---
title: "New regulations for institutions participating in IPOs of unprofitable companies take effect — \"high\" lock-up = \"high\" allocation"
description: "In June of this year, after the Science and Technology Innovation Board resumed the fifth set of standards for the listing of unprofitable companies, Healthgen Biotechnology, ESWIN, and BeBetter Med, "
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/262313739.md"
published_at: "2025-10-22T23:17:40.000Z"
---

# New regulations for institutions participating in IPOs of unprofitable companies take effect — "high" lock-up = "high" allocation

> In June of this year, after the Science and Technology Innovation Board resumed the fifth set of standards for the listing of unprofitable companies, Healthgen Biotechnology, ESWIN, and BeBetter Med, three loss-making companies, were the first to enter the issuance stage. Recently, these three companies have successively disclosed the results of the lottery. As the first batch of companies to implement differentiated lock-up and allocation mechanisms in offline issuance, Class A1 and A2 institutional investors received more than 10 times the allocation ratio of Class B investors, but the lock-up period for the former two is longer, and the lock-up ratio is higher

After the fifth set of standards for the listing of unprofitable companies on the Sci-Tech Innovation Board was restarted in June this year, Healthgen Biotechnology, ESWIN, and BeBetter Med, three loss-making companies, have entered the issuance stage. Recently, these three companies have successively disclosed the lottery results. As the first batch of companies to implement differentiated lock-up and allocation mechanisms in offline issuance, Class A1 and A2 institutional investors received more than ten times the allocation ratio of Class B, but the lock-up period for the former two is longer, and the lock-up ratio is higher

### Related Stocks

- [688759.CN - BeBetter Med](https://longbridge.com/en/quote/688759.CN.md)
- [688765.CN - Healthgen Biotechnology](https://longbridge.com/en/quote/688765.CN.md)
- [688783.CN - ESWIN](https://longbridge.com/en/quote/688783.CN.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.