Core Insights - The listing of three unprofitable companies on the STAR Market marks a significant innovation in the capital market, reflecting the board's increased inclusivity towards hard technology firms [1][3][4] - The strong performance of these companies on their first trading day indicates high market demand for new stocks in the STAR Market, particularly in rapidly developing sectors like biomedicine and new materials [1][3] Group 1: Company Performance - On the first trading day, N Yicai surged by 198.7% with a market capitalization of 104 billion, N Heyuan rose by 213.49% with a market cap of 32.57 billion, and N Bibeite increased by 74.41% with a market cap of 13.96 billion [1] - The STAR Market has now supported 57 unprofitable companies, with 22 of them achieving profitability post-listing [6] Group 2: Regulatory Changes - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) on June 18, 2023, allows unprofitable companies to list under the fifth set of standards, enhancing the STAR Market's adaptability to innovative firms [4][13] - The establishment of the STAR Market's growth layer aims to provide a more suitable platform for technology innovation companies at various development stages [7][11] Group 3: Company Profiles - Heyuan Biotech has developed a third-generation technology platform achieving a human albumin expression level of 20-30g/kg, with multiple products in various stages of clinical research [4][5] - Bibeite focuses on innovative drug development for major diseases, with several products in clinical trials and one expected to be approved by October 2025 [5] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is positioned as the sixth largest globally, with significant market share [6] Group 4: Investment Landscape - The shareholder backgrounds of these companies include nearly a hundred investment institutions, showcasing a diverse mix of venture capital and private equity [8][9] - The STAR Market's reforms have attracted significant investment interest, with many institutions participating in the funding rounds of these companies [10][12] Group 5: Future Outlook - The STAR Market is expected to continue expanding its coverage of technology innovation sectors, with increasing participation from unprofitable firms [7][13] - The CSRC aims to enhance the market's inclusivity and adaptability, focusing on supporting hard technology companies and improving investor confidence [16]

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant development in the board's reform and expansion of the "hard technology" sector [1][2]. Group 1: New Listings and Market Performance - Three companies, He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), and Bibet (688759.SH), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the "1+6" reform [1][2]. - On the listing day, the new stocks experienced significant price increases, with Xi'an Yicai rising by 361%, He Yuan Bio by 203%, and Bibet by 175%, closing with respective gains of approximately 199%, 213%, and 74% [2]. Group 2: Company Profiles and Financials - He Yuan Bio specializes in innovative drugs, particularly in the biopharmaceutical sector, and has achieved a breakthrough in recombinant human albumin production using a rice-based expression system [3][4]. - The company has a pipeline of eight drugs, with its core product, recombinant human albumin injection (HY1001), expected to be approved for market by July 2025 [3]. - Financially, He Yuan Bio reported revenues of 13.4 million yuan in 2022, 24.3 million yuan in 2023, and 25.2 million yuan in 2024, with net losses of 144 million yuan, 187 million yuan, and 151 million yuan respectively [3][4]. - Bibet focuses on innovative drug development for major diseases, with a pipeline that includes a class 1 innovative drug expected to be approved by October 2025 [6]. - Bibet's financials show no revenue from 2022 to 2025, with net losses of 188 million yuan, 173 million yuan, and 56 million yuan respectively [6]. - Xi'an Yicai operates in the semiconductor industry, specializing in 12-inch silicon wafer production, ranking first in China and sixth globally [6][7]. - The company reported revenues of 1.055 billion yuan in 2022, 1.474 billion yuan in 2023, and 2.121 billion yuan in 2024, with net losses of 533 million yuan, 683 million yuan, and 738 million yuan respectively [7]. Group 3: STAR Market Reforms and Future Outlook - The STAR Market's "1+6" reform has successfully introduced a growth layer for unprofitable companies, allowing them to list under the fifth set of standards [8][9]. - As of October 28, 2025, 22 companies have listed under the fifth set of standards, with many transitioning from research phases to commercialization [8]. - Approximately 21 of these companies have launched 48 drug or vaccine products, contributing to a significant portion of China's innovative drug approvals [8]. - The expansion of the fifth set of standards to include sectors like artificial intelligence and commercial aerospace aims to support high-potential companies with substantial upfront investments and long development cycles [10].

Core Points - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibet, will debut on the Sci-Tech Innovation Board, marking a smoother path for unprofitable hard-tech enterprises to go public [1][2] - The launch of the Sci-Tech Innovation Board's "1+6" policy aims to reform and optimize the listing system for unprofitable tech companies, facilitating deeper integration of technological and industrial innovation [1][2][7] Group 1: Company Listings - He Yuan Bio and Bibet are listed under the fifth set of standards, breaking the listing drought since June 2023, with He Yuan Bio being the first to receive registration approval under this standard [2][10] - He Yuan Bio has eight drugs in its pipeline, with its recombinant human albumin injection approved for market use in July 2023 [2][10] - Bibet has a class 1 innovative drug, BEBT-908, approved for market, while several other products are in various clinical trial phases [2][10] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is listed under the fourth set of standards, aiming to enhance production capacity with the funds raised [3][10] Group 2: Regulatory Changes - The introduction of a differentiated lock-up mechanism for offline investors aims to attract long-term investment by increasing the lock-up ratio and duration for unprofitable companies [4][5] - The new lock-up structure includes three tiers for A-class investors, with varying lock-up ratios and periods, encouraging institutional investors to focus on long-term value [4][6] - The "1+6" reform has led to the acceptance of 26 new companies, including eight unprofitable ones, since its launch [7][11] Group 3: Market Impact - The reforms have resulted in a more diverse market structure, with improved review efficiency and transparency, fostering a better investment environment for long-term capital [8] - The enthusiasm for Sci-Tech Innovation Board ETFs has surged, with 21 new ETFs launched within four months, totaling 105 ETFs and a combined scale of 300 billion yuan [8][12] - The number of investor accounts with trading permissions for the Sci-Tech Innovation Board's growth layer has reached 7.58 million, indicating strong market engagement [14][15]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. has officially launched its issuance work by disclosing its prospectus, issuance arrangements, and preliminary inquiry announcement on the Shanghai Stock Exchange, marking a significant step in the "1+6" reform of the Sci-Tech Innovation Board [1][3]. Group 1: Company Overview - Heyuan Biotechnology is the first company to initiate the issuance process among the newly registered enterprises in the Sci-Tech Growth Layer, following the resumption of the fifth set of standards for the Sci-Tech Innovation Board [5]. - The company has developed a globally pioneering "rice-derived hematopoiesis" technology, which has received support from the national "Major New Drug Creation" technology major project [6]. - Heyuan's self-developed innovative drug, recombinant human albumin injection (from rice), was approved for market release by the National Medical Products Administration in July, aiming to reduce China's long-term reliance on imported human serum albumin [6]. Group 2: Market Context - The issuance of Heyuan Biotechnology is a reflection of the implementation of the "1+6" reform on the Sci-Tech Innovation Board, enhancing the system's inclusiveness and adaptability for high-quality technology enterprises [6]. - The company is the first to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum overall lock-up ratio of 40% and three tiers of differentiated lock-up levels for investors [6]. - The Shanghai Stock Exchange has revised its issuance and underwriting rules, allowing unprofitable companies to adopt agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [6][10]. Group 3: Industry Developments - Since the announcement of the "1+6" reform policy in June, the Sci-Tech Innovation Board has received IPO applications from 15 new companies, including four unprofitable enterprises [7]. - Currently, three unprofitable companies have received IPO registration approval, with two of them adhering to the fifth set of standards [8]. - The technical systems of the Shanghai Stock Exchange have completed full network testing, and preparations for the issuance of new registered enterprises in the Sci-Tech Growth Layer are underway [9].

Group 1 - He Yuan Bio is officially launching its issuance process, becoming the first company to initiate this step in the new registration of the Sci-Tech Innovation Board's growth tier [1][4][6] - The company has developed a globally innovative "rice-derived blood" technology, which has received support from the national "Major New Drug Creation" program [7] - He Yuan Bio's recombinant human albumin injection (from rice) has been approved for market release, addressing China's long-standing reliance on imported human serum albumin [7] Group 2 - The issuance of new registered enterprises in the Sci-Tech Innovation Board's growth tier is progressing steadily, with the technical systems of the Shanghai Stock Exchange having completed testing [11][12] - Since the announcement of the "1+6" reform policy in June, 15 companies have applied for IPOs, including four unprofitable enterprises [9] - The Shanghai Stock Exchange has implemented various measures to enhance market attractiveness and inclusivity, supporting the development of technological innovation and new productive forces [14]

Core Viewpoint - He Yuan Bio is set to become a new member of the Sci-Tech Innovation Board as it officially starts its issuance process, marking a significant step in the "1+6" reform of the Sci-Tech Board [2][4]. Group 1: Company Overview - Wuhan He Yuan Bio Technology Co., Ltd. is the first company to initiate the issuance process after the re-launch of the fifth set of standards for the Sci-Tech Board [6]. - He Yuan Bio has developed a globally pioneering "rice-derived hematopoietic" technology, which has received support from the national "Major New Drug Creation" program [6]. - The company's innovative drug, recombinant human albumin injection (from rice), was approved for market release by the National Medical Products Administration in July, aiming to reduce China's reliance on imported human serum albumin [6]. Group 2: Market Context - The issuance of He Yuan Bio is a reflection of the policy direction to enhance the adaptability and inclusiveness of the Sci-Tech Board for high-quality technology enterprises [6]. - Since the announcement of the "1+6" reform policy in June, the Sci-Tech Board has received 15 new IPO applications, including four from unprofitable companies [9]. - The Shanghai Stock Exchange has completed the technical system testing for the new registration of the Sci-Tech Growth Layer, with 5 million investors already authorized to trade in this layer [10]. Group 3: Issuance Details - He Yuan Bio is the first company to adopt differentiated lock-up and allocation arrangements for offline issuance, with a minimum lock-up ratio of 40% for offline investors [6]. - The company has set three tiers of differentiated lock-up levels for investor bids, with the highest lock-up tier having a distribution ratio at least nine times that of the lowest tier [6][7]. - The recent revision of the issuance and underwriting rules by the Shanghai Stock Exchange allows unprofitable companies to adopt agreed lock-up methods, encouraging professional institutions to play a larger role in new stock pricing [7].

Core Points - He Yuan Bio is the first company to initiate its issuance under the new registration system of the Sci-Tech Innovation Board, marking a significant step in the implementation of the "1+6" reform [1][2] - The company has developed an innovative "rice-derived blood" technology, which has received support from the national "Major New Drug Creation" program, and its recombinant human albumin injection (rice) was approved for market entry in July [2] - The issuance plan includes a differentiated lock-up and allocation arrangement for offline investors, with a minimum lock-up ratio of 40% and a ninefold allocation ratio for the highest lock-up tier compared to the lowest [2] Industry Context - The launch of He Yuan Bio's issuance reflects the regulatory body's commitment to enhancing the inclusivity and adaptability of the system for high-quality technology enterprises [2] - The Shanghai Stock Exchange has implemented various measures to promote the "Eight Articles of Sci-Tech Innovation Board" and the "1+6" reform policies, with all supporting rules now in effect [1] - As of now, 5 million investors have opened trading permissions for the new registration system, indicating a growing interest in the Sci-Tech Innovation Board [1]

Core Viewpoint - The article discusses the recent developments in the STAR Market (科创板) in China, highlighting the issuance of shares by He Yuan Bio, which is the first company to initiate its issuance under the new fifth set of standards after the reform policy "1+6" was announced in June 2023 [3][4]. Group 1: Company Developments - He Yuan Bio is the first company to obtain registration approval and start the issuance process under the new fifth set of standards for the STAR Market [3][4]. - The company has developed an innovative "rice-derived blood" technology, which has received support from the national "Major New Drug Creation" program, and its recombinant human albumin injection (from rice) was approved for market release in July 2023 [3][4]. - The issuance by He Yuan Bio reflects the policy direction to support high-quality technology enterprises and enhance the adaptability of the STAR Market [4]. Group 2: Market and Regulatory Changes - Since the announcement of the "1+6" reform policy, 15 companies have submitted IPO applications, including four unprofitable enterprises, with three of them having their IPO registrations effective [3][5]. - The Shanghai Stock Exchange has implemented measures to enhance market attractiveness and inclusivity, aiming to better serve technological innovation and new productive forces [6]. - The new issuance rules allow unprofitable companies to adopt differentiated lock-up and allocation arrangements, encouraging professional institutions to play a larger role in new stock pricing [4][5].

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. has officially initiated its issuance process by disclosing its prospectus, issuance arrangements, and preliminary inquiry announcement on September 22, marking an important step in the "1+6" reform of the Sci-Tech Innovation Board [1] Group 1 - The first batch of newly registered enterprises in the Sci-Tech Growth Layer is progressing steadily, with securities companies organizing investors to sign risk disclosure agreements for participating in the trading of the Sci-Tech Growth Layer [1] - Currently, 5 million investors have opened trading permissions for the Sci-Tech Growth Layer, indicating strong market interest and participation [1] - The Shanghai Stock Exchange's technical system has completed full network testing and has begun to go live, ensuring readiness for the issuance of new registered enterprises in the Sci-Tech Growth Layer [1]

Core Viewpoint - The launch of Wuhan Heyuan Biotechnology Co., Ltd.'s IPO marks a significant step in the "1+6" reform of the Sci-Tech Innovation Board, indicating progress in the establishment of the Sci-Tech Growth Layer [1] Group 1: Reform Progress - The IPO process for the first batch of newly registered companies in the Sci-Tech Growth Layer is being carried out in an orderly manner [1] - Securities firms are organizing investors to sign risk disclosure agreements for participating in the Sci-Tech Growth Layer trading [1] Group 2: Investor Engagement - Approximately 5 million investors have opened trading permissions for the Sci-Tech Growth Layer [1] - The Shanghai Stock Exchange's technical system has completed network testing and is gradually going live [1] Group 3: Market Readiness - The issuance preparations for newly registered companies in the Sci-Tech Growth Layer are ready [1]