Core Insights - The launch of the "Science and Technology Innovation Growth Layer" marks a significant shift in the Chinese capital market, allowing unprofitable companies to list on the Sci-Tech Innovation Board, focusing on "technological value" rather than short-term profitability [4][5][8] Group 1: New Listings and Fundraising - Xi'an Yicai is the first unprofitable company to initiate an online subscription under the new policy, planning to issue 53.78 million shares at a price of 8.62 yuan per share, aiming to raise approximately 4.636 billion yuan for its silicon industry base project [3][5] - Other unprofitable companies, such as He Yuan Bio and Biobetter, are also moving forward with their listings, indicating a trend of unprofitable tech firms entering the market [3][4] Group 2: Characteristics of New Companies - Xi'an Yicai is a leading player in the 12-inch silicon wafer sector, with projected revenues of approximately 10.55 billion yuan, 14.74 billion yuan, and 21.21 billion yuan from 2022 to 2024, but has incurred cumulative losses of 1.954 billion yuan during the same period [6][7] - He Yuan Bio focuses on plant-based recombinant protein technology, with its core product expected to be approved for sale in 2025, while Biobetter specializes in innovative oncology drugs, with no revenue generated yet [7][8] Group 3: Regulatory Framework and Market Impact - The new regulations allow unprofitable companies to access capital markets, providing essential funding for technological innovation and business expansion [8][9] - The "new and old separation" strategy ensures market stability while promoting inclusivity for tech firms, allowing them to secure funding despite not being profitable [4][9] Group 4: Investor Participation and Limitations - The new issuance rules include differentiated lock-up arrangements for investors, encouraging long-term investment and stabilizing market performance [11][12] - Investors must sign a risk disclosure document before investing in newly registered unprofitable tech companies, highlighting the inherent risks associated with such investments [9][10]