Core Viewpoint - Qingdao's capital market has shown resilience and vitality during the 14th Five-Year Plan period, contributing significantly to the high-quality development of the regional economy, with expectations to continue this trend into the 15th Five-Year Plan period [1] Group 1: Capital Market Development - Qingdao has seen an increase of 33 companies listed domestically and internationally over the past five years, bringing the total to 86, a 46% increase compared to the end of the 13th Five-Year Plan [2] - The number of domestic listed companies rose by 23 to 65, marking a 48% increase, positioning Qingdao third among northern cities, following Beijing and Tianjin [2] - The capital market ecosystem in Qingdao is continuously optimizing, with 1 company under review by the Beijing Stock Exchange and another by the Shenzhen Stock Exchange, alongside 25 companies in the counseling and filing stage [2] Group 2: Economic Impact - The total market value of Qingdao's domestic listed companies has steadily increased, with the securitization rate rising from 52% to 65%, an increase of 13 percentage points [4] - In 2024, the total revenue of Qingdao's domestic listed companies reached 649.1 billion yuan, and net profit was 45 billion yuan, representing growth of 50% and 54% respectively compared to 2020 [4] - In the first three quarters of 2025, revenue exceeded 500 billion yuan, with a year-on-year growth of 6.07%, surpassing the national average of 1.36% [4] Group 3: Industry Structure and Innovation - Qingdao's 65 domestic listed companies span 12 industry categories, with manufacturing being the dominant sector, comprising 47 companies across 18 sub-sectors [4] - There were 139 mergers and acquisitions in the past five years, a 72% increase from the 13th Five-Year Plan period, enhancing the industrial chain [4] - R&D expenditure for Qingdao's listed companies doubled from 10.2 billion yuan to 21.7 billion yuan over five years, reflecting a strong focus on technological innovation [6] Group 4: Global Expansion - From 2021 to mid-2025, overseas business revenue for Qingdao's listed companies reached 960.6 billion yuan, a 58% increase compared to the 13th Five-Year Plan period, with overseas revenue accounting for 36% of total revenue [5] Group 5: Investor Returns - Over the past five years, Qingdao's listed companies distributed over 70 billion yuan in dividends, doubling the amount from the 13th Five-Year Plan period [8] - The number of companies distributing dividends and the total amount reached historical highs in mid-2025, totaling nearly 4.5 billion yuan, 2.5 times that of the previous year [8] Group 6: Wealth Management and Financial Services - Qingdao's wealth management scale in the securities, fund, and futures sectors surpassed 1.6 trillion yuan, more than doubling since the end of the 13th Five-Year Plan [10] - The establishment of new financial institutions, including the first new futures company in over 20 years, has enhanced the financial service system in Qingdao [9]

Core Viewpoint - The launch of Wuhan Heyuan Biotechnology Co., Ltd.'s IPO marks a significant step in the implementation of the "1+6" reform of the Sci-Tech Innovation Board, highlighting the board's commitment to supporting high-quality technology enterprises [1][2]. Group 1: Company Overview - Heyuan Biotechnology is the first company to initiate its issuance under the new registration system for the Sci-Tech Growth Tier, following the resumption of the fifth set of standards [1][2]. - The company has developed an innovative "rice-derived blood" technology, which has received national support and aims to reduce China's reliance on imported human serum albumin [2]. Group 2: Market and Regulatory Context - Since the announcement of the "1+6" reform in June, the Sci-Tech Innovation Board has received 15 new IPO applications, including four from unprofitable companies [4]. - The Shanghai Stock Exchange has completed the technical testing for the new trading system, with 5 million investors now eligible to trade in the Sci-Tech Growth Tier [4][5]. Group 3: New Issuance Mechanisms - Heyuan Biotechnology is the first company to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum overall lock-up ratio of 40% [2]. - The new rules allow unprofitable companies to use agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [3]. Group 4: Future Outlook - The establishment of the Sci-Tech Growth Tier is expected to enhance market inclusivity and strengthen the capital market's role in supporting the real economy, particularly for early-stage technology innovation companies [4][5]. - The Shanghai Stock Exchange plans to continue enhancing market attractiveness and inclusivity to better serve technological innovation and new productive forces [6].

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].