Core Viewpoint - The article discusses the first successful case of a company, Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio), applying for listing on the Sci-Tech Innovation Board under the fifth set of standards, highlighting the challenges and adjustments in their IPO fundraising amount [1]. Group 1: IPO Details - Heyuan Bio's IPO fundraising amount has been reduced from 3.5 billion yuan to 2.4 billion yuan, a decrease of over 30% [1]. - The reduction in fundraising is primarily due to a significant cut in the "supplementary working capital" project, which was lowered from 800 million yuan to 100 million yuan [1]. - Other companies currently under review for the fifth set of standards include Shenzhen Beixin Life Technology Co., Ltd., Shanghai Hengrun Da Biological Technology Co., Ltd., Harbin Sizhe Rui Intelligent Medical Equipment Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd. [1]. Group 2: Product and Market Potential - Heyuan Bio's core product, HY1001, is a plant-derived recombinant human serum albumin injection, which has received acceptance for its drug registration application for "hypoalbuminemia" by the drug regulatory authority [4][7]. - Currently, there are no similar products approved for sale in China, indicating a unique market position for HY1001 [6]. - The product is expected to be approved for sale in 2025, with large-scale sales anticipated in 2026, potentially becoming the first recombinant albumin product approved in the country [7]. Group 3: Industry Context - The successful listing of Heyuan Bio may provide confidence to other companies in the same sector, such as Tonghua Anruite Biological Pharmaceutical Co., Ltd., which is also focused on recombinant albumin but uses a yeast expression system [8]. - Anruite's recombinant albumin product has already been launched in Russia and has completed phase III clinical trials in China, but it is still in the IPO guidance stage [9].