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].

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant development in the board's reform and expansion of the "hard technology" sector [1][2]. Group 1: New Listings and Market Performance - Three companies, He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), and Bibet (688759.SH), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the "1+6" reform [1][2]. - On the listing day, the new stocks experienced significant price increases, with Xi'an Yicai rising by 361%, He Yuan Bio by 203%, and Bibet by 175%, closing with respective gains of approximately 199%, 213%, and 74% [2]. Group 2: Company Profiles and Financials - He Yuan Bio specializes in innovative drugs, particularly in the biopharmaceutical sector, and has achieved a breakthrough in recombinant human albumin production using a rice-based expression system [3][4]. - The company has a pipeline of eight drugs, with its core product, recombinant human albumin injection (HY1001), expected to be approved for market by July 2025 [3]. - Financially, He Yuan Bio reported revenues of 13.4 million yuan in 2022, 24.3 million yuan in 2023, and 25.2 million yuan in 2024, with net losses of 144 million yuan, 187 million yuan, and 151 million yuan respectively [3][4]. - Bibet focuses on innovative drug development for major diseases, with a pipeline that includes a class 1 innovative drug expected to be approved by October 2025 [6]. - Bibet's financials show no revenue from 2022 to 2025, with net losses of 188 million yuan, 173 million yuan, and 56 million yuan respectively [6]. - Xi'an Yicai operates in the semiconductor industry, specializing in 12-inch silicon wafer production, ranking first in China and sixth globally [6][7]. - The company reported revenues of 1.055 billion yuan in 2022, 1.474 billion yuan in 2023, and 2.121 billion yuan in 2024, with net losses of 533 million yuan, 683 million yuan, and 738 million yuan respectively [7]. Group 3: STAR Market Reforms and Future Outlook - The STAR Market's "1+6" reform has successfully introduced a growth layer for unprofitable companies, allowing them to list under the fifth set of standards [8][9]. - As of October 28, 2025, 22 companies have listed under the fifth set of standards, with many transitioning from research phases to commercialization [8]. - Approximately 21 of these companies have launched 48 drug or vaccine products, contributing to a significant portion of China's innovative drug approvals [8]. - The expansion of the fifth set of standards to include sectors like artificial intelligence and commercial aerospace aims to support high-potential companies with substantial upfront investments and long development cycles [10].

Core Viewpoint - He Yuan Bio (688765.SH) has launched its IPO on the Sci-Tech Innovation Board with an issue price of 29.06 yuan per share, focusing on the production of recombinant human serum albumin using rice as a production platform, which is expected to alleviate the supply shortage of blood products in China [1][2][3]. Company Overview - He Yuan Bio specializes in biopharmaceuticals, specifically in the production of recombinant human serum albumin by implanting human serum albumin genes into rice, allowing for large-scale synthesis and purification from rice [1][2]. - The company has developed a third-generation technology platform that achieves an expression level of 20-30g/kg of human serum albumin in brown rice, addressing the historical supply issues of this critical blood product [1][6]. Market Potential - Human serum albumin is the most widely used blood product in clinical settings in China, with no equivalent alternatives available, indicating a strong market demand [2][3]. - The approval of He Yuan Bio's recombinant human serum albumin is expected to mirror the market penetration path of early recombinant insulin companies, potentially leading to rapid sales growth and strong cash flow for the company [2][3]. Funding and Investment - The company aims to raise 2.4 billion yuan through its IPO, with plans to invest 1.658 billion yuan in the construction of an industrialization base for recombinant human serum albumin, 642 million yuan in new drug research and development, and 100 million yuan to supplement working capital [2][7][8]. Research and Development - He Yuan Bio has invested significantly in R&D, with expenditures of 110 million yuan, 159 million yuan, and 117 million yuan from 2022 to 2024, totaling 386 million yuan over three years [5]. - The company holds 21 domestic and 62 international invention patents, with 17 patents applicable to its main business and capable of industrialization [5]. Production Capabilities - The company has established a rice endosperm cell bioreactor technology system, which includes a high-efficiency recombinant protein expression platform and a purification technology platform, facilitating large-scale and cost-effective production [6]. - He Yuan Bio has built a commercial-scale production line capable of producing 10 tons of OsrHSA raw liquid annually and is expanding to a new production line with a capacity of 120 tons [8]. Commercialization Strategy - Following the approval of its product, He Yuan Bio has initiated sales through its own team and partnerships with major distributors, establishing a sales network across over 30 provinces [7][8]. - The company has multiple drugs in development, with several at various stages of clinical trials, laying the groundwork for future commercialization [8][9].

Core Insights - The launch of the "Science and Technology Innovation Growth Layer" marks a significant shift in the Chinese capital market, allowing unprofitable companies to list on the Sci-Tech Innovation Board, focusing on "technological value" rather than short-term profitability [4][5][8] Group 1: New Listings and Fundraising - Xi'an Yicai is the first unprofitable company to initiate an online subscription under the new policy, planning to issue 53.78 million shares at a price of 8.62 yuan per share, aiming to raise approximately 4.636 billion yuan for its silicon industry base project [3][5] - Other unprofitable companies, such as He Yuan Bio and Biobetter, are also moving forward with their listings, indicating a trend of unprofitable tech firms entering the market [3][4] Group 2: Characteristics of New Companies - Xi'an Yicai is a leading player in the 12-inch silicon wafer sector, with projected revenues of approximately 10.55 billion yuan, 14.74 billion yuan, and 21.21 billion yuan from 2022 to 2024, but has incurred cumulative losses of 1.954 billion yuan during the same period [6][7] - He Yuan Bio focuses on plant-based recombinant protein technology, with its core product expected to be approved for sale in 2025, while Biobetter specializes in innovative oncology drugs, with no revenue generated yet [7][8] Group 3: Regulatory Framework and Market Impact - The new regulations allow unprofitable companies to access capital markets, providing essential funding for technological innovation and business expansion [8][9] - The "new and old separation" strategy ensures market stability while promoting inclusivity for tech firms, allowing them to secure funding despite not being profitable [4][9] Group 4: Investor Participation and Limitations - The new issuance rules include differentiated lock-up arrangements for investors, encouraging long-term investment and stabilizing market performance [11][12] - Investors must sign a risk disclosure document before investing in newly registered unprofitable tech companies, highlighting the inherent risks associated with such investments [9][10]

Group 1: New IPOs and Market Overview - This week (October 13 to 17), there are 5 new stocks available for subscription, including 1 from the Shanghai Main Board, 1 from the Shenzhen Main Board, and 3 from the Sci-Tech Innovation Board [1][2] - Xi'an Yicai ranks second in total shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, indicating a potentially high probability of winning the subscription [1] - Marco Polo, a new stock on the Shenzhen Main Board, has an issue price of 13.75 yuan and a price-to-earnings ratio of 14.27, compared to the industry average of 28.02 [2] Group 2: Company Profiles and Financials - He Yuan Bio, launching on October 14, focuses on plant-based recombinant protein technology and has 8 products in development or on the market. Its core product, HY1001, is the first recombinant human albumin drug approved in China, addressing a market size of approximately 30% of human serum albumin [1][3] - Marco Polo is the largest manufacturer and seller of building ceramics in China, with a total fundraising amount of 1.643 billion yuan from its IPO [2] - Xi'an Yicai, a leading supplier of 12-inch silicon wafers, aims to raise 4.9 billion yuan through its IPO [4] - Biotech company Bibet focuses on innovative drug development for major diseases and plans to raise 2.005 billion yuan in its IPO [4] Group 3: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Youxun Co. and Angrui Micro on the Sci-Tech Innovation Board, and Tian Su Measurement on the Growth Enterprise Market [5][6] - Youxun Co. specializes in optical communication chips and aims to raise 809 million yuan [6] - Angrui Micro focuses on RF and analog integrated circuit design, with a planned fundraising of 2.067 billion yuan [6] - Tian Su Measurement provides third-party measurement and testing services, targeting a fundraising of 424 million yuan [6]

Group 1: Company Overview - He Yuan Bio is a pioneer in the "rice blood-making" industry, focusing on plant-derived recombinant protein expression technology[7] - The company's core product, recombinant human serum albumin injection (HY1001), was approved for market in July 2025, making it the first recombinant human albumin drug approved in China[12] - The market for human serum albumin in China is projected to grow from 25.8 billion RMB in 2020 to 57 billion RMB by 2030, with a compound annual growth rate (CAGR) of 8.25%[12] Group 2: Financial Metrics - As of September 23, 2025, comparable companies have a median market capitalization of 24.899 billion RMB, with a median price-to-earnings ratio of 26.60 times[20] - He Yuan Bio's revenue from 2022 to H1 2025 was 0.13 billion, 0.24 billion, 0.25 billion, and 0.13 billion RMB, respectively, which is below the average of comparable companies[24] - The company's R&D expenses from 2022 to H1 2025 were 1.10 billion, 1.59 billion, 1.17 billion, and 0.56 billion RMB, with a compound growth rate of 2.81%, slightly above the comparable average of 2.06%[29] Group 3: Market Position and Risks - He Yuan Bio has a unique first-mover advantage in the recombinant human albumin market, with no other similar products approved in China as of August 2025[12] - The company faces risks related to not yet being profitable, as most of its products are still in the R&D phase[43] - There is a risk that the supply of medicinal rice may not meet the demands of large-scale commercial production, which could impact operations[44]

Investment Rating - The report assigns a mid-to-low level investment rating to He Yuan Bio, with an AHP score of 2.59, placing it in the 42.6% percentile of the AHP model [7]. Core Insights - He Yuan Bio is a pioneer in the "rice blood production" industry, having launched the first recombinant human albumin product in China, which was approved in July 2025. This product addresses the market for liver cirrhosis with low albumin levels, which constitutes about 30% of the human serum albumin market [9][14]. - The company has developed two major technology platforms: the OryzHiExp for efficient recombinant protein expression and the OryzPur for protein purification, achieving high purity levels and cost reductions [17]. - He Yuan Bio has a robust pipeline with eight products in development or on the market, targeting various clinical needs across different age groups, thus reducing dependency on any single area [9][14]. Summary by Sections AHP Score and Expected Allocation Ratio - He Yuan Bio's AHP score is calculated to be 2.59, indicating a mid-to-low ranking within the AHP model [7]. - The offline issuance adopts a lock-up mechanism with varying lock-up ratios and periods for different classes of investors [7]. Company Highlights and Features - He Yuan Bio is recognized as the first company to utilize rice endosperm cell bioreactors for large-scale production of pharmaceutical proteins, with a focus on recombinant human albumin [9]. - The company has established a comprehensive sales network across over 30 provinces in China and is preparing for negotiations to enter the national medical insurance directory [21]. - The company has cultivated over 9,000 acres of medicinal rice to ensure a stable supply of raw materials for production [18]. Financial Comparison with Peers - He Yuan Bio has only one product on the market compared to an average of four for comparable companies, indicating a relatively slower development pipeline [25]. - The company's revenue and net profit figures are lower than those of comparable companies, primarily due to the lack of market-ready products [27]. - R&D expenses have shown a compound annual growth rate of 2.8%, slightly above the average of comparable firms [33]. Fundraising Projects and Development Vision - The company plans to use the funds raised from its IPO for the construction of a recombinant human albumin industrialization base, new drug development projects, and to supplement working capital [43]. - The industrialization base project aims to enhance production capacity and meet the growing market demand for human serum albumin [19].

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. has successfully passed the review of the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone in the integration of technology and industry in Wuhan's biopharmaceutical sector [1] Group 1: Industry Development - Wuhan is experiencing a transformation towards a complete new materials industry chain, providing vast market opportunities for startups [1] - The city is fostering a unique innovation ecosystem characterized by a "tolerance for failure" and "empowering dreams," attracting young talents to engage deeply in technology-industry integration [1][2] - The establishment of a "陪跑式" (accompanying) entrepreneurship mechanism supports startups at various stages, from incubation to scaling [3][4] Group 2: Innovation and Talent - Wuhan's innovation strategy is focused on creating a youth-friendly city, with policies that encourage entrepreneurship and innovation [3][4] - The city has implemented a government fund error tolerance mechanism, allowing for significant losses in early-stage investments, which encourages risk-taking in innovation [4] - The "武汉英才" (Wuhan Talent) program aims to attract over 300,000 university graduates annually, enhancing the talent pool for technology-industry integration [11] Group 3: Case Studies - NIO has received substantial investment and is expanding its battery swap stations in Wuhan, which is expected to generate significant revenue and attract related businesses [5] - Heyuan Biotechnology's innovative plant-based bioreactor technology has significantly increased the production efficiency of pharmaceutical proteins, addressing the reliance on imports [9][12] - The establishment of the "协和医院-衷华脑机院企联合实验室" aims to accelerate research and development in brain-machine interface technologies, showcasing the city's commitment to cutting-edge medical innovations [6][9] Group 4: Future Prospects - Wuhan's strategic focus on integrating AI and other emerging technologies is expected to drive substantial growth in various industries, with projected revenue increases of over 20% in strategic emerging sectors [10][14] - The city is actively promoting the commercialization of scientific research, exemplified by the success of local enterprises like Heyuan Biotechnology and Huazhong University of Science and Technology's spin-offs [12][14] - The ongoing development of a supportive ecosystem for innovation and entrepreneurship is anticipated to further enhance Wuhan's position as a leading hub for technology and industry integration [14][15]

Group 1 - The first company to be reviewed under the restarted fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) [1][3] - Heyuan Bio is an innovative biopharmaceutical company known for its "rice-derived blood" technology and has established a unique plant expression system and two technical platforms [3][4] - The company has adjusted its fundraising target down by approximately 1.1 billion yuan, from an initial 3.502 billion yuan to 2.4 billion yuan, due to steady progress in R&D and business operations [5][6] Group 2 - Heyuan Bio's asset-liability ratio is projected to increase significantly in 2024, with ratios of 18.81%, 23.96%, and 43.37% for the years 2022 to 2024 respectively [6][7] - The company has not yet achieved profitability, with reported revenues of approximately 13.4 million yuan, 24.3 million yuan, and 25.2 million yuan for the years 2022 to 2024, and net losses of approximately 144 million yuan, 187 million yuan, and 151 million yuan for the same period [7] - Heyuan Bio's core product, HY1001, is expected to be approved for market launch soon, having completed its Phase III clinical trials with promising results [7][8] Group 3 - The recent policy changes by the China Securities Regulatory Commission aim to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, facilitating the listing of unprofitable companies [4] - Other companies currently in the review process under the fifth set of standards include Beixin Life, Hengrun Da, Sizherui, and Bibete, with some making faster progress than others [8][9]