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].

Core Insights - Xi'an Yicai successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, with its stock price soaring by 361.48% at the opening and closing at a 198.72% increase, reaching a market capitalization of 104 billion yuan [1][3] - The company is recognized as the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, based on average monthly shipment volume and production capacity by the end of 2024 [3][4] - Xi'an Yicai is the first company to successfully go public on the Sci-Tech Innovation Board under the new "eight measures" policy while still being unprofitable [1][4] Company Overview - Xi'an Yicai's IPO price was set at 8.62 yuan per share, with a total issuance of 53.78 million shares, raising approximately 4.636 billion yuan, making it the second-largest IPO of the year [3] - The company's main business focuses on the research, production, and sales of 12-inch silicon wafers, with a projected production capacity of 710,000 wafers per month by the end of 2024 [3][4] - The first manufacturing base is located in Xi'an, with the first factory reaching production capacity in 2023 and a second factory expected to commence production in 2024 [3] Financial Performance - Xi'an Yicai has shown rapid revenue growth but has not yet achieved profitability, with revenues of 1.055 billion yuan in 2022, projected to reach 2.121 billion yuan in 2024 [4] - The company reported a net loss of 4.12 billion yuan in 2022, with cumulative losses of approximately 2.216 billion yuan over three and a half years [4] - For the first three quarters of 2025, revenue is expected to be between 1.930 billion and 2.029 billion yuan, reflecting a year-on-year growth of 34.61% to 41.51% [4] Leadership and Background - Wang Dongsheng, known as the "father of China's semiconductor display industry," is a key figure behind Xi'an Yicai's rapid rise, having previously founded BOE Technology Group [1][5] - After retiring from BOE in 2019, Wang initiated a second entrepreneurial venture with the establishment of Xi'an Yicai and other subsidiaries under the Yiswei Group [5][6] - Wang currently holds approximately 3.65% of Xi'an Yicai's shares, valued at around 3.796 billion yuan [7] Investment and Support - Xi'an Yicai has attracted significant investment, with over 60 venture capital and private equity firms backing the company since its inception [9] - The company has completed multiple financing rounds, including a 3 billion yuan Series B round in July 2021 and a nearly 4 billion yuan Series C round in December 2022 [9] - Notably, the Shaanxi Integrated Circuit Fund has been a crucial early investor, supporting the construction of Xi'an Yicai's first factory [10]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange, marking a significant milestone for the company and the domestic 12-inch silicon wafer industry, with a market capitalization of 104 billion yuan at closing [1] Company Overview - Xi'an Yiswei is a leading manufacturer in the 12-inch silicon wafer sector, contributing to the growth of hard technology enterprises and enhancing new productive forces in the capital market [1] - The company aims to continuously drive technological innovation, improve product quality, and enhance management efficiency while adhering to regulatory requirements and improving corporate governance [2] Market Potential - The global demand for 12-inch silicon wafers is projected to exceed 10 million pieces per month by 2026, with China's demand expected to surpass 3 million pieces per month, indicating a vast market opportunity [3] - Xi'an Yiswei's production capacity is set to reach 1.2 million pieces per month by 2026, potentially fulfilling 40% of China's 12-inch silicon wafer demand and capturing over 10% of the global market share [3] Financial Performance - The company's revenue is expected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound annual growth rate of 41.83% [4] - In the first half of 2025, Xi'an Yiswei achieved a sales volume of 3.8435 million pieces, with revenue increasing by 45.99% year-on-year to 1.302 billion yuan, marking a record high for semi-annual revenue since its establishment [4] Research and Development - Xi'an Yiswei has invested 576 million yuan in R&D from 2022 to 2024, accounting for 12.39% of total revenue, with a compound growth rate of 33.15% [5] - The company holds 1,843 patent applications, with over 80% being invention patents, making it the leading firm in China for authorized invention patents in the 12-inch silicon wafer sector [5] Industry Position - As a key supplier in the 12-inch silicon wafer market, Xi'an Yiswei ranks first or second in supply volume among global manufacturers and is a preferred supplier for new 12-inch wafer fabs in China [4] - The successful listing of Xi'an Yiswei highlights the capital market's strong support for high-potential, technology-driven companies, with expectations of reaching profitability within two years [6]

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].

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 - Xi'an Yiswei Material Technology Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, becoming the first unprofitable company to go public after the "Kebiao" policy, which will directly boost the domestic production rate of 12-inch silicon wafers to over 20% and enhance the overall competitiveness of China's semiconductor industry [5][6]. Group 1: Company Overview - Xi'an Yiswei's successful listing is a significant milestone, showcasing the collaborative efforts of various stakeholders, with capital playing a crucial role in its development [5][8]. - The company was established in 2016 and initiated its silicon wafer project in 2017, aiming to break the long-standing monopoly of five international giants that control 92% of the market [5][6]. Group 2: Market Context - The demand for 12-inch silicon wafers has surged due to the structural explosion in downstream needs, particularly driven by 3D NAND storage for smartphones and data centers [5][6]. - By 2024, domestic production capacity for 12-inch wafers is expected to reach 2.35 million pieces per month, with Xi'an Yiswei accounting for over 30% of this capacity at 710,000 pieces per month [6]. Group 3: Investment Journey - The investment journey began in early 2019, with the founding team focusing on hard technology and deepening their engagement in the semiconductor industry [7][8]. - Over eight years, the company has raised over 10 billion yuan in financing, with significant investments from various partners, demonstrating a commitment to long-term value in the semiconductor sector [8].

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 Points - The Shanghai Composite Index fell by 0.22% on October 28, with 10 industries rising, led by the comprehensive and defense industries, which increased by 2.06% and 1.07% respectively. The industries with the largest declines were non-ferrous metals and beauty care, down by 2.72% and 1.51% respectively [1] Industry Summary - The electronic industry experienced a decline of 0.37%, with a net outflow of 12.127 billion yuan in main funds. Out of 470 stocks in this sector, 209 rose, 5 hit the daily limit, and 253 fell. There were 118 stocks with net inflows, with 14 exceeding 100 million yuan, led by C Yicai-U with a net inflow of 1.295 billion yuan, followed by Fangzheng Technology and Hu Dian Co., with net inflows of 896 million yuan and 476 million yuan respectively [1] - The top gainers in the electronic industry included C Yicai-U, which surged by 198.72%, and Fangzheng Technology, which rose by 10.01%. Other notable gainers were Hu Dian Co. and He Li Tai, with increases of 3.21% and 10.16% respectively [1] - The electronic industry saw significant outflows, with 48 stocks experiencing net outflows exceeding 100 million yuan. The largest outflows were from Shenghong Technology, with 1.14 billion yuan, followed by SMIC and Wentai Technology, with outflows of 844 million yuan and 641 million yuan respectively [2]

Summary of Key Points Core Viewpoint - The total amount raised from new stock issuances this year has reached 91.22 billion yuan, with the Sci-Tech Innovation Board accounting for 18.35% of this total [1]. Group 1: New Stock Issuance Overview - A total of 87 companies have gone public this year, raising an average of 1.05 billion yuan per company [1]. - Among these, 19 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1]. - The distribution of funds raised by different boards includes: - Shanghai Main Board: 21 companies, 41.41 billion yuan - Shenzhen Main Board: 10 companies, 7.93 billion yuan - ChiNext: 27 companies, 19.32 billion yuan - Sci-Tech Innovation Board: 10 companies, 16.74 billion yuan - Beijing Stock Exchange: 19 companies, 5.83 billion yuan [1]. Group 2: Top Fundraising Companies - Huadian New Energy is the top fundraising company this year, raising 18.17 billion yuan primarily for wind and solar power projects [2]. - N Yicai follows with 4.64 billion yuan raised for its Xi'an Yiswei silicon industry base project [2]. - Other notable companies include Zhongce Rubber, Tianyouwei, and United Power, raising 4.07 billion yuan, 3.74 billion yuan, and 3.60 billion yuan respectively [2]. Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 21.15 yuan, with four companies pricing above 50 yuan [2]. - The highest IPO price is 93.50 yuan for Tianyouwei, followed by Youyou Green Energy and Tongyu New Materials at 89.60 yuan and 84.00 yuan respectively [2]. - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts led by Fujian, Jiangsu, and Guangdong at 18.17 billion yuan, 15.63 billion yuan, and 13.92 billion yuan respectively [2].