Core Insights - The article highlights the rapid growth and commercialization of biopharmaceutical companies listed under the fifth set of standards on the STAR Market, with 90% of their drugs approved for market release [1][2]. Group 1: Market Overview - As of mid-July 2025, 20 biopharmaceutical companies have raised a total of 42.871 billion yuan through IPOs, contributing to a total A-share market capitalization exceeding 320 billion yuan [1]. - The STAR Market's fifth set of listing standards has facilitated the entry of high-growth, unprofitable tech companies, particularly in the biopharmaceutical sector, which has become a cornerstone of China's pharmaceutical innovation [1][2]. Group 2: Company Performance - Among the 20 companies, 19 have successfully launched 45 self-developed drugs/vaccines, with one company's product application currently under review [2]. - In 2024, these companies collectively achieved a revenue of 14.339 billion yuan, marking a 45% year-on-year increase and a compound annual growth rate of 61.33% since 2019 [4]. - Notably, 16 of these companies reported revenues exceeding 100 million yuan, with four surpassing 1 billion yuan, indicating a significant shift from pre-IPO zero revenue to substantial sales figures [4]. Group 3: Innovation and Product Development - The companies have introduced 20 first-class innovative drugs that have not been marketed domestically or internationally, with nine new additions since 2024 [2]. - An example of innovation is the drug Shuwotini by Dizhe Pharmaceutical, which is the first Chinese innovative drug to receive breakthrough therapy designation in both China and the U.S. for lung cancer treatment [3].

Core Viewpoint - The recent week saw a quiet IPO market in Hong Kong, with three companies submitting applications and one company halting its IPO due to ongoing disputes, while several A-share companies announced preparations for Hong Kong IPOs [1][2]. A-Share Dynamics - Shenzhen Beixin Life Technology Co., Ltd. successfully passed its IPO review on July 18, aiming to raise 0.952 billion yuan, marking it as the second company this month to adopt the fifth set of standards for the Sci-Tech Innovation Board [2]. - Beixin Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, and is recognized as a national high-tech enterprise [2]. Newly Listed Companies 1. **Viliant Biotech-B (09887.HK)** - Listed on July 17, raising approximately 1.01 billion HKD, becoming the first "B" labeled new stock in the Hong Kong innovative drug sector [3]. - The company has completed eight rounds of financing, totaling 1.084 billion yuan, and focuses on developing new therapies for cancer and autoimmune diseases [3]. 2. **Lianqi Technology (06610.HK)** - Listed on July 16, raising about 5.89 billion HKD, with projected revenue of 3.64 billion yuan and net profit of 1.34 billion yuan for 2024 [4][5]. - The company specializes in high-performance, low-power interconnect solutions for cloud computing and AI infrastructure [4]. 3. **Xingyuan Material (01908.HK)** - Listed on July 15, raising approximately 3.31 billion HKD, and is the leading manufacturer of lithium-ion battery separators globally [6]. - The company has seen its market share grow from 11.0% in 2020 to 14.4% in 2024, with significant clients including LG Energy, Samsung SDI, and CATL [6]. 4. **Lao Xiang Ji (09981.HK)** - Listed on July 15, raising about 1.55 billion HKD, and is the largest Chinese fast-food brand by transaction volume in 2024 [7][8]. - The company operates a mix of direct and franchise models, with a total of 1,564 stores across nine provinces and 58 cities as of April 30, 2025 [7][8]. Companies Submitting Applications 1. **WeDoctor Holdings** - Submitted its application on July 16, with Morgan Stanley as the exclusive sponsor, ranking second in China's online medical service market by revenue [9]. - The company aims to enhance grassroots medical institutions' capabilities through AI applications [9][10]. 2. **Hive Energy** - Submitted its application on July 15, with CITIC International and Citigroup as joint sponsors, ranking sixth globally and third domestically in battery installation volume for 2024 [11][12]. Market Dynamics - The Shanghai Stock Exchange announced the termination of an IPO application by Wendoli Sunshade Materials [13]. - As of July 18, 2025, there are 34 companies that have passed the IPO review but have not yet received approval from the China Securities Regulatory Commission [13].

Group 1 - The Sci-Tech Innovation Board (STAR Market) has five listing standards, with the first requiring profitability and a minimum market value of 1 billion yuan [1][9]. - The second standard allows for losses if the company has a market value of at least 1.5 billion yuan and revenue of 200 million yuan in the last year, with over 15% of revenue invested in R&D over the past three years [2][3]. - The third standard requires a market value of 2 billion yuan and revenue of 300 million yuan in the last year, along with a net cash flow of 100 million yuan over the past three years [4][9]. - The fourth standard mandates a market value of 3 billion yuan and revenue of 300 million yuan in the last year, without cash flow requirements [5][6]. - The fifth standard does not require profitability, revenue, or cash flow, but mandates a market value of at least 4 billion yuan and approval for core products by relevant authorities [7][8]. Group 2 - Since the launch of the STAR Market, 20 companies have listed under the fifth standard, all in the biopharmaceutical sector [9]. - The fifth standard's listing has been paused since the second half of 2023 due to a lack of data for assessment, but plans to restart it were announced for June 2025 [10]. - The introduction of seasoned professional institutional investors is a key innovation to help assess companies that are unprofitable and have no revenue [10][11]. Group 3 - The STAR Market emphasizes "hard technology" and only accepts technology companies with significant technical content for listing [16]. - Industries such as real estate, finance, and investment are prohibited from listing on the STAR Market [17][18]. - The STAR Market encourages seven specific industries, including new generation information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine, and other fields aligned with its positioning [19][20][21][22][23]. Group 4 - Companies must meet specific technical requirements to qualify as "hard technology," including R&D investment ratios, R&D personnel ratios, and patent counts [24][25][26]. - Companies can also qualify if they have core technologies recognized by national authorities or have received significant national awards [28]. Group 5 - In addition to industry, performance, and technical requirements, companies must have a sound management structure and no issues with equity [34].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, marking it as the second company to do so after the resumption of the fifth listing standard [1][2]. Group 1: IPO Details - Beixin Life aims to raise 9.52 billion yuan for projects including the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [4][5]. - The company has a history of continuous financing since its establishment in 2015, with multiple rounds of equity transfers and capital increases [7]. - The company has been in a state of continuous losses, with cumulative undistributed profits amounting to -735.86 million yuan as of December 31, 2024 [11][15]. Group 2: Financial Performance - Revenue has shown rapid growth, with figures of 92.45 million yuan, 183.98 million yuan, and 316.60 million yuan over the reporting periods [14]. - The company has incurred net losses of -300.44 million yuan, -155.21 million yuan, and -53.74 million yuan in the same periods, with a decreasing trend in loss amounts [14][16]. - The gross profit margin has remained relatively stable at 63.50%, 65.02%, and 63.32%, although it is slightly lower than the industry average [18]. Group 3: Product and Market Position - Beixin Life specializes in innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with core products including the IVUS diagnostic system and FFR measurement system [12][13]. - The company has launched 11 products to the market and has 6 products under development, covering various categories [13]. - The core products have gained regulatory approval, with the FFR system launched in 2020 and the IVUS system in 2022, contributing significantly to revenue [13]. Group 4: Challenges and Risks - The company faces high operational costs, with sales expense ratios significantly above industry averages, indicating potential inefficiencies [20]. - There has been a notable decline in R&D personnel, with a reduction of nearly 30% from 151 to 109 employees, which may impact innovation and product development [24][26]. - The company has experienced high share-based payment expenses due to multiple employee stock incentive plans, contributing to its cumulative losses [22][23].

Core Viewpoint - The article discusses the upcoming IPO of Shenzhen Beixin Life Technology Co., Ltd. on the Sci-Tech Innovation Board, highlighting the acceleration of the review process for companies using the fifth set of listing standards, particularly in the pharmaceutical sector [1][6]. Group 1: Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases and is recognized as a national high-tech enterprise [3]. - The company has faced 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 to 2024, respectively, and corresponding net losses of about -290 million yuan, -140 million yuan, and -43.596 million yuan, showing a trend of reduced losses [3]. Group 2: IPO Progress and Financials - Beixin Life's IPO was accepted on March 30, 2023, and it entered the inquiry stage on April 24, 2023, but faced delays due to tightened IPO reviews until the recent resumption of the fifth set of standards [3][5]. - The company plans to raise 9.52 billion yuan through its IPO, which is the lowest among the five companies currently queuing for the fifth set of standards, with funds allocated for the construction of a medical device industrialization base, R&D projects, marketing network development, and working capital [7]. Group 3: Industry Context - There are currently five pharmaceutical companies, including Beixin Life, queuing for IPOs under the fifth set of standards, reflecting a supportive regulatory environment for innovative pharmaceutical enterprises [5][6]. - The fifth set of listing standards aims to provide financing opportunities for companies with advanced technology and research capabilities, particularly those in critical development phases or with breakthrough technologies in medical devices [8][9].

Core Viewpoint - The reactivation of the fifth listing standard for the Sci-Tech Innovation Board has accelerated the IPO process for innovative pharmaceutical and medical device companies, providing them access to capital markets [1][2]. Group 1: IPO Progress and Financing - North Chip Life is set to undergo its IPO review on July 18, marking it as the second medical device company to be reviewed under the reactivated fifth listing standard [1]. - The company aims to raise 9.52 billion yuan, with allocations for the establishment of a medical device industrialization base, R&D projects, and working capital [1]. - The initial fundraising target was 12.74 billion yuan, indicating a reduction in the scale of fundraising and the removal of the marketing network construction project [1]. Group 2: Market Environment and Support - The Chinese government has increased support for genuinely innovative pharmaceutical and medical device companies through diversified financing, favorable tax policies, and integration of industry, academia, and research [2]. - The development environment for these companies has significantly improved, although the success of IPOs will increasingly depend on the companies' inherent value [2]. Group 3: Company Performance and Product Development - North Chip Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with nine products commercialized, including IVUS and FFR systems [3]. - Revenue has shown consistent growth, with figures of 92.45 million yuan, 184 million yuan, and 317 million yuan from 2022 to 2024 [3]. - The FFR system's revenue decreased from 81 million yuan to 77 million yuan, while IVUS revenue surged from 9 million yuan to 217 million yuan, indicating a shift in revenue sources [4]. Group 4: Financial Health and Profitability - In Q1 2025, the company achieved a revenue of 128 million yuan, a year-on-year increase of 104.9%, and turned a profit of 18.68 million yuan, a growth of 184.28% [4]. - Despite recent profitability, the company still faces cumulative losses of 736 million yuan as of the end of 2024, indicating a need for further strengthening of its profit base [4]. Group 5: Competitive Landscape - North Chip Life faces competition from established international brands like Boston Scientific and Abbott, which have significant market shares in the cardiovascular sector [5]. - The domestic IVUS market has ten approved products, with most entering the medical insurance directory, while the FFR market is dominated by established players [6]. Group 6: R&D and Sales Challenges - The company has seen a decline in R&D investment from 143 million yuan to 113 million yuan from 2022 to 2024, with a significant drop in the proportion of revenue allocated to R&D [7]. - The number of R&D personnel has decreased from 151 to 109, raising concerns about the retention of high-level talent [7]. - Sales expenses have remained high, with figures of 75.88 million yuan, 103 million yuan, and 110 million yuan from 2022 to 2024, significantly above industry averages [8][9].

Group 1 - The Shanghai Stock Exchange has officially introduced a system for seasoned professional institutional investors for companies applying under the fifth listing standard of the Sci-Tech Innovation Board [1][2] - The guidelines clarify the definition, requirements for shareholding and independence, recognition of seasoned professional institutional investors, and information disclosure and verification requirements [1][4] - This initiative aims to leverage the professional judgment of institutional investors to enhance the review process, increase inclusivity, and guide long-term capital towards early-stage, small-scale, and hard technology investments [1][2] Group 2 - The introduction of seasoned professional institutional investors is expected to improve the identification and assessment of the innovative attributes and commercial prospects of technology companies [2][5] - The guidelines set strict standards for defining seasoned professional institutional investors, including governance structure, asset management scale, and investment experience [4] - The investment landscape has evolved with significant growth in private equity and venture capital funds, providing substantial support to technology companies at various stages [6] Group 3 - The experience from mature markets, such as the Hong Kong Stock Exchange, shows that seasoned investors can significantly contribute to the growth and profitability of listed companies [3] - The new system is anticipated to enhance the attractiveness and vitality of the capital market, optimize resource allocation, and broaden financing channels for venture capital firms [7] - The introduction of this system may lead to a more pronounced "Matthew Effect" in the private equity industry, where leading firms gain more advantages, potentially pushing smaller firms to focus on niche markets [7]

Core Viewpoint - The article discusses the recent developments in the Shanghai Stock Exchange (SSE) regarding the listing of companies under the Sci-Tech Innovation Board, particularly focusing on the upcoming IPO of Beixin Life, which is the second company to adopt the fifth set of listing standards in 2025 [1][3]. Group 1: Company Overview - Beixin Life is a medical device company specializing in innovative diagnostic equipment for cardiovascular diseases, with a focus on the development, production, and sales of its products [3]. - The company meets the listing criteria under the Sci-Tech Innovation Board, with an expected market value of no less than 4 billion yuan and has achieved significant milestones in its product development [3]. Group 2: Product and Market Position - The core products of Beixin Life include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, making it the first domestic company to offer a combination of these technologies [4]. - The FFR system captured a 30.6% market share in China shortly after its launch in 2020, indicating strong market acceptance and demand for its products [4]. Group 3: Financial Performance - Beixin Life reported net losses of 179 million yuan, 164 million yuan, and 63 million yuan for the years 2022 to 2024, respectively, with a cumulative undistributed profit of -736 million yuan as of the end of 2024 [4]. - The ongoing losses are attributed to a small revenue scale that cannot cover operational costs, particularly high R&D and sales expenses [4]. Group 4: Regulatory Environment - The SSE has recently implemented reforms to the Sci-Tech Innovation Board, allowing unprofitable companies to enter the growth tier without additional listing hurdles, which is significant for companies like Beixin Life [2][6]. - The new rules also include a special identifier "U" for stocks in the growth tier, helping investors distinguish between new and existing stocks in this category [7]. Group 5: Industry Context - Since the establishment of the Sci-Tech Innovation Board in 2019, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing [6]. - The total revenue generated by these companies in 2024 reached 174.48 billion yuan, showcasing the potential for growth and recovery in the sector [6].

Group 1 - The core viewpoint of the articles emphasizes the importance of the fifth listing standard on the Sci-Tech Innovation Board, which allows unprofitable companies with significant market potential and approved products to access capital markets, thereby enhancing market inclusivity [1][2][3] - Shanghai Hengrun Da Biological Technology Co., Ltd. plans to apply for listing on the Sci-Tech Innovation Board under the fifth standard, despite currently being unprofitable and not having products on the market [1] - Since the introduction of the fifth listing standard, 20 innovative biopharmaceutical companies have successfully listed, with 19 of them having launched core products, indicating a growing trend in China's biopharmaceutical innovation landscape [2] Group 2 - The fifth listing standard does not impose revenue or profit requirements but focuses on the approval of main products and significant market potential, facilitating access for companies with core competitiveness [2] - The recent optimization of the fifth listing standard aims to include emerging fields such as artificial intelligence and commercial aerospace, aligning listing criteria with industry innovation [3] - Experts suggest enhancing risk prevention mechanisms and improving information disclosure to ensure the healthy development of the Sci-Tech Innovation Board, including the introduction of third-party verification and advanced regulatory technologies [3]

Core Viewpoint - The article discusses the recent submission of listing materials by Hengrun Dashing, a biopharmaceutical company, under the fifth set of listing standards on the Sci-Tech Innovation Board, highlighting the trend of allowing unprofitable companies to list, which supports the development of high-quality technology enterprises [2][3][9]. Group 1: Company Overview - Hengrun Dashing is a biopharmaceutical company focused on innovative immune cell therapy products, particularly in the treatment of malignant blood diseases and solid tumors [6]. - The company has a pipeline of 11 research projects, including 10 major products utilizing technologies such as CAR-T and CAR-NK [6]. - As of the date of the prospectus, all products are still in the research and development phase, with no commercial sales or profitability expected in the near future [5][6]. Group 2: Financial Performance - The company has reported significant projected losses for the upcoming years, with net profits expected to be -273.71 million yuan, -283.65 million yuan, and -187.76 million yuan for 2022, 2023, and 2024 respectively [5]. - Cumulative undistributed profits amount to -904.15 million yuan as of the report date [5]. Group 3: Listing Standards and Market Context - The fifth set of listing standards on the Sci-Tech Innovation Board is designed for companies with complex product technologies, high capital requirements, and long research cycles, particularly in the biopharmaceutical sector [9]. - Since the establishment of the Sci-Tech Innovation Board in 2019, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing [9]. - The resumption of the fifth set of listing standards is seen as a positive move to enhance the inclusivity and adaptability of the regulatory framework for high-quality unprofitable technology enterprises [3][9].