时报观察 审核提速 科创板第五套标准迎“尖子生”

Core Viewpoint - The approval of He Yuan Bio's registration application marks the first IPO under the newly restarted fifth listing standard of the Sci-Tech Innovation Board, indicating a shift towards a more inclusive and efficient regulatory approval mechanism [1][2]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has approved He Yuan Bio's registration, which is the first company to fully navigate the IPO review process under the fifth listing standard [1]. - The time taken from approval to registration was just over ten working days, reflecting an evolution towards a more efficient approval process [1]. Group 2: Industry Impact - Other companies in the IPO queue, such as BeiXin Life, SiZheRui, HengRunDa, and BiBeiTe, are also applying for listing under the fifth standard, all belonging to the pharmaceutical sector and characterized by core technologies despite being unprofitable [1]. - The fifth listing standard has activated the financing needs of unprofitable companies with "sci-tech" attributes, leading to a surge in applications and adjustments in fundraising amounts [1][2]. Group 3: Future Outlook - The fifth listing standard has been a crucial pathway for unprofitable hard-tech enterprises to access capital markets, with 20 pharmaceutical companies already successfully listed [2]. - The expansion of this standard to include fields like artificial intelligence, commercial aerospace, and low-altitude economy is expected to provide more convenient financing channels for hard-tech companies [2]. - The regulatory changes aim to balance inclusivity and risk prevention, allowing truly impactful companies to list without being hindered by profitability status, thus fostering innovation and industrial upgrades [2].