Core Insights - The A-share IPO market has experienced a significant surge in acceptance volume, with a year-on-year increase of over 400% from January to October, highlighting a recovery in investment banking activities [1][2] - The Beijing Stock Exchange (BSE) has emerged as a primary platform for new listings, with 122 new acceptances, while the Sci-Tech Innovation Board has introduced its first batch of growth companies, indicating effective institutional innovation [2][4] IPO Acceptance Volume - In the first ten months of this year, 195 companies were accepted for IPOs, compared to only 35 in the same period last year, marking a substantial increase [2] - The surge in IPO acceptance is attributed to a combination of policy, economic, market, and regulatory factors, reflecting structural policy guidance and dynamic changes in enterprise and market demand [2] Investment Banking Adjustments - Investment banks are actively restructuring and optimizing processes, with a focus on enhancing international business efforts and increasing project reserves [2] - Companies like Guojin Securities have reported a noticeable increase in project initiation numbers and client confidence, particularly in sectors aligned with new productive forces [2] North Exchange and Sci-Tech Innovation Board - The BSE has accelerated its IPO review process, with a faster approval timeline of approximately 40 days, which is half that of the Shanghai and Shenzhen exchanges [4] - The introduction of the "Sci-Tech Growth Layer" on the Sci-Tech Innovation Board aims to support unprofitable technology companies, enhancing market structure and liquidity [5] Challenges and Opportunities - The launch of the Sci-Tech Growth Layer represents a dual exploration of institutional innovation and risk balance, broadening financing channels for unprofitable tech firms while increasing the complexity of valuation and liquidity risks [6] - Investment banks face heightened demands for professional capabilities and risk management due to stricter disclosure requirements and the challenges of pricing unprofitable enterprises [6]

Group 1 - The core viewpoint of the article highlights a significant increase in IPO acceptance in the A-share market, with a year-on-year growth of over 400% from January to October, indicating a recovery in investment banking activities [2][4] - The Beijing Stock Exchange (北交所) has become the main venue for new IPO applications, with 122 new acceptances, while the Science and Technology Innovation Board (科创板) welcomed its first batch of growth-layer companies in October, showcasing the effectiveness of institutional innovation [4][6] - Investment banks are actively adjusting their structures and strategies to capitalize on the IPO recovery, with a notable increase in project reserves and a focus on international business [4][5] Group 2 - The North Exchange's IPO review process has accelerated, with a faster approval timeline compared to the Shanghai and Shenzhen exchanges, taking about 40 days from registration to listing [7] - The introduction of the growth layer on the Science and Technology Innovation Board is seen as a significant step in capital market institutional innovation, aimed at optimizing resource allocation and enhancing liquidity [8] - The growth layer provides a financing channel for unprofitable technology companies, but it also presents challenges for investment banks, including difficulties in valuation and stricter information disclosure requirements [8]

皮海洲 | 立方大家谈专栏作者 为了落实今年6月18日证监会发布的《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 （以下简称《科创板意见》）精神，进一步深化科创板改革，7月13日，上交所正式发布了《科创板上 市公司自律监管指引第5号——科创成长层》（以下简称《科创成长层指引》）等配套业务规则。《科 创成长层指引》明确规定，本指引自发布之日起施行。这也意味着科创成长层从7月13日起正式落地 了。 根据《科创成长层指引》第三条规定：上市时未盈利的科创板公司，自上市之日起纳入科创成长层；本 指引发布前已上市且上市后尚未首次实现盈利的科创板公司，自本指引发布之日起纳入科创成长层。这 也意味着目前科创板存量的32家未盈利企业将自指引发布实施之日起正式进入科创成长层，随后新注册 的未盈利企业将自上市之日起自动进入。 科创成长层来了，这对于科创板的发展来说是一件大事，这是资本市场支持科技型企业发展的一项重大 举措。毕竟就连处于未盈利阶段的科技型企业都可以上市了，甚至开出一个"科创成长层"的专层来支持 未盈利科技型企业上市，资本市场对实体经济的支持，尤其是对新质生产力的支持显而易见。这体现了 中国股市的包容性，也 ...

11月1日，中金公司披露第三届董事会第十一次会议决议公告，正式宣布公司党委副书记、总裁王曙光 当选副董事长。 这意味着，这位刚刚在8月份晋升为公司总裁的"70后"投行老将再度晋升，一跃成为公司副董事长，将 在中金公司的治理上起到更加重要的作用。 王曙光当选副董事长 据悉，中金公司于2025年10月31日以书面方式发出第三届董事会第十一次会议通知，并于2025年10月31 日完成本次会议的书面投票并形成会议决议。 董事会全票同意选举王曙光担任公司副董事长，任期自董事会审议通过之日起，至本届董事会任期结束 之日止。 中金公司还公布了多项董事会决议。其中，董事会同意对公司董事会专门委员会构成作出调整，选举王 曙光担任公司董事会战略与ESG委员会成员、薪酬委员会成员及风险控制委员会成员。 来源：中金公司官微 伴随职务调整，王曙光在中金公司的组织架构中承担了更多角色，也将对中金公司整体的经营、治理起 到更重要的作用。 27年投行"老将" 公开资料显示，王曙光出生于1974年11月，于1996年获得清华大学理学学士学位及经济学学士学位，于 1998年获得清华大学工学硕士学位。 大学毕业之后，王曙光于1998年加入中金公司 ...

Core Viewpoint - The announcement of Wang Shuguang's election as Vice Chairman of CICC signifies a significant leadership transition within the company, enhancing his role in governance and strategic decision-making [2][5][7]. Group 1: Leadership Changes - Wang Shuguang has been elected as Vice Chairman of CICC, following his appointment as President just two months prior [2][7]. - The board unanimously agreed to elect Wang Shuguang, with his term lasting until the current board's term ends [5]. - Wang will also serve on several key committees, including the Strategy and ESG Committee, Compensation Committee, and Risk Control Committee [5][7]. Group 2: Background of Wang Shuguang - Wang Shuguang, born in November 1974, has nearly 30 years of experience in investment banking, having joined CICC in 1998 [8][9]. - He has held various significant positions within CICC, including head of the Growth Enterprises Investment Banking Department and co-head of the Capital Management Department [8][9]. - Wang has been involved in major IPO projects, including those for China Mobile and Alibaba, showcasing his extensive expertise in investment banking [9]. Group 3: Strategic Insights - Wang Shuguang emphasized the importance of the newly launched Sci-Tech Innovation Growth Board, viewing it as a critical institutional supply for capital markets to support national technological innovation [9]. - He highlighted the rapid advancements in frontier technologies such as artificial intelligence and quantum information, indicating a robust development of new productive forces [9].

Core Points - The listing of three unprofitable high-tech companies on the Sci-Tech Innovation Board marks a significant step in capital market support for technological innovation and new productivity development [2][4] - The establishment of the Sci-Tech Growth Layer enhances market inclusivity and strengthens the capital market's role in serving the real economy [1][10] Group 1: New Listings - Three companies, Bibet (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), were listed on the Sci-Tech Innovation Board, representing the first batch of new registered enterprises in the Sci-Tech Growth Layer [1][2] - Bibet focuses on innovative drug development, with its product BEBT-908 approved for treating various blood cancers and solid tumors [2][3] - Heyuan Bio has developed a leading rice recombinant protein expression system, with its core product HY1001 approved for treating liver cirrhosis [2][3] - Xi'an Yicai specializes in the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally in terms of monthly shipment and production capacity [3] Group 2: Performance of Existing Companies - The 32 existing companies in the Sci-Tech Growth Layer achieved a total revenue of 675.75 billion yuan in 2024, with 29 companies surpassing 100 million yuan in revenue [5][6] - The average annual compound growth rate of revenue for these companies reached 27.87%, outperforming the overall growth rate of the Sci-Tech Innovation Board [6] - In the first half of 2025, these companies reported a year-on-year revenue growth of 37.79% and a significant reduction in losses, with a total loss reduction of 71.23 billion yuan [6][7] Group 3: R&D Investment and Innovation - The existing companies collectively invested 30.6 billion yuan in R&D in 2024, with a median R&D investment-to-revenue ratio of 65.40%, leading the Sci-Tech Innovation Board [6][9] - Since the establishment of the Sci-Tech Board, 22 previously unprofitable companies have achieved profitability, with an average of four companies "delisting" from the unprofitable status each year [6][7] - The Sci-Tech Growth Layer has facilitated significant collaborations, such as the global strategic partnership between Baili Tianheng and Bristol-Myers Squibb, which involved an upfront payment of 800 million USD [8][9] Group 4: Future Outlook - The establishment of the Sci-Tech Growth Layer is expected to attract more technology companies, expanding the coverage of the Sci-Tech Innovation Board and providing a broader market space for quality tech enterprises [10] - The focus on high-level technological self-reliance and the development of new productivity will be key objectives during the 14th Five-Year Plan period, with the Sci-Tech Growth Layer playing a crucial role in this process [10]

【深圳商报讯】（记者 陈燕青）10月28日，禾元生物、西安奕材、必贝特3家未盈利公司登陆科创板， 成为科创板科创成长层首批新注册公司。这标志着未盈利的硬科技企业上市路径进一步畅通。3家新股 均大幅高开，截至全天收盘，禾元生物大涨213.5%，西安奕材大涨198.7%，必贝特上涨74.4%，3家公 司换手率均超过七成。 上交所发布科创板科创成长层等配套业务规则，32家尚未扭亏的存量未盈利上市企业全部入层。中报显 示，今年上半年科创成长层公司营收同比增长37.79%，保持良好增长态势；整体大幅减亏71.23亿元。 数据显示，科创板开板至今共支持54家未盈利公司上市，22家公司上市后实现盈利并"摘U"，平均每年 4家。上交所表示，随着"1+6"改革稳步落地，科创成长层将以更高的包容性、适应性，进一步服务科技 企业和新质生产力发展需要。 资料显示，禾元生物是一家创新型生物医药企业，拥有全球领先的植物生物反应器技术平台，建立了具 有自主知识产权的水稻胚乳细胞生物反应器表达体系。西安奕材专注于12英寸硅片的研发、生产和销 售。必贝特是一家生物医药公司，核心产品BEBT-908已获批上市，其他产品尚处于研发阶段。 今年6月 ...

Core Insights - The successful debut of three unprofitable companies on the Sci-Tech Innovation Board reflects strong market confidence driven by their technological capabilities, the board's supportive framework, and alignment with national innovation strategies [1][4]. Group 1: Company Insights - Xi'an Yiswei is the first 12-inch silicon wafer manufacturer in mainland China and ranks sixth globally, holding the highest number of authorized patents in its field domestically, addressing critical supply chain gaps during a key period for semiconductor domestic substitution [2]. - Wuhan Heyuan Bio and Guangzhou Bibete focus on innovative biopharmaceuticals, with Heyuan Bio overcoming technical bottlenecks in recombinant human albumin drug development and Bibete targeting unmet clinical needs in cancer treatment with globally pioneering drug research [2]. Group 2: Industry Insights - The Sci-Tech Innovation Board's clear positioning and differentiated institutional advantages provide a precise listing pathway for high-tech companies that are unprofitable but possess significant technological barriers, showcasing the board's support for "hard tech" enterprises throughout their lifecycle [3]. - The board's optimized disclosure requirements for growth-stage companies enhance transparency, allowing investors to make informed decisions about the value of these enterprises [3]. - The alignment of these companies with the national strategy of "innovation-driven development" highlights their role in the critical sectors of semiconductor and biomedicine, which are essential for ensuring supply chain security and promoting high-quality economic growth [4].

Core Viewpoint - The article discusses the recent listing of three unprofitable companies on the STAR Market, marking a significant event as it is the first time in two years that unprofitable enterprises have been allowed to go public under the new "1+6" reform policy, expanding the "hard technology" sector on the STAR Market [1][3][10]. Group 1: New Listings - Three companies, He Yuan Bio (禾元生物), Xi'an Yicai (西安奕材), and Bibete (必贝特), were listed on October 28, 2023, under the STAR Market's growth layer for innovative companies [1][3]. - These companies are the first batch of new registrations since the implementation of the "1+6" reform, which aims to support unprofitable enterprises in the technology sector [1][10]. Group 2: Market Performance - On the listing day, all three stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio by 203%, and Bibete by 175%. By the end of the trading day, their respective increases were approximately 199%, 213%, and 74% [3][4]. Group 3: Company Profiles - He Yuan Bio specializes in innovative drug development, particularly in recombinant human albumin derived from rice, with a projected revenue of 133.997 million yuan in 2022, increasing to 252.161 million yuan in 2024, but still reporting net losses [6][11]. - Bibete focuses on developing innovative drugs for major diseases, with a projected revenue of 0 yuan for 2022-2024, and net losses of 1.88 billion yuan in 2022 and 1.73 billion yuan in 2024 [7][11]. - Xi'an Yicai operates in the semiconductor industry, specifically in the production of 12-inch silicon wafers, with revenues projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, but also reporting significant net losses [8][9]. Group 4: STAR Market Reforms - The "1+6" reform introduced in June 2023 has successfully set up a growth layer for the STAR Market, allowing unprofitable companies to list under the fifth set of standards, which has already seen 32 existing unprofitable companies included [10][12]. - The STAR Market has supported 22 biopharmaceutical companies under the fifth set of standards since its inception, with many transitioning from research phases to commercialization [10][11]. Group 5: Future Outlook - The article highlights the potential for further expansion of the fifth set of standards to include more cutting-edge technology sectors such as artificial intelligence and commercial aerospace, which require significant upfront investment and have long development cycles [14].

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission emphasizes the role of comprehensive reform in investment and financing to promote high-quality development of the capital market during the "14th Five-Year Plan" period [1][2] Group 1: Market Opportunities - The current intersection of economic upgrades and capital market reforms presents new development opportunities for the securities industry, which is expected to play a more significant role [1] - Increased vulnerability in global financial markets offers a revaluation and allocation opportunity for Chinese assets, enhancing competitiveness in the investment sector [1] - A new industrial cycle led by AI and biotechnology necessitates an urgent task for the financing sector to improve inclusivity [1] Group 2: Institutional Supply and Reforms - The speech provides new guidance for the construction of capital market systems, including the introduction of unprofitable companies in the "Science and Technology Innovation Board" for IPOs, further deepening the reform of the Growth Enterprise Market [2] - A "shelf issuance system" is proposed for refinancing, aimed at efficiently injecting capital into emerging and future industries [2] - The focus on long-term investment ecology aims to strengthen patient capital aligned with technological innovation, while maintaining high-level openness to foreign investment [2] Group 3: Regulatory and Risk Management - New opinions on strengthening the protection of small investors in the capital market have been introduced to ensure internal stability [2] - The overall theme of high-quality development in the capital market is highlighted as a fundamental goal during the current and "14th Five-Year Plan" periods [2] - The speech outlines clear directions for comprehensive investment and financing reform, enhancing openness and regulatory effectiveness while balancing support for technological innovation and improving market quality [2]