Group 1 - Three unprofitable companies, including Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yisiwei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., have successfully listed on the Sci-Tech Innovation Board, marking a significant milestone for hard-tech enterprises in their R&D phase [1][2] - The Sci-Tech Innovation Board has established a "4+5" evaluation system for innovation attributes to address the challenges faced by technology companies that lack profits but possess technology, thereby broadening growth paths for hard-tech enterprises [1][3] - The board has implemented a 20% price fluctuation limit and no price fluctuation arrangements for the first five days post-listing, enhancing market pricing vitality and aligning with the high volatility characteristics of technology innovation companies [1][2] Group 2 - The Sci-Tech Innovation Board adopts a "trial and error" strategy to balance innovation and stability, gradually constructing a differentiated information disclosure system that emphasizes R&D progress and commercialization risks [2][3] - The introduction of a tiered design for the Sci-Tech Growth Layer in 2025 reflects a "steady progress" approach, maintaining existing profit standards for existing companies while setting new thresholds for new companies [2][3] Group 3 - The fundamental driving force behind the board's institutional innovation is the need to address the financing challenges faced by hard-tech enterprises, which often struggle to meet traditional listing standards due to long R&D cycles and high investment [3][4] - A multi-tiered market ecosystem, involving collaboration among regulators, funding sources, and professional institutions, is crucial for the smooth operation of the board's system [3][4] - The long-term technological accumulation in fields such as integrated circuits, biomedicine, and high-end equipment provides a rich "testing ground" for the Sci-Tech Innovation Board, facilitating a virtuous cycle of innovation, financing, and further innovation [4]