科创成长层将迎来首家新注册企业发行，科创板"1+6"改革又迈出重要一步。 9月22日晚，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。 由此，禾元生物成为既是重启科创板第五套标准后首家过会并取得注册批文的企业，也是科创成长层新 注册企业中首家启动发行的企业。同时，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。 市场人士指出，鼓励更多"看得准、拿得住"的专业机构在新股发行定价中发挥更大作用，可以促进新股 合理定价。 据上交所介绍，目前已有500万户投资者开通科创成长层交易权限，上交所技术系统完成全网通关测 试、近日已陆续上线，科创成长层新注册企业发行准备就绪。 禾元生物试水多项新制度 上交所表示，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 ...

Core Viewpoint - The "1+6" reform of the Sci-Tech Innovation Board is accelerating, with the first IPO registration under the fifth set of standards being approved for Wuhan Heyuan Biotechnology Co., Ltd. on July 18, 2025, alongside Shenzhen Beixin Life Technology Co., Ltd. passing the listing committee meeting on the same day [1][2]. Group 1: Company Developments - Wuhan Heyuan Biotechnology is a biopharmaceutical company that reported revenues of 13.40 million, 24.26 million, and 25.22 million yuan for 2022, 2023, and 2024 respectively, with net losses of 144 million, 187 million, and 151 million yuan during the same period [4]. - The company has no approved drugs yet, and the approval of its recombinant human albumin injection (trade name: Aofumin) marks the beginning of its drug commercialization process [4]. - Shenzhen Beixin Life Technology focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with 17 approved and in-development products as of the prospectus date [5]. Group 2: Market Context - The China Securities Regulatory Commission (CSRC) announced the establishment of a growth tier for the Sci-Tech Innovation Board and the resumption of the fifth set of standards for unprofitable companies on June 18, 2025 [1]. - The Shanghai Stock Exchange implemented new rules for the Sci-Tech Innovation Board on July 13, 2025, allowing newly listed unprofitable companies to enter the growth tier immediately upon listing [1]. - The listing guidance for Hangzhou Yushu Technology Co., Ltd. has commenced, with the company undergoing a name change and restructuring to facilitate its IPO process [6][7].