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]

Market Overview - As of October 28, the Shanghai Composite Index closed at 3988.22 points, down 8.72 points, a decrease of 0.22% [1] - The Shenzhen Component Index closed at 13430.10 points, down 59.30 points, a decrease of 0.44% [1] - The ChiNext Index closed at 3229.58 points, down 4.88 points, a decrease of 0.15% [1] Trading Activity - A total of 67 A-shares had a turnover rate exceeding 20% on the same day [1] - Notable stocks with high turnover rates included: - 泰凯英 (Taikai Ying) with a turnover rate of 92.60% and a price increase of 188.53% [1] - C禾元-U (C He Yuan-U) with a turnover rate of 83.76% and a price increase of 213.49% [1] - C奕材-U (C Yi Cai-U) with a turnover rate of 73.42% and a price increase of 198.72% [1] - C必贝特-U (C Bi Bei Te-U) with a turnover rate of 73.25% and a price increase of 74.41% [1] Notable Stocks - The following stocks also showed significant trading activity: - 北方长龙 (Bei Fang Chang Long) with a turnover rate of 58.45% and a price increase of 16.46% [1] - C超颖 (C Chao Ying) with a turnover rate of 52.97% and a price decrease of 6.76% [1] - 建发致新 (Jian Fa Zhi Xin) with a turnover rate of 48.21% and a price decrease of 11.66% [1] - 神开股份 (Shen Kai Gu Fen) with a turnover rate of 45.90% and a price decrease of 9.57% [1] Additional Trading Insights - Other stocks with notable turnover rates included: - 先锋新材 (Xian Feng Xin Cai) with a turnover rate of 45.31% and a price increase of 19.95% [1] - 云汉芯城 (Yun Han Xin Cheng) with a turnover rate of 44.04% and a price decrease of 7.29% [1] - 大为股份 (Da Wei Gu Fen) with a turnover rate of 41.52% and a price increase of 10.01% [1] - 江龙船艇 (Jiang Long Chuan Ting) with a turnover rate of 36.80% and a price increase of 19.98% [1]

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]

公司主营业务为植物分子医药的研发、生产及商业化。 统计显示，公司本次发行总量为8945.14万股，其中，网上发行量为2150.95万股，发行价格为29.06元/ 股，网上发行最终中签率为0.05431344%。公司首发募资金额为25.99亿元，募资主要投向植物源重组人 血清白蛋白产业化基地建设项目、补充流动资金、新药研发项目等。（数据宝） N禾元-U(688765)今日上市，开盘上涨202.82%，截至收盘涨幅扩大至213.49%，全天成交量3432.29万 股，成交额27.82亿元，换手率83.76%。 证券时报·数据宝统计显示，今日共有4只新股上市，截至收盘，N禾元-U涨213.49%，换手率83.76%；N 奕材-U涨198.72%，换手率73.42%；N泰凯英涨188.53%，换手率92.60%；N必贝特-U涨74.41%，换手率 73.25%。N禾元-U为同日上市的新股中涨幅最大的。 | 代码 | 简称 | 最新价（元） | 收盘涨跌幅（%） | 首日换手率（%） | | --- | --- | --- | --- | --- | | 688765 | N禾元-U | 91.10 | 213.49 ...

Core Points - Wuhan Heyuan Biotechnology Co., Ltd. (stock code: 688765) was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening at 88.00 yuan and closing at 91.10 yuan, a rise of 213.49% with a trading volume of 2.782 billion yuan and a turnover rate of 83.76% [1] - The company is an innovative biopharmaceutical enterprise with a leading global plant bioreactor technology platform [1] - The controlling shareholder and actual controller is Yang Daichang, who held 15.03% of the shares before the issuance and now holds 11.27% after the issuance, maintaining control over 21.93% of the voting rights [1] Financial Summary - The initial public offering (IPO) price was set at 29.06 yuan per share, with a total of 89.45 million shares issued, raising approximately 259.95 million yuan before expenses [2] - The net amount raised after deducting issuance costs was approximately 243.04 million yuan [2] - The total investment for the projects funded by the IPO includes 190.87 million yuan for the recombinant human albumin industrialization base, 79.37 million yuan for new drug research and development, and 10 million yuan for working capital, totaling 280.24 million yuan [4] Financial Performance - Over the past three and a half years, the company reported total revenue of 75.59 million yuan and a net loss of 564 million yuan [5] - Revenue for the years 2022 to 2025 (first half) was 13.40 million yuan, 24.26 million yuan, 25.22 million yuan, and 12.71 million yuan respectively, with net losses of 143.58 million yuan, 186.96 million yuan, 151.37 million yuan, and 81.63 million yuan [6][7] - The company has a high R&D expenditure relative to revenue, with R&D expenses accounting for 440.08% of revenue in the first half of 2025 [7]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 统计显示，公司本次发行总量为8945.14万股，其中，网上发行量为2150.95万股，发行价格为29.06元/ 股，网上发行最终中签率为0.05431344%。公司首发募资金额为25.99亿元，募资主要投向植物源重组人 血清白蛋白产业化基地建设项目、补充流动资金、新药研发项目等。（数据宝） 今日上市新股表现 | 代码 | 简称 | 最新价（元） | 上午收盘涨跌幅（%） | 半日换手率（%） | | --- | --- | --- | --- | --- | | 688783 | N奕材-U | 26.74 | 210.21 | 56.46 | | 920020 | N泰凯英 | 22.96 | 206.13 | 81.66 | | 688765 | N禾元-U | 88.04 | 202.96 | 70.91 | | 688759 | N必贝特-U | 34.44 | 93.70 | 56.85 | （原标题：N禾元-U上午收盘涨202.96% 半日成交23.21亿元） N禾元-U(688765)今日上市，开盘上涨202.82%，截至上午收盘涨幅 ...

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index breaking the 4000-point mark for the first time since August 19, 2015, marking a historic moment after ten years [1] - As of the midday session, the Shanghai Composite Index rose by 0.21% to 4005.44 points, while the Shenzhen Component Index increased by 0.52% and the ChiNext Index surged by 1.35% [1] Trading Data - The trading volume for the day reached 1.36 trillion yuan, with over 3000 stocks rising [1] - Specific index performances included: - Shanghai Composite Index: 4005.44, up 8.50 points (0.21%), with a trading volume of 588.4 billion yuan [2] - Shenzhen Component Index: 13559.57, up 70.17 points (0.52%), with a trading volume of 761.1 billion yuan [2] - ChiNext Index: 3277.97, up 43.52 points (1.35%), with a trading volume of 360.3 billion yuan [2] Sector Performance - The Fujian sector showed strong performance, with notable stocks such as Pingtan Development (000592) achieving a significant rise [3] - The nuclear power sector was active, with stocks like Dongfang Tantalum Industry (000962) and Antai Technology (000969) showing gains [3] - The commercial aerospace sector continued its upward trend, with Aerospace Intelligent Equipment (300455) reaching a historical high [3] - The diamond cultivation concept saw a pullback, with stocks like Huifeng Diamond declining over 5% [3] New Listings - Four new stocks were listed on the A-share market, marking a record high for the number of new listings in a single day this year [3] - Notably, three unprofitable companies—Bibet, Xi'an Yicai, and Heyuan Biology—saw significant opening gains, with Xi'an Yicai opening up 360% [3][5] - The introduction of these unprofitable hard-tech companies to the Sci-Tech Innovation Board indicates a smoother path for such firms to go public [5]

Core Points - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing the 4000-point mark for the first time in ten years, closing at 4005.44 points, up 0.21% [1][6] - The trading volume reached 1.36 trillion yuan, with over 3000 stocks rising [1] - Key sectors showing strong performance included Fujian, nuclear power, and commercial aerospace, while coal and precious metals sectors faced declines [3] Market Performance - The Shanghai Composite Index rose by 8.50 points, or 0.21%, with a trading volume of 588.4 billion yuan [2] - The Shenzhen Component Index increased by 70.17 points, or 0.52%, with a trading volume of 761.1 billion yuan [2] - The ChiNext Index saw a rise of 43.52 points, or 1.35%, with a trading volume of 360.3 billion yuan [2] Sector Highlights - The Fujian sector was particularly strong, with stocks like Pingtan Development achieving significant gains [3] - The nuclear power sector was active, with companies like Dongfang Tantalum and Antai Technology showing notable performance [3] - The commercial aerospace sector continued its upward trend, with Aerospace Intelligence Equipment reaching new historical highs [3] New Listings - Four new stocks were listed on the A-share market, marking a record high for the year [4] - Notably, three unprofitable companies—Bibet, Xi'an Yicai, and Heyuan Biology—saw substantial opening gains, with Xi'an Yicai opening up 360% [4][5] - The introduction of these companies signifies a smoother path for unprofitable hard-tech enterprises to enter the market [5]