Group 1 - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Biobetter, have been registered as the first batch of companies in the Sci-Tech Innovation Board's growth tier, marking a significant step in capital market support for technological innovation and new productive forces [1][2] - He Yuan Bio is an innovative biopharmaceutical company that has developed key core technologies for recombinant human albumin drugs, offering advantages such as high yield, simple processes, low costs, and scalability [1] - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers and holds the most authorized domestic and international invention patents in this field in mainland China as of June 2025 [1] Group 2 - Biobetter is concentrated on major diseases such as tumors, autoimmune diseases, and metabolic diseases, with one innovative drug product, BEBT-908, approved for market as of October 2025, and several others in various clinical trial phases [1] - The establishment of the Sci-Tech Innovation Board's growth tier is a response to the development patterns of hard technology and global competition, allowing unprofitable tech companies to access capital markets [2] - The chairman of Xi'an Yicai emphasized that the series of reforms, including the "1+6" policy, has opened doors for companies to leverage capital for accelerating technology transformation and enhancing industrial capabilities [2]

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].