Core Viewpoint - The introduction of the first three new stocks in the growth tier of the Sci-Tech Innovation Board (STAR Market) marks a significant development in the A-share market, utilizing a new agreed lock-up method for offline subscription, which is a first for A-shares [1] Group 1: New Stock Subscription Method - The three new stocks adopted an agreed lock-up method during the offline subscription phase, which is a novel approach in the A-share market [1] - This method is part of the implementation of the "Eight Guidelines for the STAR Market," which aims to increase the lock-up ratio and duration for offline investment institutions in the case of unprofitable companies [1] - The introduction of this method is expected to provide more flexibility in the offline lock-up and allocation arrangements for unprofitable companies, while also raising the requirements for underwriters' pricing and sales capabilities [1]

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].

Group 1 - He Yuan Bio is officially launching its issuance process, becoming the first company to initiate this step in the new registration of the Sci-Tech Innovation Board's growth tier [1][4][6] - The company has developed a globally innovative "rice-derived blood" technology, which has received support from the national "Major New Drug Creation" program [7] - He Yuan Bio's recombinant human albumin injection (from rice) has been approved for market release, addressing China's long-standing reliance on imported human serum albumin [7] Group 2 - The issuance of new registered enterprises in the Sci-Tech Innovation Board's growth tier is progressing steadily, with the technical systems of the Shanghai Stock Exchange having completed testing [11][12] - Since the announcement of the "1+6" reform policy in June, 15 companies have applied for IPOs, including four unprofitable enterprises [9] - The Shanghai Stock Exchange has implemented various measures to enhance market attractiveness and inclusivity, supporting the development of technological innovation and new productive forces [14]

Core Viewpoint - He Yuan Bio is set to become a new member of the Sci-Tech Innovation Board as it officially starts its issuance process, marking a significant step in the "1+6" reform of the Sci-Tech Board [2][4]. Group 1: Company Overview - Wuhan He Yuan Bio Technology Co., Ltd. is the first company to initiate the issuance process after the re-launch of the fifth set of standards for the Sci-Tech Board [6]. - He Yuan Bio has developed a globally pioneering "rice-derived hematopoietic" technology, which has received support from the national "Major New Drug Creation" program [6]. - The company's innovative drug, recombinant human albumin injection (from rice), was approved for market release by the National Medical Products Administration in July, aiming to reduce China's reliance on imported human serum albumin [6]. Group 2: Market Context - The issuance of He Yuan Bio is a reflection of the policy direction to enhance the adaptability and inclusiveness of the Sci-Tech Board for high-quality technology enterprises [6]. - Since the announcement of the "1+6" reform policy in June, the Sci-Tech Board has received 15 new IPO applications, including four from unprofitable companies [9]. - The Shanghai Stock Exchange has completed the technical system testing for the new registration of the Sci-Tech Growth Layer, with 5 million investors already authorized to trade in this layer [10]. Group 3: Issuance Details - He Yuan Bio is the first company to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum lock-up ratio of 40% for offline investors [6]. - The company has set three tiers of differentiated lock-up levels for investor bids, with the highest lock-up tier having a distribution ratio at least nine times that of the lowest tier [6][7]. - The recent revision of the issuance and underwriting rules by the Shanghai Stock Exchange allows unprofitable companies to adopt agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [7].

Group 1 - Shanghai Securities Regulatory Bureau has implemented a regular visiting mechanism to enhance the quality of listed companies, resulting in significant improvements in investment returns and corporate governance [3][4][5] - Since 2024, the bureau has visited 286 listed companies, achieving a coverage rate of 66.67%, and has established a multi-layered visiting system to address company needs effectively [3][4] - The bureau has collected over 500 issues and suggestions from companies, with more than half resolved, focusing on areas such as capital markets, industrial policies, and financial regulations [5][6] Group 2 - Jiangsu Securities Regulatory Bureau has developed a regular visiting mechanism, visiting 458 listed companies by the end of July 2024, with a coverage rate of 64.78% [8][12] - The bureau has facilitated 446 problem resolutions, supporting companies in various sectors, including automotive and pharmaceuticals, to leverage national policies for growth [10][12] - In 2024, Jiangsu listed companies raised 512.33 billion yuan through equity financing, and the region has seen significant merger and acquisition activity, with over 209 disclosed transactions [12][13] Group 3 - Zhejiang Securities Regulatory Bureau has conducted over 210 visits to listed companies, focusing on enhancing the effectiveness of these visits and addressing specific corporate needs [17][20] - The bureau has collected over 160 issues from companies, with more than 80% resolved, emphasizing the importance of collaboration with local governments and exchanges [18][20] - The region has experienced a surge in merger and acquisition activities, with 251 new transactions disclosed, and companies are increasingly adopting cash dividends and share buybacks to enhance investment value [20][21]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, reshaping China's biopharmaceutical landscape [1] - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the STAR Market's support for high-growth, unprofitable tech companies, emphasizing the importance of "hard technology" [1][3] - The fifth set of listing standards allows unprofitable innovative companies to raise funds, breaking traditional capital market constraints and facilitating financing for R&D-focused firms [1][2] Industry Developments - Since its inception, the STAR Market has seen 20 innovative biopharmaceutical companies adopt the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [1] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies projected to exceed 1 billion yuan in revenue soon [1] - Companies like Dizhe Pharmaceutical have reported substantial revenue growth, with a 294.24% increase to 360 million yuan, driven by innovative drug development [2] Company Performance - Companies such as Junshi Biosciences have successfully raised over 8 billion yuan through the STAR Market, significantly advancing their clinical projects and R&D initiatives [2][3] - Ailis, which listed under the fifth set of standards, achieved commercialization of its core product within 2 years and 5 months, demonstrating the effectiveness of the STAR Market in supporting innovative firms [3] - ShenZhou Cell has transitioned from having no products or revenue at the time of listing to achieving 2.51 billion yuan in revenue, marking a successful turnaround [5] Innovation Ecosystem - The STAR Market has fostered an innovation-driven ecosystem, enhancing the flow of resources and increasing recognition of innovative technologies within the capital market [3][4] - Companies are increasingly focusing their resources on R&D, maintaining high levels of investment intensity, and establishing a virtuous cycle of research and development [6] - The introduction of the STAR Market has led to a fundamental shift in the development logic of listed companies, prioritizing quality over scale and fostering collaborative ecosystems [6]

Group 1 - The core idea of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" is to create a comprehensive support system for technology innovation enterprises throughout their lifecycle, from startup to growth and maturity [1] - The measures aim to break down barriers for high-quality unprofitable companies to go public, particularly in the hard technology sector, which often faces long investment cycles and high uncertainty [2] - The introduction of a "light asset, high R&D investment" recognition standard allows for better identification of high-growth tech companies, facilitating policy support and financial backing [3] Group 2 - The measures encourage mergers and acquisitions (M&A) as a means for companies to achieve rapid scale expansion and industry upgrades, providing flexible valuation systems and various payment methods [4] - Since the implementation of the measures, there have been 106 newly disclosed M&A transactions, indicating a significant increase in activity within the sector [4] - The measures are positioned as a driving force for high-quality economic development and the cultivation of new productive forces in the context of a rapidly evolving technological landscape [4]

Core Points - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has significantly improved the financing environment for technology innovation companies, allowing more qualified firms to go public and focus on technological innovation and product development [1][2] - The Sci-Tech Innovation Board has become a primary platform for "hard technology" companies, with over 80% of the 588 listed companies coming from key technology sectors such as integrated circuits, biomedicine, and high-end equipment [2][3] - The board has facilitated the construction of self-sufficient industrial chains, particularly in the integrated circuit sector, which includes 119 companies covering the entire supply chain from chip design to packaging and testing [2][3] Industry Development - The "Eight Measures" have led to a clustering effect in the technology sector, with companies like YingShi Innovation Technology Co., Ltd. achieving a market capitalization exceeding 70 billion yuan on their first day of listing [2] - Many companies in the integrated circuit field are actively building autonomous industrial chains, with firms like Shenzhen Baiwei Storage Technology Co., Ltd. focusing on R&D and production capabilities [3] - The utilization rates of wafer manufacturing companies listed on the Sci-Tech Innovation Board remain high, indicating a robust production and sales environment [3] International Expansion - Sci-Tech Innovation Board companies are accelerating their internationalization strategies, with total overseas revenue reaching 430.36 billion yuan in 2024, a year-on-year increase of 6.1% [4] - High-value product exports and a dual approach of technology and capital are becoming key drivers for the international competitiveness of these companies [4] - The biopharmaceutical sector has also seen significant growth, with 113 companies listed and successful global drug launches, indicating a strong position in the global innovative drug market [5] Future Outlook - There is optimism regarding the continued reform of the Sci-Tech Innovation Board, with expectations for increased market activity, better understanding of long-term investments, and deeper integration of industry, academia, and research [5]

Core Viewpoint - The article discusses the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on venture capital institutions, emphasizing the support for unprofitable tech companies to go public, which aligns with the development of new productive forces [1][2]. Group 1: Support for Unprofitable Companies - The "Eight Measures" explicitly support unprofitable companies with key technologies and market potential to list on the Sci-Tech Innovation Board, recognizing that unprofitability is common in high-investment, long-cycle tech firms [1][3]. - The measures aim to enhance the exit channels for venture capital institutions, facilitating a "investment-exit-reinvestment" cycle [1]. Group 2: Mergers and Acquisitions - The measures encourage listed companies on the Sci-Tech Innovation Board to engage in mergers and acquisitions, particularly targeting high-quality unprofitable "hard tech" firms, which could serve as a potential exit channel for venture capital [2]. - There are concerns regarding the complexity and uncertainty of mergers and acquisitions, suggesting that regulatory bodies should adopt a more comprehensive perspective [2]. Group 3: Market Environment and Policy Support - The article highlights the increasing penetration rate of venture capital institutions in listed companies, reaching 100% in the first half of 2024, indicating a robust integration of venture capital with the Sci-Tech Innovation Board [2]. - The article stresses the importance of a supportive policy environment for the long-term development of tech innovation companies, advocating for improved assessment systems for unprofitable firms [3].

Core Viewpoint - The article discusses the progress and impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Sci-Tech Board Eight Measures") one year after its release, highlighting the support for unprofitable technology companies in the capital market [1][3][4]. Group 1: Progress of Unprofitable Companies on the Sci-Tech Board - Since the release of the "Sci-Tech Board Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [4]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another milestone in the orderly progress of unprofitable companies on the Sci-Tech Board [3][4]. - The regulatory body has emphasized the importance of identifying the "scientific content" of unprofitable companies to ensure they meet the listing criteria [4]. Group 2: Institutional Support for Sci-Tech Enterprises - The regulatory authorities have improved supporting systems for unprofitable technology companies, including the introduction of the "light asset, high R&D investment" recognition standard [6]. - As of now, nine companies have disclosed refinancing plans under this standard, raising nearly 25 billion yuan, with six being unprofitable at the time of listing [6]. - The first successful refinancing case under this standard was achieved by Dize Pharmaceutical, which highlights the importance of this recognition for ongoing R&D projects [6]. Group 3: Mergers and Acquisitions Involving Unprofitable Companies - The "Sci-Tech Board Eight Measures" also support acquisitions of quality unprofitable "hard tech" companies, with 28 transactions reported since the policy's implementation [7]. - Notable transactions include the acquisition of minority stakes by Hu Silicon Industry for 7.04 billion yuan and by ChipLink Integrated for 5.897 billion yuan [7]. Group 4: Performance of Unprofitable Companies - By May 2025, the Sci-Tech Board had supported 54 unprofitable companies, with 21 in the biopharmaceutical sector and 18 in integrated circuits [9]. - These companies collectively achieved total revenue exceeding 170 billion yuan, a year-on-year growth of 24%, while their net profit loss decreased by 36% [9]. - 22 of these companies have turned profitable post-IPO, representing 41% of the total unprofitable companies listed [9]. Group 5: R&D Investment Trends - In 2024, the 54 unprofitable companies on the Sci-Tech Board invested a total of 45.944 billion yuan in R&D, marking a year-on-year increase of 5.86% [10]. - The median R&D investment as a percentage of revenue was 37.74%, significantly higher than the board's median of 12.64% [10]. - The ongoing implementation of the "Sci-Tech Board Eight Measures" is expected to facilitate more unprofitable companies with core technologies to overcome capital constraints and contribute to the national innovation landscape [10].