Group 1 - Four companies, He Yuan Bio (688765.SH), Biobetter (688759.SH), Xi'an Yichai (688783.SH), and Taikai Ying (920020.BJ), were listed today [1] - Two companies, Delijia (603092.SH) and Zhongcheng Consulting (920003.BJ), are open for subscription [1]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. is officially launching its IPO process, aiming to raise 2.4 billion yuan primarily for the construction of a recombinant human albumin industrialization base, marking it as one of the first new registered companies in the Sci-Tech Innovation Board [1][2]. Group 1: Company Overview - Heyuan Biotechnology was established in 2006 and is recognized as an innovative biopharmaceutical company [1][3]. - The company has achieved a significant increase in the expression level of recombinant human albumin in rice from 2.75 grams to 30 grams per kilogram over nearly 19 years of research and development [3]. - Heyuan Biotechnology has built an intelligent production line that meets international standards, capable of producing 12 million bottles of recombinant human albumin injection annually [3]. Group 2: IPO and Fundraising Details - The company plans to raise 2.4 billion yuan, with 1.658 billion yuan allocated for the industrialization base of recombinant human albumin, 642 million yuan for future research and development of in-progress products, and 100 million yuan for working capital [2]. - The IPO application was approved by the Shanghai Stock Exchange on July 1, making it the first company to pass the review and obtain registration approval under the new fifth set of listing standards [1][2]. Group 3: Market Context - The market size for human serum albumin in China reached 36.1 billion yuan in 2023, with projections to grow to 57 billion yuan by 2030, indicating a significant demand for this product [2]. - Over 60% of human serum albumin supply in China relies on imports, highlighting a potential market opportunity for domestic production [2]. - The annual demand for human serum albumin in China is approximately 1,000 tons, all sourced from plasma extraction [2].

Core Viewpoint - He Yuan Bio (688765.SH) has initiated its subscription with an issue price of 29.06 yuan per share, aiming to leverage its innovative plant-based biopharmaceutical technology platform for drug development and commercialization [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global position in plant bioreactor technology, specifically utilizing rice endosperm cell bioreactor expression systems [1] - The company has developed a comprehensive industrialization system for molecular pharming and has multiple products including drugs, pharmaceutical excipients, and research reagents [1] Drug Pipeline - As of the date of the prospectus, the company has eight drugs in its research pipeline, with the most advanced being recombinant human serum albumin injection (OsrHSA, HY1001), which is nearing approval for market launch [1][2] - The core product HY1001 has completed its Phase III clinical trial for liver cirrhosis with hypoalbuminemia, achieving its primary and secondary endpoints with good safety profiles [1][3] Clinical Trials and Regulatory Communication - The company has engaged in discussions with the FDA regarding the design of an international multi-center Phase III clinical trial for HY1001, which, upon successful completion, could lead to approval for all current indications of plasma-derived human serum albumin [2][3] Financial Performance - The company reported revenues of approximately 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for the years 2022, 2023, and 2024 respectively, while incurring net losses of approximately 144 million yuan, 187 million yuan, and 152 million yuan during the same periods [3][4] - Key financial metrics include total assets of 1.06 billion yuan, equity attributable to shareholders of 601.35 million yuan, and a debt-to-asset ratio of 43.37% as of December 31, 2024 [4]

Group 1 - The number of valid subscription accounts for the online issuance is 3,359,036, with a total valid subscription quantity of 39,602,538,500 shares, resulting in an initial online issuance lottery rate of 0.03613910% [1] - The initial effective subscription multiple for the online issuance was 2,767.09 times, prompting the implementation of a callback mechanism to adjust the scale between offline and online issuances [2] - After the callback mechanism was activated, the final online issuance quantity was 21,509,500 shares, accounting for 29.89% of the total issuance after deducting the final strategic placement [2] Group 2 - The total number of allocation numbers was 79,205,077, with the range of numbers from 100,000,000,000 to 100,079,205,076 [1] - The final online issuance lottery rate after the callback mechanism was 0.05431344% [2] - The offline final issuance quantity was 50,461,346 shares, representing 70.11% of the total issuance after deducting the final strategic placement [2]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across 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, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Core Points - Three companies, Bibit (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), are set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, marking the first batch of new listings since the launch of the Sci-Tech Growth Tier [1] - As of now, a total of 7.58 million investor accounts have opened trading permissions for the Sci-Tech Growth Tier, representing 126% of the active accounts among existing investors [1] - Following the release of the "1+6" policy reform for the Sci-Tech Board in June, 26 new companies have been accepted for listing, with 8 of them being unprofitable [1] - The first IPO application under the fifth set of listing standards, submitted by professional institutional investor Tianomaibo, was accepted on July 31 [1] - On September 26, the second IPO project under the restarted fifth set of listing standards, Anshi Bio, was accepted [1] - Companies such as Beixin Life, unprofitable company Moer Thread, and Angrui Micro have submitted registration on July 25, September 26, and October 15, respectively, under the fifth set of standards [1] - Unprofitable company Muxi Co. passed the listing committee review on October 24 [1]

Group 1: New Stock Performance - Two new stocks were listed last week (October 20-24), with an average first-day price increase of 263.20%[2] - Both new stocks had first-day gains exceeding 100%, specifically Chao Ying Electronics at 397.60% and Marco Polo at 128.80%[2][4] - The total fundraising amount for new stocks last week increased by 1.591 billion yuan compared to the previous week[3] Group 2: Weekly and Monthly Trends - The number of new stocks listed remained unchanged at 2 for the week of October 20-24, with no first-day price drops recorded[3] - For the week of October 13-17, the average first-day price increase was 325.18%, with two stocks showing gains over 100%[4] - Monthly data shows that from October 1 to October 24, 5 new stocks were listed, raising 3.653 billion yuan, with an average first-day increase of 305.31%[10]

Group 1 - The new stock sector experienced a significant rebound last week, with an average increase of 4.9% since the beginning of 2024, and approximately 90.8% of new stocks achieving positive returns [1][13][30] - The short-term sentiment in the new stock market is expected to stabilize after a period of volatility, but the upcoming quarterly earnings reports may introduce performance disturbances [2][13] - The focus remains on sectors with stable earnings expectations, particularly in new energy, new consumption, and non-ferrous metals, while also tracking long-term investment themes such as robotics, AI, and innovative pharmaceuticals [3][13] Group 2 - Last week, two new stocks were listed, with an average first-day increase of 263%, indicating high trading enthusiasm despite some differentiation in performance [5][27] - The average first-day closing price-to-earnings ratio for new stocks in October has significantly increased to 106.4X, compared to 54.5X in the previous month, suggesting a rising trend in new stock pricing [18][20] - The upcoming week will see the listing of several new stocks, including He Yuan Biological and Xi'an Yicai, with an average issuance price-to-earnings ratio of 17.8X for new stocks expected to be listed [4][35][38]

Core Insights - He Yuan Bio (688765) is set to debut on the Sci-Tech Innovation Board, becoming the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently includes 13 innovative pharmaceutical companies with a total market capitalization of nearly 500 billion yuan, having facilitated the approval of 25 new drugs since their listing [1] Group 1: Institutional Reforms and Investment Trends - The reintroduction of the fifth set of listing standards on the Sci-Tech Board has allowed unprofitable companies to go public, significantly aiding innovative pharmaceutical firms in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, the cumulative financing scale of China's innovative drug industry in both primary and secondary markets has exceeded 1 trillion yuan, leading to a surge in research and development activities [2] - The establishment of the Sci-Tech Growth Layer in June aims to enhance the adaptability and inclusiveness of the Sci-Tech Board, supporting the development of new productive forces and technological innovation [2] Group 2: R&D and Commercialization Acceleration - High R&D investment is a primary reason for the current unprofitability of companies in the Sci-Tech Growth Layer, but it is also a key driver for future innovation [3] - In 2024, the total revenue of these innovative pharmaceutical companies is projected to reach 31.9 billion yuan, with a year-on-year growth rate of 54.39%, significantly outpacing the sector's average [3] - These companies have successfully launched 20 new drugs classified as "global new" and achieved "breakthrough therapy" designation for 10 innovative drugs across 17 indications [3] Group 3: Leading Companies and Market Performance - BeiGene, a leading unprofitable innovative drug company, has achieved a "qualitative leap" through a combination of advanced technology and commercialization strategies, with R&D investment reaching 14.1 billion yuan in 2024 [4] - BeiGene's core product, Zebrutinib, has become the first domestic innovative drug to exceed 1 billion dollars in sales, with 1.3 billion dollars in half-year sales revenue in the first half of this year, reflecting over 56% year-on-year growth [4] - The company anticipates revenues exceeding 35 billion yuan in 2025, with operating profits turning positive, entering a virtuous cycle of "R&D breakthroughs—product scaling—profit realization" [4] Group 4: International Collaborations and Market Recognition - Several companies in the Sci-Tech Growth Layer have actively pursued international transactions this year, with potential total transaction amounts nearing 5 billion dollars, indicating global market recognition of their innovative capabilities [5] - For instance, Maiwei Bio has entered into a licensing agreement with Calico, a biotech company founded by Alphabet Inc., with a potential transaction value of 596 million dollars [5] - Another example includes Nuo Cheng Jian Hua, which announced a licensing agreement with Nasdaq-listed Zenas BioPharma, expecting an upfront payment of 100 million dollars and potential total transaction value exceeding 2 billion dollars [5]

Group 1 - The core point of the article is that Chutian Technology is collaborating with Heyuan Biotechnology to provide solutions for the large-scale production of a globally innovative "rice-derived" product [2] - Chutian Technology confirmed on the investor interaction platform that Heyuan Biotechnology is one of its clients, and they are assisting in the establishment of the world's first plant-derived recombinant human albumin injection production line [2] - Chutian Technology's subsidiary, Chutian Yuanchuang, is supplying several sets of fully automated chromatography columns and associated online liquid chromatography systems, as well as multiple ultrafiltration systems for the project [2]