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].