Core Insights - The listing of three unprofitable companies on the STAR Market marks a significant innovation in the capital market, reflecting the board's increased inclusivity towards hard technology firms [1][3][4] - The strong performance of these companies on their first trading day indicates high market demand for new stocks in the STAR Market, particularly in rapidly developing sectors like biomedicine and new materials [1][3] Group 1: Company Performance - On the first trading day, N Yicai surged by 198.7% with a market capitalization of 104 billion, N Heyuan rose by 213.49% with a market cap of 32.57 billion, and N Bibeite increased by 74.41% with a market cap of 13.96 billion [1] - The STAR Market has now supported 57 unprofitable companies, with 22 of them achieving profitability post-listing [6] Group 2: Regulatory Changes - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) on June 18, 2023, allows unprofitable companies to list under the fifth set of standards, enhancing the STAR Market's adaptability to innovative firms [4][13] - The establishment of the STAR Market's growth layer aims to provide a more suitable platform for technology innovation companies at various development stages [7][11] Group 3: Company Profiles - Heyuan Biotech has developed a third-generation technology platform achieving a human albumin expression level of 20-30g/kg, with multiple products in various stages of clinical research [4][5] - Bibeite focuses on innovative drug development for major diseases, with several products in clinical trials and one expected to be approved by October 2025 [5] - Xi'an Yicai, a leading manufacturer of 12-inch silicon wafers, is positioned as the sixth largest globally, with significant market share [6] Group 4: Investment Landscape - The shareholder backgrounds of these companies include nearly a hundred investment institutions, showcasing a diverse mix of venture capital and private equity [8][9] - The STAR Market's reforms have attracted significant investment interest, with many institutions participating in the funding rounds of these companies [10][12] Group 5: Future Outlook - The STAR Market is expected to continue expanding its coverage of technology innovation sectors, with increasing participation from unprofitable firms [7][13] - The CSRC aims to enhance the market's inclusivity and adaptability, focusing on supporting hard technology companies and improving investor confidence [16]