Core Points - Three unprofitable companies, He Yuan Bio, Xi'an Yicai, and Bibet, will debut on the Sci-Tech Innovation Board, marking a smoother path for unprofitable hard-tech enterprises to go public [1][2] - The launch of the Sci-Tech Innovation Board's "1+6" policy aims to reform and optimize the listing system for unprofitable tech companies, facilitating deeper integration of technological and industrial innovation [1][2][7] Group 1: Company Listings - He Yuan Bio and Bibet are listed under the fifth set of standards, breaking the listing drought since June 2023, with He Yuan Bio being the first to receive registration approval under this standard [2][10] - He Yuan Bio has eight drugs in its pipeline, with its recombinant human albumin injection approved for market use in July 2023 [2][10] - Bibet has a class 1 innovative drug, BEBT-908, approved for market, while several other products are in various clinical trial phases [2][10] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is listed under the fourth set of standards, aiming to enhance production capacity with the funds raised [3][10] Group 2: Regulatory Changes - The introduction of a differentiated lock-up mechanism for offline investors aims to attract long-term investment by increasing the lock-up ratio and duration for unprofitable companies [4][5] - The new lock-up structure includes three tiers for A-class investors, with varying lock-up ratios and periods, encouraging institutional investors to focus on long-term value [4][6] - The "1+6" reform has led to the acceptance of 26 new companies, including eight unprofitable ones, since its launch [7][11] Group 3: Market Impact - The reforms have resulted in a more diverse market structure, with improved review efficiency and transparency, fostering a better investment environment for long-term capital [8] - The enthusiasm for Sci-Tech Innovation Board ETFs has surged, with 21 new ETFs launched within four months, totaling 105 ETFs and a combined scale of 300 billion yuan [8][12] - The number of investor accounts with trading permissions for the Sci-Tech Innovation Board's growth layer has reached 7.58 million, indicating strong market engagement [14][15]