Core Points - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibet, have successfully listed on the Sci-Tech Innovation Board, marking a significant step in facilitating the listing path for unprofitable hard-tech enterprises [1] - The stock prices of the three companies surged significantly on their debut, with He Yuan Bio rising by 213.5%, Xi'an Yicai by 198.7%, and Bibet by 74.4%, all with a turnover rate exceeding 70% [1] Company Summaries - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform and has established a proprietary rice endosperm cell bioreactor expression system [1] - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers [1] - Bibet is a biopharmaceutical company with its core product BEBT-908 already approved for market, while other products are still in the research and development phase [1] Industry Developments - The establishment of the Sci-Tech Growth Layer aims to support technology companies that have significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are currently unprofitable [2] - The Sci-Tech Board has seen a 37.79% year-on-year revenue growth among companies in the growth layer for the first half of the year, with a significant reduction in losses amounting to 71.23 billion [2] - Since the launch of the Sci-Tech Board, 54 unprofitable companies have been supported for listing, with 22 of them achieving profitability post-listing, averaging four companies per year [2]

Group 1 - The core viewpoint of the article is that He Yuan Bio (688765) has officially launched its issuance work, becoming the first company to start this process after the resumption of the fifth set of standards for the Sci-Tech Innovation Board [1] - He Yuan Bio is an innovative biopharmaceutical company with a globally leading plant bioreactor technology platform [1] - The company is the first to adopt differentiated lock-up and allocation arrangements for offline issuance under the relevant pilot arrangements of the "Eight Articles of the Sci-Tech Innovation Board" [1] Group 2 - According to the prospectus, the overall lock-up ratio for offline issuance is no less than 40% [1] - The company has set three tiers of differentiated lock-up levels for investor quotations, with the allocation ratio for the highest lock-up tier being no less than nine times that of the lowest lock-up tier [1]