechnology was established in 2006 and is recognized as an innovative enterprise [1]. - The company has developed a recombinant human albumin injection derived from rice, which is the first of its kind globally to receive regulatory approval and has begun sales [1][2]. Group 2: Financial Performance - On its first trading day, Heyuan Biotechnology opened at a price of 88 yuan per share, reflecting a 202.82% increase from the issue price of 29.06 yuan, and closed at 91.10 yuan, a total increase of 213.49% [1]. - The total amount raised from the public offering was 2.6 billion yuan, with a net amount of 2.43 billion yuan after deducting issuance costs [2]. Group 3: Use of Proceeds - The funds raised will primarily be allocated to the construction of a recombinant human albumin industrialization base, new drug research and development, and to supplement working capital [1][2]. - The company has established a production line capable of producing 1 million bottles annually and is currently building a facility expected to produce 12 million bottles of recombinant human serum albumin injection per year, which will help reduce reliance on imports [2].

Core Viewpoint - The chairman and general manager of He Yuan Bio expressed that the company will accelerate the progress of its international clinical pipelines following its listing on the STAR Market [1] Company Overview - He Yuan Bio has a total of 8 drug pipelines currently under research [1] - The core product, recombinant human albumin injection (HY1001), is expected to be approved for market by July 2025, targeting the indication of "hypoalbuminemia due to liver cirrhosis" [1] - In addition to the core product, 5 other products are in clinical research stages, while multiple products are in preclinical research stages [1]

Core Points - The first three companies have been registered in the Sci-Tech Innovation Board's growth layer, marking a significant step in the capital market's support for technological innovation and the development of new productive forces [1][4] - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable technology companies to access funding [5][7] - The introduction of the "1+6" policy framework has successfully facilitated the inclusion of unprofitable companies, with a total of 35 companies now listed in the growth layer [5][6] Group 1: Market Developments - The three newly listed companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibete-U, represent the first batch of new registrations in the Sci-Tech Growth Layer, which aims to support high-tech industries [1][6] - The total number of companies listed on the Sci-Tech Innovation Board has reached 592, indicating a growing market [5] - The Shanghai Stock Exchange has completed necessary preparations for the listing of these companies within four months, demonstrating efficient regulatory processes [6] Group 2: Regulatory Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [4][12] - Future plans include enhancing the regulatory framework to better identify quality tech companies and support emerging sectors such as artificial intelligence and aerospace [12] - The CSRC aims to improve corporate governance and increase investor returns while fostering a market environment conducive to long-term capital investment [12] Group 3: Company Perspectives - Company leaders express gratitude for the new policies that have opened doors to capital markets, enabling faster technology commercialization and industrial capacity enhancement [6][11] - The focus for these companies will be on increasing R&D investment and delivering performance to reward investors [11] - The transition from a profit-oriented to a future-oriented evaluation approach reflects a shift in how companies are assessed for their potential in the capital market [9]

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].

Market Overview - The two markets experienced a significant net outflow of 28.615 billion yuan, with 1,791 stocks seeing net inflows and 2,975 stocks experiencing net outflows [1] - The Shanghai Composite Index closed down by 0.22% [1] Industry Performance - Eight industries saw net inflows from large orders, with the defense and military industry leading with a net inflow of 2.507 billion yuan and an index increase of 1.07% [1] - The basic chemical industry followed with a net inflow of 1.202 billion yuan and a slight increase of 0.10% [1] - A total of 23 industries experienced net outflows, with the electronics sector facing the largest outflow of 10.562 billion yuan, followed by non-ferrous metals with 6.922 billion yuan [1] Individual Stock Performance - A total of 35 stocks had net inflows exceeding 200 million yuan, with C禾元-U leading at 1.326 billion yuan and a price increase of 213.49% [2] - Other notable stocks with significant inflows include 多氟多 (1.266 billion yuan, 10.01% increase) and 三花智控 (1.152 billion yuan, 8.21% increase) [2] - Stocks with the largest net outflows included 寒武纪-U with 2.218 billion yuan and a price decrease of 3.40%, followed by 北方稀土 with 1.836 billion yuan [4] Summary of Net Inflows - The top stocks by net inflow are as follows: - C禾元-U: 1.326 billion yuan, 213.49% increase [2] - 多氟多: 1.266 billion yuan, 10.01% increase [2] - 三花智控: 1.152 billion yuan, 8.21% increase [2] Summary of Net Outflows - The top stocks by net outflow are as follows: - 寒武纪-U: -2.218 billion yuan, -3.40% decrease [4] - 北方稀土: -1.836 billion yuan, -4.20% decrease [4] - 中际旭创: -1.160 billion yuan, 0.80% increase [4]

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].