科创板科创成长层 “上新”！各方发声……

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant milestone for the growth of the biotechnology industry in China, highlighting the shift towards innovation and the importance of capital markets in supporting early-stage companies [1][2][3]. Group 1: Company Insights - He Yuan Bio, Xi'an Yicai, and Bibet are the first companies to be registered in the Sci-Tech Innovation Board's growth tier, with stock prices surging by 202.96%, 210.21%, and 93.7% respectively on their debut [1]. - He Yuan Bio's chairman emphasized that the listing will accelerate the company's industrialization process and enhance its competitive capabilities, which would have been slower without this opportunity [2][3]. - The companies expressed gratitude for recent regulatory reforms that have facilitated their access to capital markets, allowing them to leverage capital for technological advancements and industry growth [2][3]. Group 2: Industry Implications - The establishment of the Sci-Tech Innovation Board's growth tier signifies a shift in China's capital market focus from mature enterprises to nurturing early-stage companies, reflecting a change in valuation criteria from profitability to future industry potential [3][4]. - The new listing standards are designed to accommodate high-tech companies with significant R&D investments, fostering a more inclusive environment for innovation-driven enterprises [5][6]. - The reforms are expected to enhance the efficiency of capital circulation and broaden exit channels for investors, thereby promoting a virtuous cycle between technology, industry, and finance [7][8].