Core Viewpoint - The article discusses the gradual implementation of the fifth set of listing standards on the Sci-Tech Innovation Board, which is expected to attract more innovative technology companies to go public in China [1]. Group 1: Preparation for IPO - The first part of the manual includes six chapters that cover essential tasks, participants, listing conditions, and overall processes that companies need to understand before going public [8]. - Companies should develop strategies based on whether the IPO initiation point falls within the reporting period, categorizing them into strategies for within and outside the reporting period [8][10]. - When assessing the feasibility of going public, companies must consider potential substantive obstacles and issues that may affect the IPO process, such as sudden shareholding changes and changes in the main business [10]. Group 2: Listing Norms - The second part introduces the "Five-Step Method" for listing norms, which includes adjustments to equity structure, organizational structure, business process refinement, financial system standardization, and ERP implementation [19]. - Each step of the "Five-Step Method" is elaborated upon, providing a systematic approach for companies to follow [19]. Group 3: Share Reform Key Points - The third part focuses on important timing for IPOs, considerations for share reform, and strategies to reduce listing costs, with a significant emphasis on share reform [25]. - Detailed explanations are provided on how to choose the right timing for share reform and the necessary preparations [27]. Group 4: Other Important Matters - The fourth part discusses other capital operations during the IPO process, departmental work arrangements, and highlights case studies from key industries [30]. - It includes analysis of six representative IPO review cases, focusing on regulatory concerns and common issues faced by companies in those industries [32].

Group 1 - The core viewpoint of the article is that Guangzhou Bibet Pharmaceutical Co., Ltd. has finally received its IPO approval after a lengthy process, reflecting the challenges and changes in the regulatory environment for biotech companies in China [1][2][3] - Bibet's IPO journey began during the "golden window period" of the STAR Market's fifth set of standards, which allowed unprofitable biotech companies to go public, but the overall IPO pace tightened in 2023 [2][3] - The approval of Bibet's IPO may signify a substantial restart of the fifth set of standards, with other similar companies also awaiting review [2][3] Group 2 - Bibet focuses on innovative drug development for major diseases such as cancer and autoimmune diseases, with six core products currently in clinical trials, including BEBT-908, which has submitted a Pre-NDA application [4][5] - The company has incurred significant R&D expenses totaling 342 million yuan from 2020 to 2022, with a continuous expense ratio above 90%, leading to cumulative losses of 422 million yuan by the end of 2022 [5][6] - The company plans to issue up to 70 million shares, raising approximately 2.005 billion yuan, with a post-listing valuation likely between 9 billion to 11 billion yuan [6]

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]

Core Insights - The reactivation of the fifth listing standard on the Sci-Tech Innovation Board (STAR Market) aims to support high-growth technology companies, particularly in the biopharmaceutical sector, by allowing companies without profits to list based on expected market capitalization and R&D achievements [1][19] - The biopharmaceutical industry, especially innovative drug companies, faces longer investment periods and higher uncertainty due to strict regulatory requirements for product approval, making them highly reliant on capital [1][19] - Since the reactivation in June 2025, companies like He Yuan Bio and Bei Xin Life have made significant progress, signaling a positive outlook for other biopharmaceutical firms still in clinical stages [2] Market Performance - The innovative drug sector has seen a remarkable stock performance in 2025, driven by favorable policy changes, relaxed procurement policies, and the growth of commercial health insurance, which enhances market expectations for innovative drugs [3] - The 20 companies that successfully listed under the fifth standard have achieved a total market capitalization of 364.12 billion, with an average increase of 79.10% since the beginning of 2025 [3][7] Financial Performance - In 2024, the 20 companies reported a combined revenue exceeding 14.3 billion, a year-on-year growth of 45%, with 16 companies generating over 1 billion in revenue [12][16] - The total R&D expenses for these companies accounted for 67% of their total revenue, indicating a high dependency on external financing for continued innovation [16][18] R&D and Innovation - The 20 companies listed under the fifth standard have collectively developed 45 drug varieties, with 22 classified as first-class new drugs or innovative biological products, covering various advanced therapeutic areas [8][10] - The number of candidate products in the R&D pipeline for these companies has exceeded 200, showcasing their commitment to innovation and market expansion [8] Regulatory Environment - The reactivation of the fifth standard reflects a shift in regulatory focus towards recognizing the inherent risks and long timelines associated with technology innovation, moving away from traditional financial metrics [19][20] - The introduction of a "Sci-Tech Growth Tier" aims to enhance information disclosure and regulatory oversight for companies listed under the fifth standard, ensuring a balance between support and supervision [22]

Group 1 - Two companies terminated their IPO applications last week, both from the Shenzhen Stock Exchange: Guangdong Zhengyang Sensor Technology Co., Ltd. and Guizhou Duocai New Media Co., Ltd. [1] - Wuhan Heyuan Biotechnology Co., Ltd. became the first company to pass the IPO review under the new fifth standard of the Sci-Tech Innovation Board, after a wait of over two years [2][3] - Shenzhen Beixin Life Technology Co., Ltd. also passed the IPO review on July 18, 2023, after being in the queue for over two years [2][3] Group 2 - Guizhou Duocai New Media faced a single business risk, as its IPTV business accounted for over 99% of its revenue from 2019 to the first half of 2022 [4][5] - The company failed to submit its registration after 28 months post-approval, leading to the termination of its IPO application [4] - Guangdong Zhengyang Technology's cash dividend policy raised concerns, with a cumulative dividend payout of 83% of its net profit from 2020 to 2022, which is considered excessive [5][6] Group 3 - The new policies introduced on June 18, 2023, aimed to support high-quality, unprofitable tech companies in going public, including the reintroduction of the fifth standard for the Sci-Tech Innovation Board [2] - The review process for companies applying under the fifth standard has seen new developments, with three other companies still in the queue: Harbin Sizherui Intelligent Medical Equipment Co., Ltd., Shanghai Hengrun Da Biological Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd. [3]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) is set to undergo its IPO review on July 18, marking it as the second pharmaceutical company to utilize the fifth set of standards for listing on the Sci-Tech Innovation Board [1][3] Group 1: Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [3] - The company is recognized as a national high-tech enterprise and aims to provide transformative solutions for cardiovascular disease treatment [3] Group 2: IPO Progress - Beixin Life's IPO journey began with acceptance on March 30, 2023, followed by an inquiry phase starting on April 24, 2023 [3] - The IPO process faced a halt due to tightened review standards but resumed after the China Securities Regulatory Commission announced the restart of the fifth set of standards [3][10] - The company disclosed its second round of inquiry responses on July 8, 2023, and received the opportunity for the IPO review on July 11, 2023 [3] Group 3: Financial Performance - Beixin Life reported continuous net losses during the reporting period, with revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024 respectively [3] - Corresponding net losses were approximately -290 million yuan, -140 million yuan, and -43.6 million yuan, showing a trend of reduced losses year over year [3] Group 4: Market Context - There are currently five pharmaceutical companies, including Beixin Life, queuing for IPOs under the fifth set of standards on the Sci-Tech Innovation Board [5] - He Yuan Bio is noted as the first company to pass the review under the restarted fifth set of standards, with others like Si Zhe Rui and Bi Bei Te also in the registration phase [6][10] - The fifth set of standards aims to support innovative pharmaceutical companies that are not yet profitable but possess core technologies and market potential [10]

Group 1 - The core point of the news is the reintroduction of the fifth listing standard for the Sci-Tech Innovation Board, allowing companies with no profits or revenue to go public, particularly benefiting special industries [1][3][4] - The fifth listing standard requires a minimum market value of 4 billion yuan, and companies must have significant market potential and approved core products for certain industries, such as biomedicine [4][5] - The new regulations expand the eligible industries for the fifth standard to include artificial intelligence, commercial aerospace, and low-altitude economy, aiming to accelerate the establishment of typical cases [9][10] Group 2 - The introduction of a system for qualified professional institutional investors is part of the new regulations, which will help assess the reliability of companies applying under the fifth standard [10][11][17] - A pre-review mechanism has been established to protect sensitive information for technology companies, allowing them to apply for confidentiality during the listing process [18][19][20] - The establishment of a Sci-Tech Growth Layer is part of the new regulations, with specific criteria for companies to enter this layer, indicated by a "U" in their stock abbreviation [23][25][29]

Core Viewpoint - The resumption of the fifth set of standards for the Sci-Tech Innovation Board (STAR Market) is expected to revitalize the biopharmaceutical industry, which has faced a capital winter over the past two years, providing new investment opportunities and hope for long-term, capital-intensive projects [3][4][5]. Group 1: Industry Overview - The approval of Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) marks the first company to pass under the restarted fifth set of standards, indicating significant market expectations and a renewed focus on the biopharmaceutical sector [3][5]. - The biopharmaceutical industry is characterized by long cycles and substantial capital requirements, making stable policy support crucial for its growth [7][8]. Group 2: Investment Insights - Investors are concerned about whether the approval standards have been raised, with expectations that companies may need to provide more robust clinical data, potentially requiring phase III clinical trials for approval [8][9]. - The commercial viability and profitability of biopharmaceutical companies will be critical under the new standards, with a focus on meeting unmet clinical needs and maintaining competitive positioning in the market [10][9]. Group 3: Company Case Study - Heyuan Bio's core product, HY1001, has completed phase III clinical trials and is projected to launch in 2025, with expectations of significant sales starting in 2026 and profitability by 2027 [9][10]. - The company has established a sales network across over 30 provinces in China through agreements with major distributors, enhancing its market presence [9]. Group 4: Market Trends - The successful listing of Heyuan Bio may lead to a resurgence of interest in Pre-IPO and mid-stage biopharmaceutical investments, which had previously stagnated due to market conditions [15][16]. - The current market environment is seeing a shift towards more rational investment behavior, with investors becoming more cautious after previous market downturns, yet maintaining a long-term optimistic outlook for the industry [17][18].

Core Viewpoint - He Yuan Bio is the first company to be reviewed under the newly established fifth set of standards for the Sci-Tech Innovation Board, following the announcement of the growth tier for unprofitable companies [2][4]. Company Overview - He Yuan Bio, established in 2006, focuses on the research and development of innovative drugs, with its core product HY1001 (recombinant human albumin injection) having completed Phase III clinical trials and included in the priority review process by the National Medical Products Administration [4][5]. - The company has not yet generated revenue from its core innovative drug products, with current income primarily from pharmaceutical excipients and research reagents [5]. Financial and Operational Insights - He Yuan Bio has invested a total of 386 million yuan in R&D from 2022 to 2024, with a workforce of 178 employees, of which 122 are dedicated to R&D, accounting for nearly 70% [5]. - The innovative drug industry typically requires significant R&D investment and long development cycles, which contributes to He Yuan Bio's current lack of profitability [5]. Product Development and Market Position - The core product HY1001 aims to supplement or enhance the levels of human serum albumin in the blood, potentially replacing plasma-derived human serum albumin, which is currently widely used in clinical settings but largely imported [6]. - He Yuan Bio has achieved breakthroughs in increasing the expression levels and purity of recombinant human albumin, reducing production costs and enhancing clinical safety, with related technology awarded the National Technology Invention Award (Second Class) [6]. Industry Context - As of 2024, the 20 companies listed under the fifth set of standards on the Sci-Tech Innovation Board collectively generated over 14 billion yuan in revenue, a growth of over 40% compared to 2023 [8]. - The first quarter of 2025 saw these companies achieve a combined revenue of 3.78 billion yuan, reflecting a year-on-year growth of 29.27% [8]. - The fifth set of standards has supported the listing of high-quality tech companies that have not yet formed significant revenue scales, demonstrating the adaptability and inclusiveness of the Sci-Tech Innovation Board [9].

Core Viewpoint - The article discusses the upcoming IPO application review for He Yuan Bio, marking the restart of the fifth listing standard on the Sci-Tech Innovation Board, which has been expanded to include various industries beyond pharmaceuticals [1][2][7]. Group 1: Company Overview - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, having developed a leading rice recombinant protein expression system with a yield of 20-30g/kg of rice protein [3][4]. - The company has established two major technology platforms and has eight drug candidates in its pipeline, with six currently in clinical research [3]. Group 2: Financial Performance - He Yuan Bio has reported continuous losses over the past three years, with losses of 150 million RMB in 2024, 187 million RMB in 2023, and 144 million RMB in 2022 [4]. Group 3: IPO Plans - The company plans to raise 2.4 billion RMB through its IPO, which will be allocated to the construction of a recombinant human albumin industrialization base, new drug research and development, and to supplement working capital [5]. Group 4: Regulatory Context - The fifth listing standard on the Sci-Tech Innovation Board is designed for companies with complex product technologies and long R&D cycles, and it has been successfully implemented in the biopharmaceutical sector [6][7]. - The recent reforms aim to enhance the inclusivity and adaptability of the listing standards, particularly for high-quality, unprofitable tech companies [6].