科创板科创成长层 “上新”！各方发声……

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in promoting innovation in the biopharmaceutical industry and reflects a shift in the capital market's focus towards supporting early-stage companies rather than just mature ones [1][7][12]. Group 1: Company Listings and Performance - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, were listed on the Sci-Tech Innovation Board, with their stock prices surging by 202.96%, 210.21%, and 93.7% respectively by the end of the trading day [2][3]. - He Yuan Bio's chairman expressed that the dual listings (product and stock) are crucial for the company's growth and the overall innovation in the biopharmaceutical sector [2][5]. Group 2: Industry Impact and Innovation - The listing is seen as a catalyst for the biopharmaceutical industry, transitioning from imitation to innovation, which is vital for the sector's rapid development [5][6]. - The companies emphasized that the phase of temporary losses is a necessary part of the long-term R&D process, not indicative of poor management, and highlighted the importance of capital market support for technological breakthroughs [6][8]. Group 3: Changes in Capital Market Dynamics - The establishment of the Sci-Tech Innovation Board's growth tier signifies a shift in the capital market's value orientation from profitability to future industry potential, allowing for greater inclusivity for early-stage companies [7][9]. - The due diligence process for listings has evolved to focus more on future potential rather than historical financial performance, requiring a deeper understanding of industry trends and technological advancements [9][10]. Group 4: Institutional Perspectives - Investment institutions noted that the new policies enhance capital market efficiency and support a virtuous cycle between technology, industry, and finance, particularly benefiting sectors like biopharmaceuticals [11][12]. - The reforms are expected to foster a more robust ecosystem for "hard tech" companies, allowing them to secure funding during their R&D phases and facilitating a positive feedback loop between technological advancements and capital investment [12][13].