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 Viewpoint - The article discusses the recent listing of three unprofitable companies on the STAR Market, marking a significant event as it is the first time in two years that unprofitable enterprises have been allowed to go public under the new "1+6" reform policy, expanding the "hard technology" sector on the STAR Market [1][3][10]. 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), were listed on October 28, 2023, under the STAR Market's growth layer for innovative companies [1][3]. - These companies are the first batch of new registrations since the implementation of the "1+6" reform, which aims to support unprofitable enterprises in the technology sector [1][10]. Group 2: Market Performance - On the listing day, all three stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio by 203%, and Bibete by 175%. By the end of the trading day, their respective increases 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 a projected revenue of 133.997 million yuan in 2022, increasing to 252.161 million yuan in 2024, but still reporting net losses [6][11]. - Bibete focuses on developing innovative drugs for major diseases, with a projected revenue of 0 yuan for 2022-2024, and net losses of 1.88 billion yuan in 2022 and 1.73 billion yuan in 2024 [7][11]. - Xi'an Yicai operates in the semiconductor industry, specifically in the production of 12-inch silicon wafers, with revenues projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, but also reporting significant net losses [8][9]. Group 4: STAR Market Reforms - The "1+6" reform introduced in June 2023 has successfully set up a growth layer for the STAR Market, allowing unprofitable companies to list under the fifth set of standards, which has already seen 32 existing unprofitable companies included [10][12]. - The STAR Market has supported 22 biopharmaceutical companies under the fifth set of standards since its inception, with many transitioning from research phases to commercialization [10][11]. Group 5: Future Outlook - The article highlights the potential for further expansion of the fifth set of standards to include more cutting-edge technology sectors such as artificial intelligence and commercial aerospace, which require significant upfront investment and have long development cycles [14].

Market Overview - A-shares maintained a volatile trend, with the Shanghai Composite Index surpassing 4000 points for the first time since August 2015, marking a 10-year high [1] - The market showed structural differentiation, with sectors like software development, aviation, and shipping seeing gains of over 1%, while coal, wind power equipment, and precious metals experienced declines exceeding 1% [1] Strait West Coast Concept - The Strait West Coast concept has been actively performing, with stocks like Haixia Innovation hitting a 20% limit up, and several others like Road Bridge Information and Longzhu Technology rising over 10% [3] - Pingtan Development achieved 6 limit-up days in 8 trading days [3] - A recent maritime equipment conference in Fuzhou resulted in 172 projects being signed, with total investments exceeding 200 billion yuan [5] PCB Sector Performance - The PCB sector saw significant gains, with companies like Helitai, Jingwang Electronics, and Shengyi Technology hitting limit-ups [7] - Shenghong Technology reported a third-quarter revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% [8] - Shengyi Electronics projected a net profit increase of 476% to 519% for the first three quarters of 2025, indicating strong demand in the PCB industry driven by AI servers and high-speed communications [9] New Listings on Sci-Tech Innovation Board - Three unprofitable companies debuted on the Sci-Tech Innovation Board, with N Yicai-U opening up 361%, N Heyuan-U up 202%, and N Bibeite-U up 175% [11] - He Yuan Bio, a biotech firm, has eight drugs in its pipeline and recently received approval for a new drug for liver cirrhosis [11] - Xi'an Yicai, a leading 12-inch silicon wafer manufacturer, also listed under the fourth set of standards on the Sci-Tech Innovation Board [12]

Core Points - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in facilitating the IPO path for hard-tech enterprises [1][2] - The "1+6" policy reform initiated by the China Securities Regulatory Commission aims to better serve technology innovation and enhance the integration of technological and industrial innovation [1][6] - The introduction of a differentiated lock-up mechanism for offline investors is designed to attract long-term investment and promote reasonable pricing of new shares [4][5] Group 1: New Listings - Three companies, He Yuan Bio, Xi'an Yicai, and Bibet, are the first to register under the Sci-Tech Innovation Board's growth layer, indicating a more inclusive listing environment for unprofitable tech firms [1][2] - He Yuan Bio is the first company to receive registration approval under the fifth set of standards since its reintroduction, with a focus on innovative drug development [2][3] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is utilizing the fourth set of standards for its listing, emphasizing its strategic growth plans [3] Group 2: Policy Reforms - The "1+6" reform includes a comprehensive set of measures aimed at enhancing the adaptability and inclusiveness of the listing process for unprofitable enterprises [2][6] - The reform has led to an increase in the number of companies applying for listing, with 26 new applications received since the reform began, including eight unprofitable firms [6][7] - The expansion of the fifth set of standards to cover emerging sectors such as artificial intelligence and commercial aerospace reflects a response to the evolving landscape of hard-tech financing [6] Group 3: Investment Environment - The differentiated lock-up mechanism for offline investors aims to encourage professional institutions to focus on the long-term value of companies [4][5] - The enthusiasm for Sci-Tech Innovation Board ETFs has surged, with 21 new ETFs launched in four months, indicating a growing interest in the sector [7] - The total scale of products tracking the Sci-Tech Innovation Board has reached 300 billion yuan, directing funds towards key development areas in new productivity [7]

Core Viewpoint - The first batch of newly registered companies in the Sci-Tech Innovation Growth Sector is set to debut, with three companies, He Yuan Bio, Xi'an Yicai, and Biobetter, expected to be included despite currently being unprofitable [1][2][3] Group 1: Company Details - He Yuan Bio is the first company to initiate the issuance process under the fifth set of standards for the Sci-Tech Innovation Board, focusing on innovative drug development with eight drugs in its pipeline [2][3] - Biobetter has one innovative drug product approved for market and several others in various clinical trial phases, also adhering to the fifth set of standards [2] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is the first unprofitable company to be accepted and approved under the fourth set of standards [3] Group 2: Financial Performance - As of the first half of 2025, He Yuan Bio, Biobetter, and Xi'an Yicai reported losses of approximately 81.63 million, 73.89 million, and 340 million respectively [3] Group 3: Issuance and Subscription Details - The subscription limits for online purchases are set at 53,500 shares for Xi'an Yicai and 14,000 shares for Biobetter, with corresponding market value requirements of 535,000 and 140,000 respectively [1] - He Yuan Bio's online issuance saw over 3.35 million investors participating, with an initial subscription rate of about 0.036% and a final rate of approximately 0.054% after adjustments [6] Group 4: Regulatory Changes - The new issuance rules allow for differentiated lock-up and allocation arrangements for unprofitable companies, encouraging institutional investors to play a larger role in pricing [4][5] - New registered stocks in the Sci-Tech Innovation Growth Sector will be marked with a special identifier "U" to distinguish them from existing stocks [7]

Group 1 - The core point of the article is the introduction of the first batch of newly registered stocks in the Sci-Tech Innovation Growth Layer, with companies like He Yuan Bio, Xi'an Yicai, and Biobetter set to launch their online subscriptions [1][2][3] - He Yuan Bio is the first company to initiate the issuance process among the new registered companies, focusing on innovative drug development with eight drugs in its pipeline [3][4] - Xi'an Yicai is recognized as the first unprofitable company to be accepted and approved under the "Eight Guidelines" of the Sci-Tech Innovation Board, specializing in 12-inch silicon wafers [4] Group 2 - All three companies are currently in a loss-making state, with losses reported for the first half of 2025: He Yuan Bio at 81.63 million yuan, Biobetter at 73.89 million yuan, and Xi'an Yicai at 340 million yuan [4] - The new registered unprofitable companies will be included in the Sci-Tech Innovation Growth Layer from the date of their listing, following the guidelines set by the Shanghai Stock Exchange [4] Group 3 - The three companies are the first to adopt differentiated lock-up and allocation arrangements for offline issuance, encouraging professional institutions to play a larger role in the pricing of new stock issuances [6][7] - He Yuan Bio has set a minimum lock-up ratio of 70% for the highest lock-up tier, while Xi'an Yicai and Biobetter have similar tiered lock-up arrangements [6][7] Group 4 - Over 5 million investors have opened trading permissions for the Sci-Tech Innovation Growth Layer, with 3.36 million participating in He Yuan Bio's online subscription, resulting in an initial winning rate of approximately 0.036% [9][8] - New registered stocks in the Sci-Tech Innovation Growth Layer will have a special identifier "U" added to their stock names for differentiation [10]

Core Viewpoint - The article discusses the first batch of newly registered companies entering the Sci-Tech Innovation Growth Tier, highlighting their current unprofitable status and the implications for investors and the market [1][3]. Group 1: Newly Registered Companies - Three companies, He Yuan Bio, Xi'an Yicai, and Biobetter, are set to enter the Sci-Tech Innovation Growth Tier, with their respective issuance prices and subscription limits detailed [1][4]. - As of the prospectus disclosure date, all three companies are unprofitable, with losses reported for the first half of 2025: He Yuan Bio at 81.63 million yuan, Biobetter at 73.89 million yuan, and Xi'an Yicai at 340 million yuan [5]. Group 2: Listing Standards and Approval - He Yuan Bio and Biobetter are listed under the fifth set of standards, while Xi'an Yicai follows the fourth set. He Yuan Bio is noted as the first company to initiate the issuance process after the reactivation of the fifth set of standards [4]. - Xi'an Yicai is recognized as the first unprofitable company to be accepted and approved under the "Eight Articles of Sci-Tech Innovation Board" [4]. Group 3: Subscription and Investor Participation - He Yuan Bio's online issuance saw approximately 3.36 million effective subscription accounts, with an initial winning rate of about 0.036%, which increased to approximately 0.054% after a mechanism was triggered due to high subscription multiples [10][11]. - As of September 22, 500 million investors have opened trading permissions for the Sci-Tech Innovation Growth Tier, with special identifiers added to distinguish new registered stocks [12]. Group 4: Lock-up and Allocation Arrangements - The three companies are the first to adopt differentiated lock-up and allocation arrangements for offline issuance, encouraging professional institutions to play a larger role in new stock pricing [7][8]. - Specific lock-up ratios and periods are set for each company, with He Yuan Bio having a maximum lock-up ratio of 70% for the highest subscription tier [7].

Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five companies that will be available for subscription this week, emphasizing their business focus and financial performance. Group 1: Upcoming IPOs - This week (October 13-17), there will be five new stocks available for subscription in the A-share market, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with an IPO price of 13.75 CNY per share and a subscription limit of 32,000 shares per account [1][2] - He Yuan Bio is an innovative biopharmaceutical company with a subscription limit of 14,000 shares per account, focusing on recombinant human albumin production [3][4] - Chao Ying Electronics specializes in automotive electronic PCBs, with a subscription limit of 12,500 shares per account [5][7] - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, with a subscription limit of 53,500 shares per account [8][9] - Biobetter focuses on innovative drug development for major diseases, with a subscription limit of 14,000 shares per account [10][12] Group 2: Financial Performance - Marco Polo's projected revenues for 2022-2024 are 8.661 billion CNY, 8.925 billion CNY, and 7.324 billion CNY, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [2] - He Yuan Bio's projected revenues for 2022-2024 are 0.13 billion CNY, 0.24 billion CNY, and 0.25 billion CNY, with net losses of 1.44 billion CNY, 1.87 billion CNY, and 1.51 billion CNY [3][4] - Chao Ying Electronics' projected revenues for 2022-2024 are 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [6][7] - Xi'an Yicai's projected revenues for 2022-2024 are 1.055 billion CNY, 1.474 billion CNY, and 2.121 billion CNY, with net losses of 0.412 billion CNY, 0.578 billion CNY, and 0.738 billion CNY [8][9] - Biobetter's projected net losses for 2022-2024 are 0.188 billion CNY, 0.173 billion CNY, and 0.056 billion CNY [10][11]

Core Viewpoint - The successful IPO approval of Xi'an Yiswei Material Technology Co., Ltd. marks a significant acceleration in the review process of the Sci-Tech Innovation Board, reflecting increased market acceptance of unprofitable "hard tech" companies post the "Eight Measures" policy [4]. Group 1: IPO Approval Process - Xi'an Yiswei's IPO was accepted on November 29, 2024, and successfully passed the review in less than nine months, indicating a faster review pace on the Sci-Tech Innovation Board [4]. - The company is the first unprofitable enterprise to receive approval after the announcement of the "Eight Measures" [4]. Group 2: Company Profile and Market Position - Xi'an Yiswei is a leading player in the 12-inch silicon wafer sector, ranking first in mainland China and sixth globally based on average monthly shipments and production capacity by the end of 2024 [5]. - The company has validated 144 customers and has over 390 tested products, with more than 90 products in mass production, contributing over 55% to its main business revenue in 2024 [5]. Group 3: Future Plans and Industry Impact - The company aims to enhance product quality, technical capabilities, and product diversity, with a goal to establish 2-3 core manufacturing bases and several modern intelligent manufacturing plants by 2035 [6]. - Xi'an Yiswei is committed to increasing the localization rate of 12-inch silicon wafers by fostering domestic suppliers and diversifying the upstream supply chain, recognized as a key enterprise in the first batch of Shaanxi Province's industrial chain [5].