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].
科创成长层“上新”，禾元生物等三家首批新注册企业集体鸣锣