Core Viewpoint - The article discusses the successful listing of Wuhan Heyuan Bio on the Sci-Tech Innovation Board, marking a significant milestone in the revival of the board's fifth set of listing standards for unprofitable companies, particularly in the biotech sector [3][6]. Group 1: Industry Overview - The Sci-Tech Innovation Board has prioritized the biopharmaceutical industry since its inception in 2019, with a total market capitalization of 1.13 trillion yuan for 110 listed biopharmaceutical companies as of December 2024 [5]. - The biopharmaceutical sector faces challenges due to long R&D cycles, high investment costs, and low success rates, leading to a significant drop in IPOs from 36 in 2021 to just 1 in 2024 on the Sci-Tech Innovation Board [6]. - The reintroduction of the fifth set of standards has opened new capital windows for unprofitable hard-tech companies, with Heyuan Bio being the first to successfully list under these new guidelines [6][13]. Group 2: Company Highlights - Heyuan Bio specializes in plant-derived recombinant protein expression technology and has developed a product, Aofumin®, which is the first human serum albumin injection based on recombinant protein technology in China [11][12]. - The company has received significant strategic investments from various institutions, including Yifeng Capital, which has supported Heyuan Bio through multiple funding rounds, demonstrating a commitment to long-term investment [12][13]. - The successful listing of Heyuan Bio is seen as a validation of Yifeng Capital's strategic foresight and investment approach in the biopharmaceutical sector [20]. Group 3: Investment Insights - Yifeng Capital has been a key player in the recent successes of Heyuan Bio, North Chip Life, and Tainuo Maibo, showcasing its ability to identify and support promising biotech companies [7][20]. - The firm has built a robust investment strategy focused on long-term value creation, aligning with the principles of nurturing innovation and supporting the commercialization of scientific advancements [20]. - Yifeng Capital's CEO emphasizes the importance of time in developing innovative companies, positioning the firm as a "runner" alongside scientists rather than a short-term profit seeker [20].