Shanghai Securities News｜First IPO Approved under the Resumed SSE STAR Market's Fifth Set of Standards: Healthgen Biotechnology's IPO Approved by the Listing Review Committee

Source: Shanghai Securities News www.cnstock.com

Authors: He Xinyi, Jing Huaiqiao

Shanghai Securities News, www.cnstock.com (Reporters: He Xinyi, Jing Huaiqiao) - On July 1, the official website of Shanghai Stock Exchange (SSE) announced that Wuhan Healthgen Biotechnology Corp. (hereinafter referred to as "Healthgen Biotechnology") successfully passed by the SSE Listing Review Committee for its initial public offering (IPO) on the SSE STAR Market. This marks the first IPO approved under the resumed fifth set of listing standards for the STAR Market.

On June 18, the China Securities Regulatory Commission (CSRC) announced that a growth tier would be set up in the SSE STAR Market and the restated fifth set of SSE STAR market listing standards would apply to unprofitable enterprises for listing. One week later, the SSE announced that Healthgen Biotechnology would be reviewed by the Listing Review Committee on July 1.

Industrial professionals have stated that Healthgen Biotechnology's being approved by the Listing Review Committee is a typical example of the implementation of the CSRC's Opinions on Setting up a Science and Technology Innovation Growth Tier in the SSE STAR Market to Enhance Institutional Inclusiveness and Adaptability, marking the application of the reinstated fifth set of listing standards for unprofitable enterprises on the STAR Market, and further enhancing the system's inclusiveness and adaptability to support high-quality technology-based enterprises. It fully demonstrates the policy direction of respecting technological innovation patterns and better supporting the development of high-quality technology-based enterprises.

Looking back at the overall process of Healthgen Biotechnology's IPO process on the STAR Market: The company's IPO was accepted on December 29, 2022. On January 19, 2023, the company received its first round of inquiry letters. From July 2023 to December 2024, Healthgen Biotechnology responded to two rounds of review inquiries.

The prospectus shows that Healthgen Biotechnology was established in 2006 as an innovation-based biopharmaceutical company. Since its founding, the company has focused its business on the "recombinant human albumin" market, a blue ocean sector. Healthgen Biotechnology's core product, HY1001 (Plant-derived Recombinant Human Serum Albumin Injection), has completed its phase 3 clinical trials and has been included in the priority review process by the National Medical Products Administration (NMPA). It is expected to be approved for market soon and is poised to become the first recombinant human albumin product to be commercially available in China.

Industrial professionals believe that the introduction of the Opinions on Setting up a Science and Technology Innovation Growth Tier in the SSE STAR Market to Enhance Institutional Inclusiveness and Adaptability has launched a series of more inclusive and adaptable institutional reforms. Following the implementation of the first successful case under the reinstated fifth set of STAR Market listing standards, other reform measures will also be gradually rolled out. This will further strengthen the STAR Market's role as a "testing ground" for reform, better promoting the deep integration between technological and industrial innovation, and providing stronger support for achieving high-level technological self-reliance and self-strengthening, as well as fostering the development of new quality productive forces.