Core Viewpoint - The article discusses the upcoming IPO application review for He Yuan Bio, marking the restart of the fifth listing standard on the Sci-Tech Innovation Board, which has been expanded to include various industries beyond pharmaceuticals [1][2][7]. Group 1: Company Overview - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, having developed a leading rice recombinant protein expression system with a yield of 20-30g/kg of rice protein [3][4]. - The company has established two major technology platforms and has eight drug candidates in its pipeline, with six currently in clinical research [3]. Group 2: Financial Performance - He Yuan Bio has reported continuous losses over the past three years, with losses of 150 million RMB in 2024, 187 million RMB in 2023, and 144 million RMB in 2022 [4]. Group 3: IPO Plans - The company plans to raise 2.4 billion RMB through its IPO, which will be allocated to the construction of a recombinant human albumin industrialization base, new drug research and development, and to supplement working capital [5]. Group 4: Regulatory Context - The fifth listing standard on the Sci-Tech Innovation Board is designed for companies with complex product technologies and long R&D cycles, and it has been successfully implemented in the biopharmaceutical sector [6][7]. - The recent reforms aim to enhance the inclusivity and adaptability of the listing standards, particularly for high-quality, unprofitable tech companies [6].