科创成长层将迎“新成员” 禾元生物试水差异化限售

Core Viewpoint - The launch of Wuhan Heyuan Biotechnology Co., Ltd.'s IPO marks a significant step in the implementation of the "1+6" reform of the Sci-Tech Innovation Board, highlighting the board's commitment to supporting high-quality technology enterprises [1][2]. Group 1: Company Overview - Heyuan Biotechnology is the first company to initiate its issuance under the new registration system for the Sci-Tech Growth Tier, following the resumption of the fifth set of standards [1][2]. - The company has developed an innovative "rice-derived blood" technology, which has received national support and aims to reduce China's reliance on imported human serum albumin [2]. Group 2: Market and Regulatory Context - Since the announcement of the "1+6" reform in June, the Sci-Tech Innovation Board has received 15 new IPO applications, including four from unprofitable companies [4]. - The Shanghai Stock Exchange has completed the technical testing for the new trading system, with 5 million investors now eligible to trade in the Sci-Tech Growth Tier [4][5]. Group 3: New Issuance Mechanisms - Heyuan Biotechnology is the first company to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum overall lock-up ratio of 40% [2]. - The new rules allow unprofitable companies to use agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [3]. Group 4: Future Outlook - The establishment of the Sci-Tech Growth Tier is expected to enhance market inclusivity and strengthen the capital market's role in supporting the real economy, particularly for early-stage technology innovation companies [4][5]. - The Shanghai Stock Exchange plans to continue enhancing market attractiveness and inclusivity to better serve technological innovation and new productive forces [6].