第二家来了！采用第五套标准申报科创板

Core Viewpoint - The article discusses the recent submission of listing materials by Hengrun Dashing, a biopharmaceutical company, under the fifth set of listing standards on the Sci-Tech Innovation Board, highlighting the trend of allowing unprofitable companies to list, which supports the development of high-quality technology enterprises [2][3][9]. Group 1: Company Overview - Hengrun Dashing is a biopharmaceutical company focused on innovative immune cell therapy products, particularly in the treatment of malignant blood diseases and solid tumors [6]. - The company has a pipeline of 11 research projects, including 10 major products utilizing technologies such as CAR-T and CAR-NK [6]. - As of the date of the prospectus, all products are still in the research and development phase, with no commercial sales or profitability expected in the near future [5][6]. Group 2: Financial Performance - The company has reported significant projected losses for the upcoming years, with net profits expected to be -273.71 million yuan, -283.65 million yuan, and -187.76 million yuan for 2022, 2023, and 2024 respectively [5]. - Cumulative undistributed profits amount to -904.15 million yuan as of the report date [5]. Group 3: Listing Standards and Market Context - The fifth set of listing standards on the Sci-Tech Innovation Board is designed for companies with complex product technologies, high capital requirements, and long research cycles, particularly in the biopharmaceutical sector [9]. - Since the establishment of the Sci-Tech Innovation Board in 2019, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing [9]. - The resumption of the fifth set of listing standards is seen as a positive move to enhance the inclusivity and adaptability of the regulatory framework for high-quality unprofitable technology enterprises [3][9].