3家企业同日上市 科创板科创成长层启新程

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in providing a platform for high-quality unprofitable tech enterprises, enhancing their predictability in going public [1] Group 1: Listing and Market Response - Three unprofitable companies, Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yiswei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., have officially listed on the Sci-Tech Innovation Board, increasing the total number of companies on the board to 592 [1] - The Shanghai Stock Exchange's revised rules in March allow unprofitable companies to adopt differentiated lock-up periods, encouraging institutional investors to play a larger role in new stock pricing [2] - The enthusiasm of institutional investors is reflected in the high subscription rates for the differentiated lock-up tiers, with A1 and A2 tiers accounting for over 70% of the total subscription volume for Heyuan Biotechnology [2][3] Group 2: Company Perspectives - Xi'an Yiswei's chairman emphasized that the initial losses are part of a necessary process for technological breakthroughs and that the listing is a milestone for the company, enabling it to enhance its core competitiveness [4] - Heyuan Biotechnology's chairman stated that the listing on the Sci-Tech Innovation Board is crucial for accelerating the company's industrialization process and improving its competitive capabilities [5] Group 3: Capital Market Dynamics - The establishment of the Sci-Tech Innovation Board's growth tier is expected to attract more patient capital into the technology sector, enhancing the confidence of tech companies and stimulating investment enthusiasm in the venture capital industry [6] - The new policies are set to inject vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable high-R&D enterprises [6] - The improved market structure and transparency are anticipated to create a better investment environment for long-term and patient capital, promoting a virtuous cycle between technology, industry, and capital [6]