Core Viewpoint - The "1+6" reform of the Sci-Tech Innovation Board is accelerating, with the first IPO registration under the fifth set of standards being approved for Wuhan Heyuan Biotechnology Co., Ltd. on July 18, 2025, alongside Shenzhen Beixin Life Technology Co., Ltd. passing the listing committee meeting on the same day [1][2]. Group 1: Company Developments - Wuhan Heyuan Biotechnology is a biopharmaceutical company that reported revenues of 13.40 million, 24.26 million, and 25.22 million yuan for 2022, 2023, and 2024 respectively, with net losses of 144 million, 187 million, and 151 million yuan during the same period [4]. - The company has no approved drugs yet, and the approval of its recombinant human albumin injection (trade name: Aofumin) marks the beginning of its drug commercialization process [4]. - Shenzhen Beixin Life Technology focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with 17 approved and in-development products as of the prospectus date [5]. Group 2: Market Context - The China Securities Regulatory Commission (CSRC) announced the establishment of a growth tier for the Sci-Tech Innovation Board and the resumption of the fifth set of standards for unprofitable companies on June 18, 2025 [1]. - The Shanghai Stock Exchange implemented new rules for the Sci-Tech Innovation Board on July 13, 2025, allowing newly listed unprofitable companies to enter the growth tier immediately upon listing [1]. - The listing guidance for Hangzhou Yushu Technology Co., Ltd. has commenced, with the company undergoing a name change and restructuring to facilitate its IPO process [6][7].

Core Insights - The China Securities Regulatory Commission has approved Wuhan Heyuan Biotechnology Co., Ltd. for its initial public offering (IPO) registration [1] - The National Medical Products Administration has granted priority review approval for Heyuan's recombinant human albumin injection (brand name: Aofumin), making it the first recombinant human serum albumin product approved for sale in China [1] - Heyuan Biotechnology aims to raise 2.4 billion yuan through its IPO, primarily for the construction of an industrialization base for recombinant human albumin, new drug research and development, and to supplement working capital [1] Company Overview - Heyuan Biotechnology, established in 2006, focuses on innovative drug research and development [1] - The company’s recombinant human albumin is derived from rice endosperm cell expression, a process referred to as "rice blood production" [1] Market Potential - The third-generation technology platform of Heyuan has achieved an expression level of 20 to 30 g/kg for rice human albumin, marking a significant technological breakthrough [2] - The company’s industrialization base is expected to produce 12 million vials of recombinant human serum albumin annually, with operations projected to commence in the second quarter of 2026 [2] - Heyuan anticipates a substantial market opportunity for its product HY1001, with projected sales revenues of 444 million yuan in 2026 and 1.567 billion yuan by 2030, addressing the current reliance on imports for human serum albumin in China [2]