Core Viewpoint - The establishment of the "Science and Technology Innovation Growth Layer" aims to bridge the gap between high R&D, temporarily unprofitable "hard technology" entities and capital markets, providing timely support for the new generation of information technology industry [3][4]. Group 1: Company Developments - A domestic AI chip company, previously in a long-term loss state, has raised 3.985 billion yuan through a private placement to enhance its competitiveness in the smart chip industry [1]. - The company, Cambrian, has completed two rounds of refinancing totaling over 8.2 billion yuan since its IPO, allowing it to address urgent development needs [3]. - The "Science and Technology Innovation Growth Layer" has attracted 32 companies, with 18 new applications submitted after the introduction of the "1+6" policy [4]. Group 2: Technological Advancements - Companies in the growth layer are focusing on solving key core technology issues, contributing to the development of the real economy [6]. - In the semiconductor manufacturing sector, ChipLink has become one of China's largest production bases for automotive-grade IGBTs, penetrating over 90% of domestic new energy vehicle manufacturers [7]. - Cambrian is deepening technical cooperation with leading companies in the AI field, integrating into the domestic AI infrastructure [7]. Group 3: Market Confidence and Future Outlook - The growth layer has instilled confidence in the market to continue investing in hard technology, paving the way for the future development of the new generation of information technology [3]. - Companies like Efort and Orbbec are actively investing in long-term R&D to seize opportunities in emerging markets, such as industrial robotics and 3D vision products [10]. - The introduction of more inclusive policies and reforms aims to cultivate a capital ecosystem that aligns with the development of hard technology enterprises [11][12].

Listing Overview - The company, Guangzhou Bibete Pharmaceutical Co., Ltd., will list its common stock on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025, with the stock code 688759 [1][2] - The total share capital after this issuance will be 450.036657 million shares, with 90 million shares being publicly offered, accounting for 20% of the total share capital post-issuance [2] Financial Metrics - The offering price is set at 17.78 CNY per share, which corresponds to a diluted 2024 price-to-research ratio of 66.52 times, lower than the average level of comparable companies in the pharmaceutical manufacturing industry, which has a recent average static price-to-earnings ratio of 31.83 times [5] Share Liquidity - The initial number of freely tradable shares will be 46.461981 million, representing 10.32% of the total share capital post-issuance, indicating a potential liquidity risk due to a relatively low number of circulating shares [4][3] Market Conditions - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Layer upon listing, which may affect investor participation and trading dynamics [2][3]

Core Viewpoint - The first batch of companies, including Xi'an Yicai, Heyuan Bio, and Bibet, will be listed on the Sci-Tech Innovation Board on October 28, marking a significant step in the establishment of the Sci-Tech Growth Layer [1][2]. Group 1: Company Listings - Xi'an Yicai, Heyuan Bio, and Bibet are the first companies to be listed in the Sci-Tech Growth Layer, with respective issue prices of 8.62 yuan, 29.06 yuan, and 17.78 yuan per share [2]. - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, aiming to raise approximately 4.636 billion yuan for its second-phase silicon industry base project [2][3]. - Heyuan Bio is an innovative biopharmaceutical company with a global leading plant bioreactor technology platform, raising about 2.599 billion yuan [3]. - Bibet is a biopharmaceutical company focused on innovative drug development, aiming to raise around 1.6 billion yuan [3]. Group 2: Industry Context - The establishment of the Sci-Tech Growth Layer aims to support high-growth potential tech companies that are not yet profitable, providing them with a dedicated financing channel [5][6]. - Over 10 high-tech companies, including Moer Thread and Angrui Micro, are in the IPO process, indicating a rapid acceleration in the IPO progress for tech firms [4]. - The introduction of the Sci-Tech Growth Layer is seen as a significant innovation in the capital market, providing valuable experience for future reforms and better serving the real economy and national innovation strategies [6].

Core Viewpoint - The launch of the "1+6" reform on June 18 has led to the establishment of the Sci-Tech Innovation Board's Growth Layer, with the first batch of companies set to list on October 28, indicating a significant step in supporting high-growth potential tech firms in China [7][8]. Group 1: Listing Companies - Xi'an Yicai, Heyuan Bio, and Bibet will be the first companies to list on the Sci-Tech Innovation Board's Growth Layer on October 28, with respective issue prices of 8.62 CNY, 29.06 CNY, and 17.78 CNY per share [3][4]. - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, aiming to raise approximately 4.636 billion CNY for its second-phase project [3][4]. - Heyuan Bio is an innovative biopharmaceutical company with a global leading plant bioreactor technology platform, raising about 2.599 billion CNY [4][5]. - Bibet is a biopharmaceutical company focused on innovative drug development, with a fundraising target of approximately 1.6 billion CNY [5]. Group 2: Industry Context - The establishment of the Growth Layer allows unprofitable tech companies to access capital markets, enhancing the support for technological innovation and stabilizing market expectations [8][9]. - The Growth Layer is designed to cater to the financing needs of high-growth potential tech firms, facilitating their transition from startup to maturity and fostering international competitiveness [9]. - The current pipeline includes over 10 high-tech companies, such as Moer Thread and Angrui Micro, indicating a rapid acceleration in the IPO process for tech firms [6].

广州必贝特医药股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信证券股份有限公司 联席主承销商：国信证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，广州必贝特医药股份有限公司（以下简称"必 贝特"、"公司"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 10 月 28 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn）和符合中国证 监会规定条件网站（上海证券报：https://www.cnstock.com；中国证券报： https://www.cs.com.cn/ ；证券日报： http://www.zqrb.cn ； 证 券 时 报 ： https://www.stcn.com ； 经 济 参 考 报 ： http://www.jjckb.cn ； 金 融 时 报 ： https://www.financialnews.com ...

Core Insights - He Yuan Bio (688765) is set to 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 includes 13 innovative pharmaceutical companies with a total market capitalization of nearly 500 billion yuan, having facilitated the approval of 25 new drugs since their listing [1] Group 1: Institutional Reforms and Investment Trends - The reintroduction of the fifth set of listing standards on the Sci-Tech Board has allowed unprofitable companies to go public, significantly aiding innovative pharmaceutical firms in overcoming funding bottlenecks and accelerating drug development [2] - 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 research and development activities [2] - The establishment of the Sci-Tech Growth Layer in June aims to enhance the adaptability and inclusiveness of the Sci-Tech Board, supporting the development of new productive forces and technological innovation [2] Group 2: R&D and Commercialization Acceleration - High R&D investment is a primary reason for the current unprofitability of companies in the Sci-Tech Growth Layer, but it is also a key driver for future innovation [3] - In 2024, the total revenue of these innovative pharmaceutical companies is projected to reach 31.9 billion yuan, with a year-on-year growth rate of 54.39%, significantly outpacing the sector's average [3] - These companies have successfully launched 20 new drugs classified as "global new" and achieved "breakthrough therapy" designation for 10 innovative drugs across 17 indications [3] Group 3: Leading Companies and Market Performance - BeiGene, a leading unprofitable innovative drug company, has achieved a "qualitative leap" through a combination of advanced technology and commercialization strategies, with R&D investment reaching 14.1 billion yuan in 2024 [4] - BeiGene's core product, Zebrutinib, has become the first domestic innovative drug to exceed 1 billion dollars in sales, with 1.3 billion dollars in half-year sales revenue in the first half of this year, reflecting over 56% year-on-year growth [4] - The company anticipates revenues exceeding 35 billion yuan in 2025, with operating profits turning positive, entering a virtuous cycle of "R&D breakthroughs—product scaling—profit realization" [4] Group 4: International Collaborations and Market Recognition - Several companies in the Sci-Tech Growth Layer have actively pursued international transactions this year, with potential total transaction amounts nearing 5 billion dollars, indicating global market recognition of their innovative capabilities [5] - For instance, Maiwei Bio has entered into a licensing agreement with Calico, a biotech company founded by Alphabet Inc., with a potential transaction value of 596 million dollars [5] - Another example includes Nuo Cheng Jian Hua, which announced a licensing agreement with Nasdaq-listed Zenas BioPharma, expecting an upfront payment of 100 million dollars and potential total transaction value exceeding 2 billion dollars [5]

Core Points - The first batch of new registered stocks is entering the Sci-Tech Innovation Growth Layer, including companies like He Yuan Bio, Xi'an Yicai, and Bibet, which are currently issuing and preparing for listing [1][2] - The issuance prices for these companies are 29.06 CNY/share, 8.62 CNY/share, and 17.78 CNY/share, raising approximately 25.99 billion CNY, 46.36 billion CNY, and 16 billion CNY respectively [1][2] - As of now, 32 unprofitable listed companies have entered the growth layer, with a total loss reduction of 71.23 billion CNY in the first half of 2025 [1][6] Company Summaries - He Yuan Bio, which applied for listing under the fifth set of standards, has projected revenues of 13.40 million CNY in 2022, 24.26 million CNY in 2023, and 25.22 million CNY in 2024, with net losses of 144 million CNY, 187 million CNY, and 151 million CNY respectively [2][3] - Bibet, also a biopharmaceutical company, has not yet achieved drug approval or sales revenue, with projected net losses of 188 million CNY, 173 million CNY, and 55.99 million CNY from 2022 to 2025 [3] - Xi'an Yicai, a silicon wafer company, has reported revenues of 1.05 billion CNY, 1.47 billion CNY, and 2.12 billion CNY from 2022 to 2025, with net losses of 412 million CNY, 578 million CNY, and 738 million CNY respectively [3] Industry Insights - The growth layer companies are primarily distributed across new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [4] - The revenue growth rate for growth layer companies has averaged 27.87% annually since 2019, outperforming the overall sector by nearly 4 percentage points [6][7] - In 2024, the total R&D investment of 32 growth layer companies reached 30.6 billion CNY, with a median R&D investment to revenue ratio of 65.40%, leading the Sci-Tech Innovation Board [7]

Core Viewpoint - The article discusses the characteristics, applicability, and disclosure requirements of companies in the Sci-Tech Innovation Board's growth tier, emphasizing support for technology-driven firms that are not yet profitable but have significant potential for breakthroughs and market expansion [4][5][6]. Group 1: Characteristics of Sci-Tech Innovation Board Growth Tier Companies - Companies in the growth tier are defined as technology-oriented firms that have made significant technological breakthroughs, possess broad commercial prospects, and maintain substantial R&D investments, while still being in a pre-profit stage at the time of listing [4]. Group 2: Applicability of the Growth Tier - The growth tier applies to both existing Sci-Tech Innovation Board companies that have not yet turned a profit (referred to as existing companies) and newly registered companies that are also unprofitable at the time of listing (referred to as incremental companies) [5]. Group 3: Criteria for Removal from the Growth Tier - The removal criteria for incremental companies are based on achieving profitability, specifically: (1) both of the last two years must show positive net profits with a cumulative net profit of no less than 50 million yuan, or (2) the last year must show a positive net profit with revenues of no less than 100 million yuan. Existing companies will only be removed upon achieving profitability for the first time after listing [6]. Group 4: Investor Awareness of Removals - Investors can learn about a company's removal from the growth tier through the annual report, where companies must disclose their compliance with the removal criteria. Additionally, the stock or depositary receipt will lose its special identifier "U" if removed from the growth tier [8]. Group 5: Trading Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not subject to this requirement [9]. Group 6: Disclosure Requirements for Growth Tier Companies - Companies in the growth tier face stricter disclosure requirements, particularly regarding the reasons for not being profitable and the impact on the company, which must be highlighted in the annual report. Continuous supervision by sponsoring institutions is mandated to ensure compliance with these disclosure obligations [10][11].

Core Insights - Three companies received IPO approval during the week, with two submitting registration and two having their registration effective [1][2] - He Yuan Bio announced an issuance price of 29.06 yuan per share, with a total issuance of 89.45 million shares, all being new shares [1] - Xi'an Yiswei Material Technology Co., Ltd. and Guangzhou Bibete Pharmaceutical Co., Ltd. also conducted online and offline subscriptions [1][2] Company Summaries - He Yuan Bio is the first company to apply for listing under the new "1+6" policy on the Sci-Tech Innovation Board, expected to be among the first new registered companies in the growth tier [1] - Xi'an Yiswei confirmed a total issuance of 537.8 million shares, with 20 investors receiving strategic placements totaling 268.9 million shares [2] - Bibete announced an issuance of 9 million shares at a price of 17.78 yuan per share, with the online subscription lottery scheduled for October 20, 2025 [2] Financial Performance - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set to present for IPO on October 24, with reported revenues of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan over the past four years, and net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [2] - Beijing Angrui Microelectronics Technology Co., Ltd. is also an unprofitable company, with revenues of 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan, and net losses of 290 million yuan, 450 million yuan, 64.7 million yuan, and 40.3 million yuan [3] - Tian Su Measurement and Testing Co., Ltd. reported revenues of 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits of 84.4 million yuan, 101 million yuan, 111 million yuan, and 55.6 million yuan [4] Regulatory Insights - The listing committee questioned Angrui Micro on its business growth potential and sustainability, considering industry competition, product technology iterations, and financial status [3] - Tian Su Measurement was asked to enhance its risk disclosures regarding performance decline in its prospectus, considering factors like technological advancement and industry competition [4] Registration Updates - Two companies, Southern Power Grid Digital Grid Research Institute Co., Ltd. and Bai Ao Sai Tu (Beijing) Pharmaceutical Technology Co., Ltd., had their registrations effective on October 15 and 16, respectively [4]

Core Viewpoint - The Shanghai Stock Exchange has announced that the listing committee will review the IPO application of Muxi Integrated Circuit (Shanghai) Co., Ltd. on October 24, 2023, despite the company not being profitable yet [1] Company Summary - Muxi Integrated Circuit has focused on the GPU and artificial intelligence industry since its establishment, aiming to promote the self-controllability of China's intelligent computing power industry chain [1] - The company has developed core technologies in high-performance GPU chips and their foundational system software, becoming one of the few domestic enterprises with comprehensive capabilities in GPU IP, GPU SoC, high-speed interconnects, and GPU software [1] - As of March 31, 2025, Muxi Integrated Circuit holds 255 domestic authorized patents, including 245 invention patents, and has been recognized as a national-level specialized and innovative "little giant" enterprise [1] Industry Summary - The AI chip industry is expected to grow rapidly, providing a broader market space for Muxi Integrated Circuit's main business, which is anticipated to maintain steady revenue growth [2] - The company is projected to reach its breakeven point by 2026, driven by high levels of R&D investment and market expansion [2] - The establishment of the Sci-Tech Innovation Growth Layer and the resumption of the fifth set of listing standards on the Sci-Tech Innovation Board reflect the market's demand for supporting "hard technology" enterprises, indicating a more refined and inclusive capital market [2][3]