时报观察｜审核提速 科创板第五套标准迎“尖子生”

Group 1 - The core viewpoint of the article highlights the approval of He Yuan Bio's registration application by the China Securities Regulatory Commission (CSRC), marking it as the first company to fully navigate the review process under the newly restarted fifth listing standard of the Sci-Tech Innovation Board [1] - The approval process for He Yuan Bio took just over ten working days, indicating a shift towards a more inclusive and efficient regulatory approval mechanism [1] - Other companies in the IPO queue under the fifth standard include Bei Xin Life, Si Zhe Rui, Heng Run Da Sheng, and Bi Bei Te, all from the pharmaceutical sector, which are unprofitable but possess core technologies [1] Group 2 - The fifth listing standard has been a crucial pathway for unprofitable hard-tech companies to access the capital market since the establishment of the Sci-Tech Innovation Board, particularly benefiting complex product technology firms with significant funding needs and long R&D cycles [2] - A total of 20 pharmaceutical companies have successfully listed under this standard, and it has now expanded to include more cutting-edge technology fields such as artificial intelligence, commercial aerospace, and low-altitude economy, facilitating easier financing for these hard-tech enterprises [2] - The acceleration of the review process is not about lowering standards but rather about reforming the system to allow truly impactful companies with significant market influence and technological achievements to list without being hindered by their unprofitability [2]