Investment Rating - The report does not explicitly state an investment rating for the company, but it discusses the potential for investment opportunities based on the new listing and market conditions. Core Insights - The report highlights that He Yuan Bio is the first company to be listed under the new Sci-Tech Growth Tier, which is designed to support unprofitable tech companies. This tier allows both newly listed and existing unprofitable companies to be included, with specific conditions for exit [10][11]. - He Yuan Bio has set up a tiered lock-up scheme for its shares, with different lock-up ratios and periods aimed at attracting long-term investors. The lock-up ratios are 70% for 9 months, 45% for 6 months, and 10% for 6 months for different tiers [24][25]. - The report anticipates that the market will favor the A2 tier, predicting a significant potential return on investment based on various market scenarios [5][41]. Summary by Sections 1. Introduction of the Sci-Tech Growth Tier - The introduction of the Sci-Tech Growth Tier aims to incentivize long-term capital investment in unprofitable tech companies, with He Yuan Bio being the first to launch under this framework [10][11]. 2. He Yuan Bio's Lock-Up Scheme - He Yuan Bio has established a three-tier lock-up scheme for its shares, with A1 (70%, 9 months), A2 (45%, 6 months), and A3/B (10%, 6 months) [24][25]. - The report discusses the expected subscription rates for each tier, with A2 likely to be the most popular among investors [5][41]. 3. Market Dynamics and Expected Returns - The report outlines various market scenarios and their impact on subscription rates and potential returns, indicating that the A1 tier could yield returns significantly higher than traditional models [36][41]. - It estimates that the expected return for a 2 billion scale A/B class product participating in profitable IPOs would be 2.88% for A class and 2.54% for B class [49][50]. 4. Historical Performance of Unprofitable IPOs - Historical data indicates that unprofitable companies listed on the Sci-Tech board have a 30%-40% chance of experiencing a price drop within the first 6 to 9 months post-IPO [15][19].

9月22日晚间，武汉禾元生物科技股份有限公司（以下简称禾元生物）在上交所网站披露招股意向书、发行安排及初步询价公告，正式启动发行工作。 | 证券代码 | 证券简称 | 公告标题 | 公告时间 | | --- | --- | --- | --- | | 600255 | 鑫科材料 | 鑫科材料关于非公开发行科技创新公司债券获得上海证券交易所挂牌转让无异议函的公告 | 2025-09-23 | | 603598 | 引力传媒 | 引力传媒:关于2024年限制性股票与股票期权激励计划第一个解除限售期限制性股票解锁暨上市公告 | 2025-09-23 | | 603616 | 韩建河山 | 关于2023年限制性股票激励计划第二个解除限售期解除限售暨上市的公告 | 2025-09-23 | | 603773 | 沃格光电 | 江西沃格光电集团股份有限公司关于非公开发行限售股上市流通的公告 | 2025-09-23 | | 688193 | 仁度生物 | 关于公司首次公开发行部分限售股上市流通的公告 | 2025-09-23 | | 688295 | 中复神鹰 | 中复神鹰碳纤维股份有限公司首次公开发行部分限售股上市流通 ...

禾元生物启动发行，是落实科创板"1+6"改革、增强对优质科技型企业的制度包容性和适应性的重要体 现，充分彰显了尊重科技创新规律、支持优质科技企业发展、更好服务新质生产力的政策导向。作为一 家创新型生物医药企业，禾元生物全球首创的"稻米造血"技术获得了国家"重大新药创制"科技重大专项 的支持，自主研发的创新药重组人白蛋白注射液（水稻）已于今年7月通过国家药监局审评获批上市， 有望解决我国人血清白蛋白长期依赖进口的局面。 值得一提的是，根据"科创板八条"的相关试点安排，禾元生物也是首家采用网下发行差异化限售与配售 安排的公司。根据禾元生物披露的公告文件，其网下整体限售比例不低于40%，对投资者报价设置了3 档差异化限售档位，申购最高限售档位投资者的配售比例不低于最低限售档位的9倍。 今年以来，在中国证监会领导下，上交所多措并举不断推进"科创板八条"和科创板"1+6"改革政策落 地，各项配套制度规则已全部发布实施，存量32家未盈利企业已于规则发布当日纳入科创成长层。上交 所表示，目前科创成长层首批新注册企业发行上市的各项工作正在有序稳步推进中，证券公司已有序组 织投资者签署参与科创成长层交易的风险揭示书，目前已有5 ...

The 申斤宏源证券 SHENWAN HONGYUAN SECURITIES 解锁科创板新地图 "科创成长层"开通攻略在此! 科创成长层从哪儿来? 2025年7月13日上海证券交易所正式发布《科创板上市公 司自律监管指引第5号—科创成长层》等业务指引或指南，标 志着科创板科创成长层正式落地,科创成长层旨在支持上市时 未盈利但前景广阔的科技企业发展。 科创成长层指尖开通指南 情形一 已开通科创板交易权限 (二) 参与证券交易24个月以上; (三)具备科创板股票交易的基础知识,了解科创板股票 交易投资风险，并通过科创板业务知识测试; (四) 有较强的风险承受能力和风险控制能力，普通投资 者风险承受能力测评结果为C4（积极型）（含）以上; 若您已开通科创板交易权限且风险承受能力测评结果为C4 (积极型) (含)以上,在签署科创成长层风险揭示书后方可 交易2025年7月13日新规发布后新上市的科创成长层股票或存 托凭证,若未签署仅可以交易2025年7月13日新规发布前已上 士かっつけた旦十月にはないというのであげたけど、 中的32多仔重木盆村的科则以下层反宗以仔托元此。 参与路径 申财有道APP/大赢家APP 首页 ...

霍瑞戎履新上交所副理事长后，首次公开发声！ 9月16日，上交所副理事长霍瑞戎在"2025中国资本市场发展论坛暨上市公司论坛"上透露，上交所已与多家商 业航天、人工智能、低空经济企业开展预沟通，推动第五套标准扩围至相关行业领域。加强投资者适当性管理 方面，目前已有475万户投资者开通科创成长层交易权限。 霍瑞戎透露，接下来，上交所将在中国证监会领导下，以深化投融资综合改革为牵引，加快推进新一轮资本市 场改革，不断增强市场吸引力和包容性，更好服务科技创新和新质生产力发展。 责编：李丹 校对：苏焕文 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 霍瑞戎表示，上交所持续推进"科创板八条""并购六条"等政策落地见效，今年6月以来进一步围绕科创 板"1+6"改革政策，全面加强政策宣贯，积极推动典型案例落地，系统性引导上市公司高质量发展。 据介绍，科创板"1+6"改革政策发布以来，科创板新增受理15家企业IPO申请，其中4家系未盈利企业；在适用 第五套标准方面，1家企业获受理，2家前期已申报企业获注册生效；政策发布至今已有3家未盈利企业注册生 ...

人民财讯9月17日电，上交所副理事长霍瑞戎9月16日在参加论坛时透露，目前已有475万户投资者开通 科创成长层交易权限。 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing the STAR Market's role in supporting hard technology companies by implementing inclusive reforms and new listing standards, allowing unprofitable firms to access capital markets [1][2][5] Group 1: STAR Market Developments - Since the introduction of the "1+6" policy, the STAR Market has accepted 15 new IPO applications, including 4 unprofitable companies and 1 under the fifth set of standards [1] - The STAR Market has seen 32 existing companies in the growth layer demonstrate strong development momentum, with a 37.79% year-on-year revenue growth and a significant reduction in net losses amounting to 7.123 billion yuan [1] - The STAR Market has gathered 589 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing a "chain group" development pattern, particularly in the integrated circuit sector [1] Group 2: Inclusive Reforms and Policies - The STAR Market has broken traditional listing barriers by allowing unprofitable and special equity structure companies to enter the A-share market, thus creating targeted listing pathways for tech firms [2] - The "1+6" policy aims to address the needs of technology-driven companies during specific economic cycles, facilitating access to capital for firms in the R&D phase without requiring immediate profitability [2] - The introduction of the "科八条" (K8 Policy) has led to 134 disclosed merger transactions worth over 40 billion yuan, significantly surpassing the total from the previous five years [3] Group 3: Financing and Investment Dynamics - The STAR Market focuses on the synergy between financing and investment, ensuring that funds are directed towards tangible projects while allowing investors to share in the returns [3] - The STAR Market has initiated a "quality improvement and efficiency enhancement" campaign, yielding significant results in the financing sector [3] - The STAR 50 ETF has become the fourth largest index product in the A-share market, reflecting the high level of index investment in this sector [3] Group 4: Regulatory Support and Engagement - The SSE has actively engaged with STAR Market companies, conducting on-site visits to address over 300 specific requests, transforming challenges into achievements [4] - The SSE's comprehensive support aims to accompany technology companies throughout their growth stages, from early development to maturity [4]

最新发声。 9月10日，上交所副总经理王泊在 "硬科硬客"新质生产力行业沙龙2025年会上透露，自科创板深化改 革"1+6"政策发布以来，科创板已新增受理15家企业IPO申请，其中4家系未盈利企业、1家适用第五套标 准。与此同时，32家科创成长层存量企业展现良好发展动能，今年上半年营收同比增长37.79%，净利润 大幅减亏71.23亿元。 科创板开市六年多来，始终坚守"硬科技"定位，推动板块从资本市场服务科创的"试验田"成长为"示范 田"。截至目前，科创板已汇聚589家上市公司，A股总市值超9万亿元。从产业布局看，科创板已形成"链 群式"发展格局，比如，集成电路领域120家企业实现全链条覆盖，占A股同行业公司数量超六成；在创新 能力方面，科创板更是持续领跑，今年上半年板块整体研发投入超841亿元，是净利润的2.8倍，研发投入 占比中位数达12.61%。 王泊表示，科创板以包容性改革破壁垒，坚持为未盈利硬科技企业打开"资本入口"。自诞生之初就打破传 统上市"盈利门槛"的思维定式，推出"多元上市标准"，首次允许未盈利企业、红筹企业、特殊股权架构企 业登陆A股，为科创企业开辟了针对性的上市通道。今年新改革的"1+6 ...

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The "Science and Technology Innovation Growth Layer" was officially launched on July 13, 2025, by the Shanghai Stock Exchange, designed to support technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer enhances the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the growth layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in the growth layer [11][12]. Group 3: Requirements for Individual Investors - Individual investors must have an average asset of no less than 500,000 RMB in their securities and funds accounts over the past 20 trading days, excluding funds and securities obtained through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test on STAR Market trading risks [12]. Group 4: Identification and Labeling of Growth Layer Stocks - Stocks from the growth layer will have a "U" identifier to indicate their unprofitable status, with new registered stocks labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing growth layer stocks [17].

上海增券交易所 SHANGHAI STOCK EXCHANGE ITE THE mm arm 77.5 E T TP 4 W F ▲日 l I P I F A ��� t / 12 t 近日,上海证券交易所发 布《上海证券交易所科创板上市 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》），跟着小编一起了 解规则都出了哪些新知识。 科创成长层定位的标 01 的企业是什么样的? 科创成长层精准支持技术有 较大突破、商业前景广阔、持续研 发投入大，上市时仍处于未盈利 阶段的科技型企业。 科创成长层公司的适 02 用 ? 科创板成长层适用包括存量 的上市至今尚未盈利的科创板公 司(以下简称存量公司)及新注册 的上市时未盈利的科创板公司 (以下简称增量公司)。对于存量 公司,自《科创成长层指引》发布 之日起纳入科创成长层;对于增 量公司，自上市之目起纳入科创 成长层。 科创成长层公司的调 0) 2 | 山竹村之天早 | 什么： 调出条件实施"新老划断"。 为推动增量公司加速技术研发和 市场拓展，明确增量公司调出条 件为符合科创板第一套上市标 准;即符合下列条件之一的,将 调出科创成长层: ( ...