Core Points - Company received notification from Shenzhen Stock Exchange regarding the acceptance of its application for issuing convertible bonds to unspecified objects [1] - The application documents submitted by the company were found to be complete and have been accepted for review by the exchange [1] - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [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]

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]

Group 1 - A new company, Changzhou Jirui Material Technology Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Fu Bingjie [1] - The company's business scope includes a wide range of services and products, such as new material technology promotion, coating processing, chemical product sales, and various material sales [1] Group 2 - The company is involved in the sales of high-performance sealing materials, packaging materials, and electronic products, among others [1] - It also offers technical services, development, consulting, and management services related to production lines [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]

Core Insights - The 8th Yangtze River Delta Science and Technology Achievements Trading Expo will be held from October 15 to 17 in Shanghai, featuring a theme exhibition area exceeding 10,000 square meters with participation from 41 core cities in the Yangtze River Delta [1][2] Group 1: Event Overview - The expo focuses on five future industry tracks: future intelligence, future energy, future materials, future health, and future space, aiming to showcase new achievements and cases [2][5] - The event will include five major exhibition areas: Yangtze River Delta Cooperation City Area, National Innovation Center Area, Technology Transfer and Transformation Area, Frontier Technology Demonstration Area, and Technology Ecosystem Area [2][5] Group 2: Exhibition Areas - The Yangtze River Delta Cooperation City Area will display local industrial development and technological innovation achievements from cities like Nantong, Kunshan, and Taicang [4] - The National Innovation Center Area will focus on enterprise technology demand matching, crowdfunding research, and concept verification center construction, showcasing new mechanisms and achievements [5] - The Technology Transfer and Transformation Area will integrate various technology transfer service institutions to facilitate technology trading and investment matching [5] - The Frontier Technology Demonstration Area will highlight innovative achievements from universities and research institutions, promoting collaboration with different industries [5] - The Technology Ecosystem Area will involve technology parks, incubators, and industry associations to create a comprehensive technology service exchange platform [5] Group 3: Strategic Goals - The expo aims to enhance the regional innovation chain and industrial chain integration, providing strategic support for improving the technological competitiveness of the Yangtze River Delta [7] - It will feature approximately 60 brand activities, including forums and competitions, to foster dialogue among technology, industry, academia, and investment sectors [8] Group 4: Long-term Initiatives - The event will continue to promote a "3+365" technology service model, facilitating ongoing technology transactions and collaborations across the region [9] - Since its inception in 2018, the expo has become a significant platform for advancing international innovation center construction and collaborative innovation in the Yangtze River Delta [10]

Core Viewpoint - The company expresses gratitude for the interest and support shown by investors during its online roadshow for the initial public offering (IPO) [2] Group 1: Company Overview - The company introduced its listing objectives, main business, operational performance, competitive advantages, fundraising projects, and future development strategies during the roadshow [2] - The company acknowledges the significant mission and responsibility that comes with being a public company [2] Group 2: Investor Engagement - The company appreciates the valuable feedback and suggestions from investors, indicating a strong sense of community and support [2] - The company emphasizes the importance of maintaining close communication with investors moving forward [2] Group 3: Commitment to Transparency - The company commits to adhering to relevant laws and regulations, ensuring accurate and complete information disclosure [2] - The company aims to leverage market opportunities to deliver better operational results for shareholders, investors, and society [2]

Core Viewpoint - The company plans to acquire a 71% stake in Sichuan Yindile Material Technology Group Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1] Group 1 - The company and related intermediaries have responded to the inquiry letter issued by the Shanghai Stock Exchange, addressing the questions and revising, supplementing, and improving the restructuring report and other application documents [1] - The transaction is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1] - The company will disclose progress in accordance with regulations and remind investors to pay attention to risks [1]

Core Viewpoint - The company is actively integrating innovative resources and collaborating with major universities across the country for research and development projects [1] Group 1: Collaborations and Achievements - The company has established a joint laboratory for advanced functional materials in collaboration with South China University of Technology [1] - A key project in partnership with Wuhan Textile University has achieved significant progress [1] - The company has successfully launched a fresh-keeping film for fruits and vegetables developed in collaboration with South China Agricultural University [1] - A project focused on enhancing the performance of nanomaterials is being systematically advanced with a team of experts in the field [1]

Core Viewpoint - Suzhou Ruiguangjing Material Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various new material technologies and related sales activities [1] Company Overview - The legal representative of the company is Tang Xunrui [1] - The registered capital of the company is 500,000 RMB [1] Business Scope - The company engages in general projects including new material technology research and development [1] - It sells engineering plastics, synthetic resins, chemical products (excluding licensed chemical products), rubber products, packaging materials, and bio-based materials [1] - The company also provides services related to technical promotion, market marketing planning, and information consulting (excluding licensed information consulting services) [1] - Additional sales include fiberglass reinforced plastic products, refractory materials, fire-blocking materials, electronic products, and hardware products [1] - The company is involved in manufacturing and selling cork products and daily wooden products [1]

Core Viewpoint - Conch Materials Technology (02560) reported a decrease in revenue and profit for the six months ending June 30, 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - Revenue for the period was 1.081 billion RMB, representing a year-on-year decrease of 2% [1] - Shareholders' profit attributable to the company was 52.364 million RMB, showing a slight decline of 0.55% compared to the previous year [1] - Basic earnings per share were reported at 0.09 RMB [1]