首批！新注册科创成长层新股来了！核心要点一文速览
证券时报·2025-10-14 23:54

Core Viewpoint - The article discusses the first batch of newly registered companies entering the Sci-Tech Innovation Growth Tier, highlighting their current unprofitable status and the implications for investors and the market [1][3]. Group 1: Newly Registered Companies - Three companies, He Yuan Bio, Xi'an Yicai, and Biobetter, are set to enter the Sci-Tech Innovation Growth Tier, with their respective issuance prices and subscription limits detailed [1][4]. - As of the prospectus disclosure date, all three companies are unprofitable, with losses reported for the first half of 2025: He Yuan Bio at 81.63 million yuan, Biobetter at 73.89 million yuan, and Xi'an Yicai at 340 million yuan [5]. Group 2: Listing Standards and Approval - He Yuan Bio and Biobetter are listed under the fifth set of standards, while Xi'an Yicai follows the fourth set. He Yuan Bio is noted as the first company to initiate the issuance process after the reactivation of the fifth set of standards [4]. - Xi'an Yicai is recognized as the first unprofitable company to be accepted and approved under the "Eight Articles of Sci-Tech Innovation Board" [4]. Group 3: Subscription and Investor Participation - He Yuan Bio's online issuance saw approximately 3.36 million effective subscription accounts, with an initial winning rate of about 0.036%, which increased to approximately 0.054% after a mechanism was triggered due to high subscription multiples [10][11]. - As of September 22, 500 million investors have opened trading permissions for the Sci-Tech Innovation Growth Tier, with special identifiers added to distinguish new registered stocks [12]. Group 4: Lock-up and Allocation Arrangements - The three companies are the first to adopt differentiated lock-up and allocation arrangements for offline issuance, encouraging professional institutions to play a larger role in new stock pricing [7][8]. - Specific lock-up ratios and periods are set for each company, with He Yuan Bio having a maximum lock-up ratio of 70% for the highest subscription tier [7].