Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in facilitating the path for unprofitable hard-tech enterprises to go public, reflecting the inclusivity of the new regulatory framework [1][3][4]. Group 1: New Listings and Standards - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, are the first to register under the newly established Sci-Tech Growth Layer, which aims to support technology firms with significant breakthroughs and promising commercial prospects despite being unprofitable [1][3]. - He Yuan Bio and Bibet adopted the fifth listing standard, breaking the listing drought since June 2023, with He Yuan Bio being the first to receive registration approval under this standard [3][4]. - Xi'an Yicai, a leading manufacturer in the 12-inch silicon wafer sector, listed under the fourth standard, emphasizing its strategic importance for the company's growth [4]. Group 2: Fundraising and Development Plans - He Yuan Bio plans to use the funds raised from its IPO to establish a large-scale, intelligent production base, aiming for a significant leap in its operational capacity [3]. - Xi'an Yicai's chairman highlighted that the funds raised will be entirely allocated to enhancing the capacity of its second factory, which is crucial for the company's strategic planning [4]. Group 3: Differentiated Lock-up Mechanism - A differentiated lock-up mechanism for offline investors was introduced alongside the IPOs, encouraging long-term investment by requiring higher lock-up ratios and longer periods for unprofitable companies [6][7]. - The lock-up ratios for A-class investors in He Yuan Bio range from 70% for 9 months to 10% for 6 months, while Xi'an Yicai and Bibet have similar structures, reflecting a commitment to long-term value [6][7]. Group 4: Reform Effects and Market Response - Since the launch of the "1+6" reform, the Sci-Tech Innovation Board has received applications from 26 companies, including 8 unprofitable ones, indicating a positive response to the new regulatory environment [9][10]. - The market has shown increased enthusiasm for Sci-Tech Innovation Board ETFs, with 21 new ETFs launched in four months, bringing the total to 105 and a total tracking product scale of 3000 billion [10][15]. Group 5: Investor Engagement and Education - Over 7.58 million investor accounts have been opened for trading in the Sci-Tech Growth Layer, reflecting a significant increase in market participation [20]. - The Shanghai Stock Exchange has conducted extensive investor education and outreach, covering over 1000 entities and enhancing market confidence in the reform measures [20][21].

Core Points - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in facilitating the IPO path for hard-tech enterprises [1][2] - The "1+6" policy reform initiated by the China Securities Regulatory Commission aims to better serve technology innovation and enhance the integration of technological and industrial innovation [1][6] - The introduction of a differentiated lock-up mechanism for offline investors is designed to attract long-term investment and promote reasonable pricing of new shares [4][5] Group 1: New Listings - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, are the first to register under the Sci-Tech Innovation Board's growth layer, indicating a more inclusive listing environment for unprofitable tech firms [1][2] - He Yuan Bio is the first company to receive registration approval under the fifth set of standards since its reintroduction, with a focus on innovative drug development [2][3] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is utilizing the fourth set of standards for its listing, emphasizing its strategic growth plans [3] Group 2: Policy Reforms - The "1+6" reform includes a comprehensive set of measures aimed at enhancing the adaptability and inclusiveness of the listing process for unprofitable enterprises [2][6] - The reform has led to an increase in the number of companies applying for listing, with 26 new applications received since the reform began, including eight unprofitable firms [6][7] - The expansion of the fifth set of standards to cover emerging sectors such as artificial intelligence and commercial aerospace reflects a response to the evolving landscape of hard-tech financing [6] Group 3: Investment Environment - The differentiated lock-up mechanism for offline investors aims to encourage professional institutions to focus on the long-term value of companies [4][5] - The enthusiasm for Sci-Tech Innovation Board ETFs has surged, with 21 new ETFs launched in four months, indicating a growing interest in the sector [7] - The total scale of products tracking the Sci-Tech Innovation Board has reached 300 billion yuan, directing funds towards key development areas in new productivity [7]

10月28日，科创板科创成长层将迎来首批新注册企业上市。证券时报记者从上交所获悉，科创成长层技 术系统改造如期完成，顺利上线股票(或存托凭证)的证券简称添加"U"标识、加"成1/成"标签。 据悉，行情终端和交易终端对科创板科创成长层股票简称后添加特殊标识"U"，对存量股票添加标 签"成1"，提示信息为"存量科创成长层股票"，对新注册股票添加标签"成"，提示信息为"新注册科创成 长层股票"。 根据相关要求，普通投资者首次申请开通科创板交易权限时，需要签署《科创板股票投资者风险揭示 书》，如果希望参与新注册的科创成长层股票的申购、交易，还需要签署《科创成长层风险揭示书》。 对于已开通科创板交易权限的存量普通投资者，须在签署《科创成长层风险揭示书》后，方可参与新注 册的科创成长层股票的申购、交易。 同时，上交所还联合地方政府相关部门、证监局等先后在上海、北京、杭州等14个重点城市举办政策宣 介会15场，积极引导市场有效解读改革政策措施。截至目前，政策宣介已覆盖企业、市场机构等1000余 家，累计超2300人参会，加快凝聚改革共识，提升市场信心。 上交所还走访多家重点企业，深入交流行业及技术发展情况，听取企业针对科创 ...

人民财讯10月27日电，10月27日，证券时报记者获悉，科创板科创成长层技术系统改造已如期完成。具 体来看，上交所完成市场机构技术改造情况检查、督导工作，9月20日完成通关测试，并顺利上线科创 板科创成长层股票(或存托凭证)的证券简称添加"U"标识、加"成1/成"标签以及官网科创成长层专栏。 ...

Core Insights - He Yuan Bio, the world's first company to innovate "rice hematopoiesis," will debut on the Sci-Tech Innovation Board, becoming the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently has 13 innovative pharmaceutical companies with a total market value of nearly 500 billion, having facilitated the approval of 25 new drugs since their listing [1] Group 1: Institutional Reform and Investment Trends - The establishment of the fifth set of listing standards on the Sci-Tech Innovation Board has allowed unprofitable companies to go public, significantly aiding innovative pharmaceutical companies in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, the cumulative financing scale of China's innovative pharmaceutical industry in both primary and secondary markets has exceeded 1 trillion [2] - The R&D pipeline of China's innovative drugs accounts for approximately 25% of the global total [2] Group 2: R&D and Commercialization Acceleration - High R&D investment is the main reason for the current unprofitability of companies in the Sci-Tech Growth Layer, but it is also the key driver for future innovation development [3] - In 2024, the total revenue of these innovative pharmaceutical companies is expected to reach 31.9 billion, with a year-on-year growth rate of 54.39% [3] - These companies have successfully launched 20 new drugs with "global new" attributes and achieved "breakthrough therapy" designation for 10 innovative drugs across 17 indications [3] Group 3: Leading Companies and Market Performance - Innovative pharmaceutical leader BeiGene has achieved a "qualitative leap" through a combination of "hardcore technology and commercialization breakthroughs," with R&D investment reaching 14.1 billion in 2024 [4] - BeiGene's core product, Zebrutinib, has been approved in over 70 countries and regions, benefiting 180,000 patients, with a half-year sales revenue of 1.3 billion, a year-on-year increase of over 56% [4] - BeiGene expects to exceed 35 billion in total revenue by 2025, entering a positive cycle of "R&D breakthroughs—product volume—profit realization" [4] Group 4: International Market Engagement - Several companies in the Sci-Tech Growth Layer have actively pursued international transactions this year, with a potential total transaction amount of nearly 5 billion [5] - For instance, Maiwei Bio has reached an exclusive licensing agreement with Calico, including a potential transaction total of 596 million [5] - Nocera Jianhua has announced a licensing agreement with Zenas BioPharma, expecting a total transaction amount exceeding 2 billion [5]

Core Viewpoint - He Yuan Bio, a pioneer in "rice hematopoiesis" innovative drugs, will debut on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] Group 1: Institutional Reform and Investment Trends - The fifth set of listing standards on the Sci-Tech Innovation Board has enabled companies without revenue or profits to go public, facilitating funding for innovative drug companies and spurring an investment boom in the sector [3] - Since 2019, the cumulative financing scale of China's innovative drug industry in both primary and secondary markets has exceeded 1 trillion yuan, leading to a surge in R&D activities [3] - The establishment of the "Sci-Tech Growth Layer" aims to enhance the adaptability and inclusiveness of the Sci-Tech Innovation Board, supporting the development of new productive forces and technological innovation [3] Group 2: R&D Investment and Commercialization - High R&D investment is the main reason for the current lack of profitability among innovative drug companies in the Sci-Tech Growth Layer, but it is also the key driver for future acceleration in innovation [5] - In 2024, the total revenue of these companies is expected to reach 31.9 billion yuan, with a year-on-year growth rate of 54.39%, significantly outpacing the average compound growth rate of the sector [5] - These companies have successfully launched 20 new national Class 1 drugs with "global new" attributes and achieved breakthrough therapy designations for 10 innovative drugs across 17 indications [5] Group 3: Market Recognition and Future Prospects - Innovative drug leaders like BeiGene have achieved significant milestones, including a projected revenue of over 35 billion yuan in 2025 and a positive operating profit, entering a virtuous cycle of R&D breakthroughs and product commercialization [6] - Several companies in the Sci-Tech Growth Layer have engaged in international transactions, with potential total transaction amounts nearing 5 billion dollars, indicating strong international market recognition [6] - Notable agreements include a licensing deal between Maiwei Bio and Calico, with a potential total of 596 million dollars, and a partnership between Nuocheng Jianhua and Zenas BioPharma, expected to yield over 2 billion dollars [6]

Core Viewpoint - The innovative drug company He Yuan Bio, known for its "rice blood-making" technology, is expected to soon list on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] Group 1: Industry Development - The fifth set of listing standards on the Sci-Tech Innovation Board allows unprofitable companies to issue shares, significantly aiding innovative drug companies in overcoming funding bottlenecks and accelerating drug development [2] - Since 2019, China's innovative drug industry has raised over 1 trillion yuan in financing across primary and secondary markets, leading to unprecedented activity in drug research and development [2] - China's innovative drug R&D pipeline accounts for approximately 25% of the global total, surpassing the number of active innovative drugs in the U.S. [2] Group 2: Company Performance - Companies like BeiGene and Baillie Gifford have achieved significant breakthroughs through a combination of advanced technology and commercialization strategies, with BeiGene's R&D investment reaching 14.1 billion yuan in 2024 [3] - BeiGene's core product, Zebrutinib, has received regulatory approval in over 70 countries and regions, generating 1.3 billion dollars in sales in the first half of the year, a year-on-year increase of over 56% [3] - Baillie Gifford announced a net profit of 3.7 billion yuan after its IPO, driven by a global strategic cooperation agreement with Bristol-Myers Squibb for its dual-antibody ADC drug [4] Group 3: Growth Potential - The Sci-Tech Growth Layer currently includes 13 innovative drug companies with a total market value of nearly 500 billion yuan, having facilitated the approval of 25 new drugs [5] - These companies are transitioning from R&D investment to commercialization, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [6] - Approximately 9 original innovative drugs from China have received FDA approval, with companies in the growth layer contributing 4 of these products [6] Group 4: International Collaborations - Companies like Maiwei Bio and Nocera have secured significant licensing agreements, with potential transaction totals reaching 596 million dollars and over 2 billion dollars, respectively [7]

Core Viewpoint - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) has signed a counseling agreement with CITIC Securities for its IPO, indicating a significant step towards public listing in the commercial aerospace sector [1] Company Overview - Tianbing Technology is a high-tech enterprise specializing in the development of next-generation liquid rocket engines and medium to large liquid launch vehicles, with a registered capital of 391 million yuan [1] - The company has been recognized as a unicorn for three consecutive years and is expected to enter the global unicorn list in 2024, showcasing strong growth potential [1] Development Strategy - The company aims to establish a product development strategy focusing on "three machines and two rockets," supported by strategic centers and platforms across various locations, including Beijing and Xi'an [1] - Tianbing Technology plans to build a supply chain system that radiates nationwide from the Yangtze River Delta and a launch market network that targets global reach [1] Financing Activities - In June of the previous year, Tianbing Technology announced the completion of over 1.5 billion yuan in Series C+ financing, which will primarily fund the maiden flight and mass production of the Tianlong-3 large liquid launch vehicle [2] Industry Context - The commercial aerospace sector is witnessing a surge in IPO activities, with companies like Blue Arrow Aerospace and Yixin Aerospace also initiating listing counseling this year [3] - The China Securities Regulatory Commission has increased support for the commercial aerospace industry, allowing unprofitable companies to apply for listing under the fifth set of standards on the Sci-Tech Innovation Board [3] - Various provinces have introduced policies to promote the high-quality development of the commercial aerospace sector, such as Guangdong and Shandong [3]

Core Viewpoint - The article discusses the launch and operational guidelines of the "Science and Technology Innovation Board Growth Layer," which aims to support unprofitable but promising technology companies in their development [5][19]. Group 1: Introduction of the Growth Layer - The "Science and Technology Innovation Board Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, marking a significant step in supporting technology enterprises that are not yet profitable but have strong growth potential [5]. - This new layer is designed to enhance the inclusivity for technology companies with promising futures, allowing them to access capital markets more easily [9][17]. Group 2: Participation Guidelines - Investors who already have trading permissions for the Science and Technology Innovation Board and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations are published, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened trading permissions for the Science and Technology Innovation Board, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the Growth Layer [11][12]. Group 3: Requirements for Investors - To open trading permissions for the Science and Technology Innovation Board, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must also have at least 24 months of trading experience and pass a knowledge test regarding the risks associated with trading on the Science and Technology Innovation Board [12]. Group 4: Identification of Growth Layer Stocks - Stocks of companies listed on the Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between them [17].

Group 1 - The core point of the article is the rapid progress of domestic GPU company Moer Thread in its IPO process, which reflects a significant shift in China's capital market policies towards supporting unprofitable hard technology enterprises [2][5][11] - Moer Thread's IPO application was approved by the Shanghai Stock Exchange on September 26, 2023, marking a swift journey from application acceptance to approval in less than three months [2][4] - The company has shown signs of reduced losses in the first half of 2025, despite having negative net profits for the past three years [2][4] Group 2 - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) on June 18, 2025, aims to facilitate the listing of unprofitable enterprises on the Sci-Tech Innovation Board [3][5] - Since the implementation of the new policy, seven unprofitable companies have had their IPO applications accepted, indicating a significant acceleration in the IPO process for such firms [4][6] - The CSRC's recent measures have led to three unprofitable companies successfully obtaining IPO registration, showcasing a renewed focus on supporting innovative enterprises [7][10] Group 3 - The current trend in A-share IPO policies is shifting from a comprehensive tightening to a more selective opening for unprofitable hard technology companies, reflecting a strategic alignment with national priorities [5][11] - The approval of unprofitable companies like West Xi'an Yiswei Material Technology Co., Ltd. under the new policies signifies a broader acceptance of technology-driven enterprises in the capital market [8][16] - The market anticipates that the review process for other unprofitable companies will accelerate, providing them with necessary funding to alleviate financing challenges [17][18] Group 4 - The capital market's focus is increasingly on core technology and market potential rather than just financial performance, indicating a shift towards long-term value assessment [11][16] - The successful IPOs of unprofitable companies are expected to enhance investor confidence in early-stage technology projects and improve exit expectations for investors [18][19] - The ongoing reforms in the capital market are designed to support high-quality development and align with national strategic goals, particularly in the hard technology sector [10][19]