Group 1 - The core point of the article highlights a historic moment for the Sci-Tech Innovation Board, as three unprofitable companies have officially listed, marking the first batch of newly registered companies in the Sci-Tech Growth tier, which reflects the board's support for hard technology enterprises [1] - The listing of these companies signifies the implementation of the "1+6" reform on the Sci-Tech Innovation Board, showcasing its commitment to fostering innovation and growth in the technology sector [1]

Core Points - The first three newly registered companies in the Sci-Tech Innovation Board's growth tier were listed on October 28 at the Shanghai Stock Exchange [1][3] - These companies, Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yisiwei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., are all in the unprofitable stage and have entered the growth tier of the Sci-Tech Innovation Board [3][5] - The growth tier is designed for technology companies with significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments [3] Industry Developments - The China Securities Regulatory Commission (CSRC) has introduced significant policy measures, including the "Eight Articles for the Sci-Tech Innovation Board" and "Six Articles for Mergers and Acquisitions," to support the growth of the Sci-Tech Innovation Board [5] - The implementation of the "1+6" reform in June has progressed smoothly, establishing the growth tier and introducing pilot programs for professional institutional investors and pre-review systems [5] - The Sci-Tech Innovation Board has become the preferred venue for domestic "hard technology" companies, supporting the listing of 592 companies in high-tech and strategic emerging industries, with a total market capitalization exceeding 9 trillion yuan [6]

Core Viewpoint - The article discusses the recent trends and developments in the Chinese securities market, highlighting the performance of various sectors and the impact of regulatory changes on investment strategies [1] Group 1: Market Performance - The Chinese securities market has shown resilience, with a notable increase in trading volume, reaching approximately 1.5 trillion yuan in daily transactions, reflecting a 20% increase year-on-year [1] - The technology sector has outperformed others, with a 15% rise in stock prices over the past quarter, driven by strong earnings reports from major companies [1] Group 2: Regulatory Environment - Recent regulatory changes have aimed at enhancing market transparency and protecting investors, which has led to a more stable investment climate [1] - The introduction of new guidelines for IPOs is expected to streamline the process, potentially increasing the number of companies going public by 30% in the next year [1] Group 3: Investment Opportunities - Analysts suggest that sectors such as renewable energy and healthcare are poised for growth, with projected annual growth rates of 25% and 18% respectively over the next five years [1] - The article emphasizes the importance of diversifying investment portfolios to mitigate risks associated with market volatility [1]

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in providing a platform for high-quality unprofitable tech enterprises, enhancing their predictability in going public [1] Group 1: Listing and Market Response - Three unprofitable companies, Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yiswei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., have officially listed on the Sci-Tech Innovation Board, increasing the total number of companies on the board to 592 [1] - The Shanghai Stock Exchange's revised rules in March allow unprofitable companies to adopt differentiated lock-up periods, encouraging institutional investors to play a larger role in new stock pricing [2] - The enthusiasm of institutional investors is reflected in the high subscription rates for the differentiated lock-up tiers, with A1 and A2 tiers accounting for over 70% of the total subscription volume for Heyuan Biotechnology [2][3] Group 2: Company Perspectives - Xi'an Yiswei's chairman emphasized that the initial losses are part of a necessary process for technological breakthroughs and that the listing is a milestone for the company, enabling it to enhance its core competitiveness [4] - Heyuan Biotechnology's chairman stated that the listing on the Sci-Tech Innovation Board is crucial for accelerating the company's industrialization process and improving its competitive capabilities [5] Group 3: Capital Market Dynamics - The establishment of the Sci-Tech Innovation Board's growth tier is expected to attract more patient capital into the technology sector, enhancing the confidence of tech companies and stimulating investment enthusiasm in the venture capital industry [6] - The new policies are set to inject vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable high-R&D enterprises [6] - The improved market structure and transparency are anticipated to create a better investment environment for long-term and patient capital, promoting a virtuous cycle between technology, industry, and capital [6]

Group 1 - The core viewpoint of the news is the successful listing of four new companies on the A-share market, highlighting the growing acceptance of unprofitable hard-tech companies in the stock market [1][2][3] - Three companies, He Yuan Bio, Xi'an Yicai, and Biobetter, are the first batch of new registered companies in the Sci-Tech Innovation Board's growth tier, which allows unprofitable tech firms to go public [1][2] - The first-day performance of the new stocks was impressive, with significant price increases: Tai Kai Ying rose by 180.27%, He Yuan Bio by 178.91%, Xi'an Yicai by 211.40%, and Biobetter by 82.96% [1] Group 2 - The "1+6" policy announced by the China Securities Regulatory Commission aims to support tech companies with significant breakthroughs and large commercial prospects, even if they are currently unprofitable [2] - He Yuan Bio has eight drug candidates in development, with one product already approved for market, while Biobetter has multiple products at various clinical trial stages [2] - Xi'an Yicai is a leading player in the 12-inch silicon wafer market, ranking first in China and sixth globally based on projected monthly shipments and production capacity by the end of 2024 [2]

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant moment in the implementation of the "1+6" reform, which aims to support innovative enterprises in various high-tech sectors [1][11]. 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), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the STAR Market's growth tier [1][3]. - These companies will be included in the STAR Market's growth tier from the day of their listing, expanding the "hard technology army" of the board [1][3]. Group 2: Market Performance - On the listing day, the three new stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio increasing by 203%, and Bibete rising by 175%. By the end of the trading day, their respective gains 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 its core product expected to be approved for market by July 2025. The company has a pipeline of eight drugs, with significant revenue growth projected from 2022 to 2024 [6][7]. - Bibete focuses on developing innovative drugs for major diseases, with one product already approved and several others in various stages of clinical trials. The company has not yet generated revenue but is advancing its commercialization efforts [8]. - Xi'an Yicai is a semiconductor company specializing in 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity. Despite significant revenue growth from 2022 to 2024, the company remains unprofitable due to high initial investments and costs [8][9]. Group 4: Regulatory Context - The "1+6" reform implemented in June 2023 has successfully introduced a growth tier for unprofitable companies on the STAR Market, allowing for a broader range of high-tech sectors to access public capital markets [11][12]. - As of October 28, 2025, 22 companies have utilized the STAR Market's fifth set of standards for listing, with many transitioning from research and development phases to commercialization [11][12].

Core Insights - Three unprofitable companies, Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yiswei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., have officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the board's growth layer [1] Company Perspectives - Heyuan Biotechnology emphasizes the importance of long-term capital and patient investors, stating that their listing accelerates industrialization and enhances competitive capabilities in the biopharmaceutical sector [2] - Xi'an Yiswei highlights the role of recent policy reforms in facilitating access to capital markets, allowing for accelerated technology transformation and improved industrialization capabilities [3] - Both companies express a commitment to continuous technological innovation and adherence to regulatory requirements, aiming to enhance product quality and management efficiency [4] Sponsor Institution Insights - The sponsor institution, Guotai Junan, underscores the significance of the Sci-Tech Innovation Board's growth layer for both companies and the industry, noting the high R&D investment and associated risks, but also the substantial benefits upon successful product development [5] - The board is designed to support high-tech companies with tailored listing standards and regulatory logic, reflecting a commitment to fostering high-quality economic development [6] Investor Perspectives - Investment institutions involved with the newly listed companies express that the Sci-Tech Innovation Board's policies have broadened exit channels and improved investment precision, thereby enhancing capital circulation efficiency [7] - The reforms are seen as a solution to the financing challenges faced by unprofitable tech companies, allowing for a positive cycle of technological breakthroughs and capital reinvestment [8]

Core Insights - The listing of three unprofitable "hard technology" companies on the Sci-Tech Innovation Board marks a significant step in enhancing the capital market's support for technological innovation and new productivity development [1][3][5] - The establishment of the Sci-Tech Growth Layer aims to improve the inclusiveness and adaptability of the capital market, allowing unprofitable tech companies to access funding [4][6] Group 1: New Listings and Market Development - Three unprofitable companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibet-U, have collectively listed on the Sci-Tech Growth Layer, increasing the total number of companies in this layer to 35 and the total number of listed companies on the Sci-Tech Innovation Board to 592 [1][5] - The introduction of the Sci-Tech Growth Layer is part of the broader "1+6" policy initiative aimed at enhancing the capital market's inclusiveness and adaptability [4][6] Group 2: Regulatory and Institutional Changes - The China Securities Regulatory Commission (CSRC) emphasizes the need for a strategic focus on risk prevention, strong regulation, and promoting high-quality development in the capital market [3][10] - The shift in listing standards from historical financial performance to future value creation reflects a new regulatory approach that supports the growth of "hard technology" companies [8][9] Group 3: Future Outlook and Strategic Goals - Companies listed in the Sci-Tech Growth Layer plan to leverage capital market platforms for business expansion, focusing on increasing R&D investment and delivering returns to investors [9][10] - The establishment of the Sci-Tech Growth Layer is expected to inject new vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable, high-R&D enterprises [7][9]

Core Insights - The first three newly registered companies in the Sci-Tech Innovation Board's growth tier officially launched today, just over four months after the China Securities Regulatory Commission (CSRC) announced the establishment of this tier [2] Group 1: Company Developments - Among the first three companies, two are high-tech enterprises in the biopharmaceutical sector, while one is from the semiconductor materials field, all of which are currently unprofitable [2] - Since the beginning of the year, 11 companies have been listed on the Sci-Tech Innovation Board, raising a total of 16.95 billion yuan, representing a year-on-year increase of 54% [2] Group 2: Industry Trends - The Sci-Tech Innovation Board has become the preferred venue for "hard tech" companies to go public in China over the past six years, supporting the listing of 592 companies in high-tech and strategic emerging industries, with a total market capitalization exceeding 9 trillion yuan [2] - Among the 592 listed companies, 383 have been recognized as national-level specialized and innovative "little giant" enterprises [2]

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in promoting innovation in the biopharmaceutical industry and reflects a shift in the capital market's focus towards supporting early-stage companies rather than just mature ones [1][7][12]. Group 1: Company Listings and Performance - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, were listed on the Sci-Tech Innovation Board, with their stock prices surging by 202.96%, 210.21%, and 93.7% respectively by the end of the trading day [2][3]. - He Yuan Bio's chairman expressed that the dual listings (product and stock) are crucial for the company's growth and the overall innovation in the biopharmaceutical sector [2][5]. Group 2: Industry Impact and Innovation - The listing is seen as a catalyst for the biopharmaceutical industry, transitioning from imitation to innovation, which is vital for the sector's rapid development [5][6]. - The companies emphasized that the phase of temporary losses is a necessary part of the long-term R&D process, not indicative of poor management, and highlighted the importance of capital market support for technological breakthroughs [6][8]. Group 3: Changes in Capital Market Dynamics - The establishment of the Sci-Tech Innovation Board's growth tier signifies a shift in the capital market's value orientation from profitability to future industry potential, allowing for greater inclusivity for early-stage companies [7][9]. - The due diligence process for listings has evolved to focus more on future potential rather than historical financial performance, requiring a deeper understanding of industry trends and technological advancements [9][10]. Group 4: Institutional Perspectives - Investment institutions noted that the new policies enhance capital market efficiency and support a virtuous cycle between technology, industry, and finance, particularly benefiting sectors like biopharmaceuticals [11][12]. - The reforms are expected to foster a more robust ecosystem for "hard tech" companies, allowing them to secure funding during their R&D phases and facilitating a positive feedback loop between technological advancements and capital investment [12][13].