Core Viewpoint - He Yuan Bio (688765.SH) has successfully listed on the Sci-Tech Innovation Board, marking it as one of the first newly registered companies in the growth sector of the board [1] Company Overview - He Yuan Bio was established in 2006 and specializes in research and product development of plant-derived recombinant protein expression technology [1] - The company is recognized as a national high-tech enterprise [1] Market Performance - On its first trading day, He Yuan Bio opened significantly higher, with an increase of 202.82%, starting at a price of 88 CNY per share [1] - By midday closing, the stock price rose by 202.96%, reaching 88.04 CNY per share, resulting in a total market capitalization of 31.474 billion CNY [1] Shareholders - The company's backers include notable entities such as Shanghai Tongsheng, Betta Pharmaceuticals, Optics Valley Biofund, Yifeng Capital, Xinxin Capital, Wanhua Hongyuan, and Huaxi Bio [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the "14th Five-Year Plan" development goals and the construction of a financial power [1][7]. Group 1: Market Developments - The first batch of new registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, marking a significant advancement in the board's reform and development [1]. - Three unprofitable companies, He Yuan Biological-U (688765.SH), Xi'an Yicai-U (688783.SH), and Bibete-U (688759.SH), collectively went public [1]. - As of now, the number of companies in the Sci-Tech Innovation Board's growth layer has reached 35, with a total of 592 listed companies on the board [6]. Group 2: Regulatory and Institutional Support - The CSRC has successfully implemented the "1+6" reform policy since June, which includes the introduction of professional institutional investors and pre-review systems [5]. - The Shanghai Municipal Government is actively collaborating with the CSRC to enhance the operational stability and functionality of the Sci-Tech Innovation Board [5]. - The Shanghai Stock Exchange (SSE) has completed preparations for rules, technology, and market readiness within four months following the reform policy's release [6]. Group 3: Future Plans and Strategic Focus - The CSRC plans to research and formulate strategic tasks and major initiatives for the capital market during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development [7]. - The SSE will focus on four key areas: maintaining the "hard technology" positioning, promoting development through reform, enhancing regulatory effectiveness, and prioritizing investor protection [8].

Core Viewpoint - The article discusses the successful listing of Wuhan Heyuan Bio on the Sci-Tech Innovation Board, marking a significant milestone in the revival of the board's fifth set of listing standards for unprofitable companies, particularly in the biotech sector [3][6]. Group 1: Industry Overview - The Sci-Tech Innovation Board has prioritized the biopharmaceutical industry since its inception in 2019, with a total market capitalization of 1.13 trillion yuan for 110 listed biopharmaceutical companies as of December 2024 [5]. - The biopharmaceutical sector faces challenges due to long R&D cycles, high investment costs, and low success rates, leading to a significant drop in IPOs from 36 in 2021 to just 1 in 2024 on the Sci-Tech Innovation Board [6]. - The reintroduction of the fifth set of standards has opened new capital windows for unprofitable hard-tech companies, with Heyuan Bio being the first to successfully list under these new guidelines [6][13]. Group 2: Company Highlights - Heyuan Bio specializes in plant-derived recombinant protein expression technology and has developed a product, Aofumin®, which is the first human serum albumin injection based on recombinant protein technology in China [11][12]. - The company has received significant strategic investments from various institutions, including Yifeng Capital, which has supported Heyuan Bio through multiple funding rounds, demonstrating a commitment to long-term investment [12][13]. - The successful listing of Heyuan Bio is seen as a validation of Yifeng Capital's strategic foresight and investment approach in the biopharmaceutical sector [20]. Group 3: Investment Insights - Yifeng Capital has been a key player in the recent successes of Heyuan Bio, North Chip Life, and Tainuo Maibo, showcasing its ability to identify and support promising biotech companies [7][20]. - The firm has built a robust investment strategy focused on long-term value creation, aligning with the principles of nurturing innovation and supporting the commercialization of scientific advancements [20]. - Yifeng Capital's CEO emphasizes the importance of time in developing innovative companies, positioning the firm as a "runner" alongside scientists rather than a short-term profit seeker [20].

Core Viewpoint - He Yuan Bio's innovative drug "Aofumin" (recombinant human albumin injection derived from rice) has been approved for market entry, aiming to disrupt the traditional human blood albumin market by eliminating reliance on plasma-derived materials [1][14][27] Company Overview - He Yuan Bio was established in 2006 and has developed a proprietary rice endosperm cell bioreactor expression system over 19 years, leading to multiple drug products and research reagents [6][27] - The company is currently unprofitable but has achieved commercialization of several products, contributing millions in annual revenue [6][7] Product Launch and Market Performance - "Aofumin" was listed on the Sci-Tech Innovation Board at an initial price of 29.06 CNY per share, opening at 88 CNY, reflecting a significant increase of 202.82% [1][2] - As of 9:35 AM, the stock price was 78.2 CNY, with a market capitalization of 314.64 billion CNY [1][2] Revenue Structure - The revenue from drug excipients and research reagents has shown significant growth, with drug excipients contributing 565.74 million CNY in the first half of 2025, representing a 47.25% increase [7] - The total revenue for the first half of 2025 reached 1.197 billion CNY, with research reagents contributing 631.59 million CNY, a 52.75% increase [7] Technological Advancements - He Yuan Bio's third-generation technology platform has overcome key technical challenges in producing recombinant human albumin, allowing for high yield, simple processes, and low-cost production [7][9] - The company has established eight product pipelines, with "Aofumin" being the first to receive approval [11][13] Market Potential and Competitive Landscape - The global recombinant human albumin market is expected to grow, with "Aofumin" positioned as a potential substitute for traditional human blood albumin products [15][19] - The Chinese human blood albumin market is projected to grow from 25.8 billion CNY in 2020 to 57 billion CNY by 2030 [19] Regulatory and Clinical Development - "Aofumin" has been prioritized for review due to its classification as a critical drug for treating severe conditions, receiving approval in July 2025 [14][18] - The company plans to expand the indications for "Aofumin" through global multi-center clinical trials, aiming for approvals in the US and Europe [18][26] Pricing and Commercialization Strategy - The initial retail price for "Aofumin" is reported to be 890 CNY for a 10g specification, with no immediate price advantage over plasma-derived products [23][24] - He Yuan Bio has established a sales network across over 30 provinces in China, partnering with major distributors to enhance market penetration [22][25] Future Outlook - The successful launch of "Aofumin" marks a significant step in the commercialization of plant-derived recombinant human albumin, with potential to reshape the blood product market [27][29] - Continued investment in research and development is expected to enhance production capabilities and expand the product pipeline [27][29]

Core Viewpoint - He Yuan Bio (688765) has successfully listed on the Sci-Tech Innovation Board, marking it as one of the first newly registered companies in the Sci-Tech Growth tier, with a significant opening increase of 202.82% to a price of 88 CNY per share on its debut [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company that possesses a globally leading plant bioreactor technology platform [1] - The company has established an independent intellectual property rights system for its rice endosperm cell bioreactor expression system and has developed a comprehensive plant molecular pharming industrialization system [1] - He Yuan Bio has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its rice endosperm cell bioreactor expression system [1] Product Pipeline - Currently, the company has a total of 8 drug candidates in its research pipeline [1] - The most advanced product, recombinant human serum albumin injection (OsrHSA, HY1001), has received approval from the National Medical Products Administration and has been successfully launched [1] - Additionally, 2 drugs are in Phase II clinical trials, 2 drugs are in Phase I clinical trials, and 1 drug has been approved to commence clinical trials [1] - The company has several other drugs in the research and development stage and has not yet achieved profitability [1]

Group 1: Company Listings - Three companies, Bibete (688759), Heyuan Bio (688765), and Xi'an Yicai (688783), were listed on the Shanghai Stock Exchange, while Taika Ying (920020) was listed on the Beijing Stock Exchange [1] Group 2: Bibete (688759) - Bibete is a biopharmaceutical company focused on innovative drug development for major diseases such as cancer, autoimmune diseases, and metabolic diseases [2] - The actual controller of Bibete is Qian Changgeng, who holds 15.2840% of the shares directly and controls a total of 43.9582% of the shares through agreements with other shareholders [2] - The total amount raised in this issuance is 1.6002 billion yuan, with a net amount of 1.4911 billion yuan allocated for new drug research and development, a research center, and working capital [3] Group 3: Heyuan Bio (688765) - Heyuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [4] - The actual controller is Yang Daichang, who directly holds 15.03% of the shares and controls a total of 29.25% of the voting rights before the issuance [4] - The total amount raised in this issuance is 2.5995 billion yuan, with a net amount of 2.4304 billion yuan used for the construction of an albumin industrialization base, new drug research, and working capital [5] Group 4: Xi'an Yicai (688783) - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers [5] - The controlling shareholder is Beijing Yisiwei Technology Group, which holds 12.73% of the shares directly and controls 25.68% of the shares through agreements with other shareholders [5] - The total amount raised in this issuance is 4.6358 billion yuan, with a net amount of 4.5068 billion yuan allocated for the second phase of the silicon industry base project [6] Group 5: Taika Ying (920020) - Taika Ying is a company driven by technological innovation, focusing on the global tire market for mining and construction [7] - The controlling shareholder is Taika Ying Holdings, which held 72.94% of the shares before the issuance and 58.35% after the issuance [7] - The total amount raised in this issuance is 331.875 million yuan, with a net amount of 290.4395 million yuan used for tire product upgrades and innovation technology development [8]

Group 1 - The article discusses the upcoming IPOs, including two new stock subscriptions and four new listings scheduled for October 28, 2025 [2][3] - The new stocks include He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), Bi Bei Te (688759.SH), and Tai Kai Ying (920020.BJ) [3][4] - The subscription price for Tai Kai Ying is set at 46.68 yuan with an issuance price-earnings ratio of 34.98 times, compared to the industry average of 44.03 times [4] Group 2 - The company specializes in the research, development, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [6] - The company has established a comprehensive business chain from design to production and maintenance services, with capabilities for products ranging from 1.5MW to 22MW [6] - Key financial data shows a projected revenue of 37.15 billion yuan for 2024, down from 44.42 billion yuan in 2023, with a net profit of 5.34 billion yuan [7] Group 3 - The company has a strong technical foundation and has built a mature technology system, enhancing product performance in terms of power density, sealing, stability, and transmission efficiency [8] - The wind power industry is supported by national policies, promoting market development despite previous subsidy cancellations [8][9] - The company faces challenges such as limited financing channels and increasing competition in a market transitioning to price-based competition [10][11] Group 4 - The company has received certifications from authoritative institutions, ensuring high-quality control and a good industry reputation [9] - The company’s future growth may be constrained by its relatively short establishment period and the mismatch between existing capacity and future development plans [11] - The company is also affected by the reliance on foreign suppliers for certain core components, such as bearings, which may impact its competitive edge [11] Group 5 - The second company mentioned focuses on providing professional technical services, including engineering cost, bidding agency, and project management [12] - Financial projections indicate a revenue increase to 3.96 billion yuan in 2024, up from 3.68 billion yuan in 2023 [13][15] - The company benefits from a strong service quality reputation and a comprehensive service offering, but faces challenges such as rising labor costs and fragmented business segments [20][21]

New IPOs and Listings - Two new stocks are available for subscription: Delijia (603092.SH) on the Shanghai Stock Exchange and Zhongcheng Consulting (920003.BJ) on the Beijing Stock Exchange [1] - Four stocks are listed today: Bibete (688759.SH), Xi'an Yicai (688783.SH), Heyuan Bio (688765.SH), and Taikaiying (920020.BJ) [1] Delijia (603092.SH) - Delijia specializes in the R&D, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [2][7] - The IPO price is 46.68 CNY per share, with an institutional offering price of 47.68 CNY, and a market capitalization of 16.8 billion CNY [5] - The company has a projected market share of 10.36% globally and 16.22% in China for wind power transmission equipment by 2024, ranking third globally and second in China [7] - Delijia's revenue from onshore wind power is expected to be 36.25 billion CNY in 2024, accounting for 98.57% of its total revenue [7] Zhongcheng Consulting (920003.BJ) - Zhongcheng Consulting focuses on engineering consulting services and has ranked among the top five in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024 [8][11] - The IPO price is 14.27 CNY per share, with a market capitalization of 1.4 billion CNY [11] - The company plans to invest 1.23 billion CNY in building an engineering consulting service network and 0.77 billion CNY in R&D and information technology [11] Taikaiying (920020.BJ) - Taikaiying is the first company in the mining and construction tire segment to be listed on the Beijing Stock Exchange, recognized as the "first tire stock" on the exchange [15][19] - The IPO price is 7.50 CNY per share, with a market capitalization of 750 million CNY [18] - The company holds the number one market share in the domestic market for large-tonnage crane tires [19] Xi'an Yicai (688783.SH) - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity [21][22] - The IPO price is 8.62 CNY per share, with a market capitalization of 34.81 billion CNY [21] - The company has a projected capacity of 120,000 wafers per month by 2026, which will meet 40% of the demand in mainland China [22] Heyuan Bio (688765.SH) - Heyuan Bio focuses on the research and development of plant-derived recombinant protein expression technology and has developed several pharmaceutical products [33][38] - The IPO price is 29.06 CNY per share, with a market capitalization of 10.39 billion CNY [35] - The company plans to invest 19.09 billion CNY in the construction of a plant for recombinant human serum albumin and 7.94 billion CNY in new drug development [37]

Summary of Key Points Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. is set to list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025, despite not being profitable at the time of listing [1][2]. Group 1: Listing Overview - The company will be included in the Sci-Tech Growth Layer upon listing due to its current unprofitability [2]. - The total share capital after the IPO will be 357.5 million shares, with 89,451,354 shares being newly issued [3]. Group 2: Market Comparisons - The IPO price is set at 29.06 yuan per share, which corresponds to a diluted price-to-book ratio of 3.43 times for 2024, lower than the average for comparable companies in the industry [4]. Group 3: Trading Risks - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days, leading to potential volatility [2][4]. - The initial number of freely tradable shares will be 40,978,773, accounting for 11.46% of the total share capital, which may result in liquidity risks due to a limited number of circulating shares [2].

Core Points - The first stock of the Sci-Tech Innovation Growth Tier, He Yuan Bio, has attracted significant market attention during its subscription process [2][3] - Many investors faced issues with subscription due to insufficient permissions, highlighting the varying service quality among brokerage firms [1][5] Company Overview - He Yuan Bio is the first company to successfully pass the review and obtain registration approval under the new fifth set of standards for the Sci-Tech Innovation Board [3] - The total issuance amount for He Yuan Bio is 89.45 million shares, with 14.31 million shares available for online subscription [3] - The maximum subscription limit for investors is 14,000 shares, requiring a minimum market value of 140,000 yuan in the Shanghai market [3] - He Yuan Bio focuses on the research and development of plant molecular medicine technology and products, specifically using a rice endosperm cell expression system [3] - The core product, HY1001, has completed Phase III clinical trials, achieving both primary and secondary endpoints [3] Financial Performance - He Yuan Bio has not yet achieved profitability, with projected revenues of 13.40 million yuan, 24.26 million yuan, 25.22 million yuan, and 12.71 million yuan for the years 2022 to 2025 [3] - The net profit attributable to the parent company is projected to be -144 million yuan, -187 million yuan, -151 million yuan, and -81.63 million yuan for the same period [3] Subscription Process and Challenges - Investors must first open trading permissions for the Sci-Tech Innovation Board and sign a risk disclosure agreement to participate in the Growth Tier [4] - The requirements for opening permissions include maintaining an average asset of at least 500,000 yuan over the past 20 trading days, having at least two years of trading experience, and achieving a risk assessment level of C4 or above [4] - The quality of service from brokerage firms significantly impacts the ease of permission opening, with some firms providing proactive communication and guidance while others do not [5] Market Response and Future Outlook - Investors have called for improved services, suggesting the establishment of a subscription alert mechanism to prevent permission issues from hindering new stock opportunities [6] - Other companies in the Growth Tier, such as Xi'an Yicai and Bibete, are also set to launch subscriptions soon, indicating ongoing interest in this market segment [9]