Group 1 - He Yuan Bio is the first company to initiate the issuance process after the resumption of the fifth listing standard on the Sci-Tech Innovation Board, marking a significant milestone in the new registration of companies in the Sci-Tech Growth Layer [1] - The company has not yet achieved profitability, with projected revenues of 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for 2022, 2023, and 2024 respectively, showing year-on-year changes of -47.49%, 81.08%, and 3.92% [2] - The net profit attributable to the parent company for the same years is projected to be -143.58 million yuan, -186.96 million yuan, and -151.37 million yuan, with year-on-year changes of -7.12%, -30.22%, and 19.04% [2] Group 2 - Xi'an Yicai is the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "Eight Articles of the Sci-Tech Board," focusing on the research, production, and sales of 12-inch silicon wafers [2] - The company is projected to be the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally by the end of 2024, with a monthly average shipment volume and production capacity accounting for approximately 6% and 7% of the global total, respectively [2] - Biobetter, another company adopting the fifth listing standard, has its core product BEBT-908 approved for market release, while other products are still in the research phase and the company is currently unprofitable [2] Group 3 - The valuation of unprofitable companies cannot be calculated using traditional methods; alternative valuation methods include the option pricing model, price-to-sales ratio, and discounted cash flow analysis to capture future growth potential [3] - The China Securities Regulatory Commission announced the resumption of the fifth listing standard for unprofitable companies on June 18, expanding the scope and introducing a trial for professional institutional investors [3] - As of September 17, 475,000 investors have opened trading permissions for the Sci-Tech Growth Layer, with all relevant regulatory rules implemented following the announcement of the "1+6" reform policy [3] Group 4 - Some brokerage firms have completed the optimization of trading apps, with special identifiers for stocks in the Sci-Tech Growth Layer now online [4] - Stocks in this layer will have a "U" added to their abbreviations, while existing stocks will have a "成1" label indicating they are part of the Sci-Tech Growth Layer [4] - Newly registered stocks will have a "成" label, indicating they are newly registered in the Sci-Tech Growth Layer [4]

Core Viewpoint - The IPO acceptance rate has accelerated significantly in June, with a total of 34 companies accepted for IPOs across the Shanghai, Shenzhen, and Beijing exchanges, marking a new monthly high for the year and surpassing the same period last year [3][6]. Group 1: IPO Acceptance Trends - As of June 21, 2023, the total number of IPOs accepted in June has reached 34, accounting for 56% of the total accepted IPOs for the year [1][3]. - The acceptance of IPOs in June is traditionally high due to the financial data validity period of six months, leading to a rush of applications before the end of June [6][12]. - The Beijing Stock Exchange has the highest number of accepted IPOs in June, with 17 companies, representing half of the total accepted IPOs for the month [5][9]. Group 2: Financial Performance of Accepted IPOs - The newly accepted IPOs in June show strong profitability, with the average non-recurring net profit exceeding 100 million yuan for most exchanges, except for the Sci-Tech Innovation Board [7][8]. - The Shenzhen main board has the highest average non-recurring net profit among the newly accepted IPOs at 314 million yuan, with specific companies like Huikang Technology reporting 442 million yuan [7][8]. - The average non-recurring net profit for the Beijing Stock Exchange's newly accepted IPOs is 101 million yuan, with companies like Tongfu Co. reporting 233 million yuan [9]. Group 3: Policy Changes and Future Outlook - The China Securities Regulatory Commission announced the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, which is expected to provide important references for future IPO applications [2][11]. - The introduction of new standards aims to support high-quality unprofitable technology companies in accessing capital markets, particularly in emerging sectors like artificial intelligence and commercial aerospace [11][12]. - Analysts predict that the remaining week of June will see additional IPO applications related to these new policies, which could significantly impact the IPO landscape in the second half of the year [10][12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially launched a third set of standards for the ChiNext board, aimed at supporting high-quality, unprofitable innovative companies to go public, and has also restarted the fifth set of standards for unprofitable companies on the Sci-Tech Innovation Board [1] Group 1 - The introduction of the third set of standards on the ChiNext board is a significant move to facilitate the listing of innovative companies that may not yet be profitable [1] - The reactivation of the fifth set of standards for unprofitable companies on the Sci-Tech Innovation Board indicates a renewed focus on supporting innovation-driven enterprises [1]