Core Insights - The successful debut of three unprofitable companies on the Sci-Tech Innovation Board reflects strong market confidence driven by their technological capabilities, the board's supportive framework, and alignment with national innovation strategies [1][4]. Group 1: Company Insights - Xi'an Yiswei is the first 12-inch silicon wafer manufacturer in mainland China and ranks sixth globally, holding the highest number of authorized patents in its field domestically, addressing critical supply chain gaps during a key period for semiconductor domestic substitution [2]. - Wuhan Heyuan Bio and Guangzhou Bibete focus on innovative biopharmaceuticals, with Heyuan Bio overcoming technical bottlenecks in recombinant human albumin drug development and Bibete targeting unmet clinical needs in cancer treatment with globally pioneering drug research [2]. Group 2: Industry Insights - The Sci-Tech Innovation Board's clear positioning and differentiated institutional advantages provide a precise listing pathway for high-tech companies that are unprofitable but possess significant technological barriers, showcasing the board's support for "hard tech" enterprises throughout their lifecycle [3]. - The board's optimized disclosure requirements for growth-stage companies enhance transparency, allowing investors to make informed decisions about the value of these enterprises [3]. - The alignment of these companies with the national strategy of "innovation-driven development" highlights their role in the critical sectors of semiconductor and biomedicine, which are essential for ensuring supply chain security and promoting high-quality economic growth [4].

Group 1 - The first batch of new registered companies, including Xian Yicai, Heyuan Bio, and Bibete, has been listed on the Sci-Tech Innovation Board, marking a significant step in capital market support for technological innovation and new productivity development [2][4] - On the first day of trading, the three companies experienced substantial gains, with Heyuan Bio and Xian Yicai both rising approximately 200%, and Bibete increasing by 74.41% [3][5] - The listing of these companies reflects a growing enthusiasm among institutional investors, indicating recognition of their long-term investment value, despite warnings about the risks associated with investing in unprofitable companies [5][4] Group 2 - As of October 28, the Sci-Tech Innovation Board has 592 listed companies with a total market capitalization exceeding 9 trillion yuan, showcasing the board's focus on "hard technology" enterprises [6] - Since the implementation of the "1+6" reform policy in June, the Sci-Tech Innovation Board has accepted 26 new companies, including 8 unprofitable ones, with a total IPO financing amount of 16.95 billion yuan, representing a 54% year-on-year increase [7] - The Shanghai Stock Exchange aims to enhance its support for high-quality development by identifying and supporting innovative companies in fields such as artificial intelligence and commercial aerospace, while also improving regulatory effectiveness [8][10]