Group 1: Core Views - Three companies, Xian Yicai, Heyuan Bio, and Bibet, were listed on the Shanghai Stock Exchange on October 28, marking the first batch of companies in the newly established Sci-Tech Innovation Board Growth Tier [1] - The total number of companies in the Sci-Tech Innovation Board has reached 592, with 35 in the Growth Tier, reflecting the board's commitment to supporting hard technology enterprises [1] Group 2: Heyuan Bio - Heyuan Bio's new plant in Wuhan is set to produce 120 tons of raw liquid annually, with its recombinant human serum albumin injection approved for market entry, becoming the first of its kind in China [2][3] - The company aims to revolutionize the global albumin market with its "rice blood-making" technology, which eliminates reliance on plasma extraction [4][5] - Heyuan Bio has achieved a purity level of 99.9999% for its recombinant human serum albumin, significantly improving production efficiency and safety [6][7] Group 3: Bibet - Bibet, a biopharmaceutical company focused on oncology and metabolic diseases, was also listed on the Sci-Tech Innovation Board, emphasizing its commitment to source innovation [9][10] - The company is advancing its global first-in-class drug, BEBT-908, which targets difficult-to-treat lymphoma patients, and is in the process of accelerating its clinical trials [11][12] - Bibet has developed a comprehensive platform for siRNA drug development, with multiple projects in various clinical stages, showcasing its innovative capabilities [12][13] Group 4: Xian Yicai - Xian Yicai, a key player in the semiconductor materials sector, has become the first unprofitable company to be listed on the Sci-Tech Innovation Board, highlighting the board's support for hard technology firms [17][18] - The company has achieved significant production capacity in 12-inch silicon wafers, ranking first in China and sixth globally, and aims to enhance the competitiveness of China's semiconductor industry [19][20] - Xian Yicai plans to raise 4.9 billion yuan through its IPO to expand its production capacity and accelerate technological advancements, with a goal of reaching 1.2 million wafers per month by 2026 [23][24]

证监会主席吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面，10月28日科创板科 创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、预先审阅等已经实施，改革效应 正加快显现，证监会还将启动实施深化创业板改革。除了关于深化创业板改革之外，吴清还在会上透露 将发布《关于加强资本市场中小投资者保护的若干意见》（以下简称《若干意见》），当晚，中小投资 者保护"23条"如期而至。 纵深推进创业板改革 10月27日，吴清重磅宣布将启动实施深化创业板改革。 吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面。将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 16年前，即2009年10月30日，创业板首批28只个股集体亮相，创业板开市。伴随着资本市场全面注册制 的推进，创业板也从核准制走向注册制。历经16年的发展，创业板也培育了不少龙头企业，包括宁德时 代、东方财富、新易盛、阳光电源等。 经统计，目前创业板市场共有1389只个股，合计总市值逼近18万亿元。 科创板改革效应正加快显现 北京商报 ...

10月27日，中国证监会主席吴清在2025金融街论坛上表示，纵深推进板块改革，增强多层次市场体系的 包容性和覆盖面。明天科创板科创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、 预先审阅等已经实施，改革效应正加快显现。 中经记者 郭婧婷 北京报道 （编辑：罗辑 审核：夏欣 校对：颜京宁） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：李悦 ） 证监会主席吴清10月27日在2025金融街论坛年会上表示，纵深推进板块改革，增强多层次市场体系的包 容性和覆盖面。明天科创板科创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、预 先审阅等已经实施，改革效应正加快显现。 ...

Core Points - Three companies, Bibit (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), are set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, marking the first batch of new listings since the launch of the Sci-Tech Growth Tier [1] - As of now, a total of 7.58 million investor accounts have opened trading permissions for the Sci-Tech Growth Tier, representing 126% of the active accounts among existing investors [1] - Following the release of the "1+6" policy reform for the Sci-Tech Board in June, 26 new companies have been accepted for listing, with 8 of them being unprofitable [1] - The first IPO application under the fifth set of listing standards, submitted by professional institutional investor Tianomaibo, was accepted on July 31 [1] - On September 26, the second IPO project under the restarted fifth set of listing standards, Anshi Bio, was accepted [1] - Companies such as Beixin Life, unprofitable company Moer Thread, and Angrui Micro have submitted registration on July 25, September 26, and October 15, respectively, under the fifth set of standards [1] - Unprofitable company Muxi Co. passed the listing committee review on October 24 [1]

（编辑 何帆） 本报讯 （记者毛艺融）10月27日，《证券日报》记者获悉，目前，共计758万个投资者账户开通了科创成长层交易权限， 占存量投资者活跃账户的126%。在加快推进科创成长层交易权限开通的同时，上交所持续做好投资者适当性管理和投资者教 育工作。截至9月底，制作科创板改革"1+6"标准宣讲课件并组织营业部宣讲200余场，实现了108家会员投资者适当性管理宣导 全覆盖。 ...

Group 1 - The core viewpoint of the article highlights the recent developments in the STAR Market following the implementation of the "1+6" reform policy, which has led to an increase in IPO applications from various companies, including those that are not yet profitable [1] - In June, 26 new companies were accepted for listing on the STAR Market, with 8 of them being unprofitable [1] - The first IPO application under the new fifth set of listing standards was submitted by Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. on July 31 [1] Group 2 - On September 26, the second IPO project under the restarted fifth set of listing standards was accepted, involving Beijing Anshi Biotechnology Co., Ltd. [1] - Several companies have submitted registration under the fifth set of standards, including Shenzhen Beixin Life Technology Co., Ltd. and unprofitable companies like Moer Thread Intelligent Technology (Beijing) Co., Ltd. and Beijing Angrui Microelectronics Technology Co., Ltd. [1] - Unprofitable company Muxi Integrated Circuit (Shanghai) Co., Ltd. passed the listing committee review on October 24 [1]

禾元生物、西安奕材、必贝特等公司正在发行、即将上市并直接进入科创成长层。 科创成长层将迎来首批新注册股票。近期，禾元生物、西安奕材、必贝特等公司正在发行、即将上市并 直接进入科创成长层。 根据公告，禾元生物、西安奕材、必贝特均已完成战略配售、网上网下发行等工作，发行价分别为 29.06元/股、8.62元/股、17.78元/股，募资总额分别约25.99亿元、46.36亿元、16亿元。 在这之前，32家尚未扭亏的存量未盈利上市企业已全部进入科创成长层。2025年上半年，成长层公司整 体减亏71.23亿元，13家公司同比缩亏幅度超过20%。 据统计，科创板开板至今共支持54家未盈利公司上市，22家公司上市后实现盈利并"摘U"，平均每 年"摘U"4家。 2022年度～2024年度及2025年上半年，该公司尚未实现药品获批上市并实现销售收入，净利润分别亏损 1.88亿元、1.73亿元、5599.83万元和7389.29万元，主要系产品的研发投入较大所致。 西安奕材是硅片企业，选择科创板第四套标准上市，在今年8月29日获得注册批文。该公司此次公开发 行股票数量为5.378亿股，占发行后总股本的比例为13.32%。 202 ...

Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, allowing for more flexible arrangements for unprofitable companies in terms of lock-up periods and ratios [1][5]. Group 1: New Issuance Mechanism - The first three new stocks on the Sci-Tech Innovation Board are adopting an agreed lock-up method for offline subscription, which is a first in the A-share market [1][2]. - This new method is part of the implementation of the "Eight Measures" aimed at enhancing the issuance and underwriting system for unprofitable companies [5][6]. Group 2: Lock-up Periods and Ratios - The agreed lock-up method includes three tiers of lock-up periods and ratios for investors: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [3][4]. - A-class investors can choose from different lock-up tiers, while B-class investors are limited to the lowest tier [3][4]. Group 3: Implications for Investors - The new rules require that the allocation ratio for offline investors with higher lock-up ratios and longer periods must not be lower than that of other investors [4][6]. - The changes are expected to lead to a higher allocation ratio for A-class investors, particularly if they predominantly choose Tier 2 during the inquiry process [4].

Core Viewpoint - The introduction of the agreed lock-up method for the first three new stocks in the growth tier of the Sci-Tech Innovation Board marks a significant change in the A-share market, aimed at enhancing the lock-up ratio and period for unprofitable companies, thereby increasing the allocation ratio for institutional investors [1][6]. Summary by Sections New Lock-up Method - The new agreed lock-up method is introduced alongside traditional methods, allowing for more flexible arrangements for unprofitable companies in terms of lock-up and allocation [2]. - This method is expected to raise the requirements for underwriters' pricing and sales capabilities [2]. Details of the First Three Stocks - The first three companies to adopt this method include Xi'an Yicai, which announced different lock-up ratios and periods for its offline issuance [3]. - The lock-up tiers are set as follows: - Tier 1: 60% lock-up for 9 months - Tier 2: 45% lock-up for 6 months - Tier 3: 25% lock-up for 6 months [4]. Investor Participation - Class A investors can choose from different lock-up tiers, while Class B investors are limited to the lowest tier [5]. - The lock-up period starts from the date the stocks are listed on the Shanghai Stock Exchange, with no restrictions on other allocated shares [5]. Implications of New Regulations - The new regulations are part of the broader reforms initiated by the China Securities Regulatory Commission to enhance the issuance and underwriting system for unprofitable companies [6]. - The adjustments to the rules aim to increase the allocation ratio for long-term investors and provide a more structured approach to the lock-up arrangements [6].