Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued approval for Shenzhen Zhaowei Electromechanical Co., Ltd. and Maiwei (Shanghai) Biotechnology Co., Ltd. to proceed with their overseas listing plans in Hong Kong [1] Group 1: Company Details - Zhaowei Electromechanical plans to issue no more than 69,058,450 ordinary shares for its overseas listing [1] - Maiwei Biotechnology intends to issue no more than 62,664,600 ordinary shares for its overseas listing [1] Group 2: Market Context - Both companies will be listed on the Hong Kong Stock Exchange, indicating a trend of Chinese companies seeking international capital markets for growth [1]

Core Viewpoint - Maiwei Biotech has received approval from the China Securities Regulatory Commission (CSRC) to issue up to 62.66 million overseas listed ordinary shares, aiming for a listing on the Hong Kong Stock Exchange, driven by ongoing losses and urgent funding needs for research and development [1][2]. Group 1: IPO Journey - Maiwei Biotech's journey to an IPO in Hong Kong has faced challenges, including a previous application submitted on January 6, which was interrupted by an investigation into the chairman for alleged insider trading [2]. - The chairman, Liu Datao, was found to have engaged in short-term trading of the company's shares, resulting in a warning and a fine of 600,000 yuan, which raised concerns about the company's internal governance [2]. - After the initial application expired, the company resubmitted its listing application on August 29, and the recent approval indicates that it has completed the necessary preparatory work for the listing [2]. Group 2: Financial Performance - Maiwei Biotech has been in a state of continuous loss since its listing on the STAR Market in 2022, with cumulative losses exceeding 3.6 billion yuan from 2022 to the first half of 2025, while total revenue during the same period was only 457 million yuan [4][5]. - The company reported a significant revenue increase of 301.03% in the third quarter of 2025, with total revenue reaching 566 million yuan, although it still faced a net loss of 598 million yuan, which was a 13.89% reduction year-on-year [4]. - The company has invested heavily in research and development, with cumulative R&D expenses exceeding 2.7 billion yuan from 2022 to the first half of 2025, which has contributed to its financial strain [5]. Group 3: Future Outlook - The company emphasizes the need for sufficient funding through its planned H-share listing to alleviate liquidity risks and support ongoing research and development activities [5]. - The approval for the H-share issuance is contingent upon further approvals from relevant regulatory bodies in Hong Kong, indicating that uncertainties remain regarding the completion of the listing process [3].

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The global market for Antibody-Drug Conjugates (ADC) is projected to exceed $100 billion, driven by the dual advantages of targeted therapy and potent cytotoxic effects [2][3] - ADCs are recognized as a promising new therapy in oncology, with the potential to redefine standard treatments for major cancers like lung and breast cancer [2][3] - China has emerged as a key player in ADC innovation, with over 50% of global ADC pipelines originating from Chinese companies, showcasing significant cost and efficiency advantages [2][3][5] Summary by Sections Section 1: ADC as a Targeted Prodrug - ADCs utilize a "Trojan horse" strategy for targeted delivery of cytotoxic agents to tumor cells, minimizing damage to normal tissues [11][13] - The mechanism involves several steps, including circulation, target binding, internalization, and release of the active drug within the tumor cell [11][13] Section 2: Market Growth and Trends - The ADC market is expected to enter a product explosion phase, with rapid growth anticipated in the coming years [2][3] - The global ADC market size is forecasted to reach $115.1 billion by 2032 [2] Section 3: Investment Opportunities - Investment in ADCs should focus on companies with innovative technology platforms and promising product candidates [2][3] - Key players to watch include those with leading ADC technology platforms and robust pipelines, such as Kelun-Biotech, Innovent Biologics, and WuXi AppTec [2][3] Section 4: Technological Advancements - ADC technology is characterized by modular upgrades and innovative combinations, with a variety of ADC types currently in development [2][3] - The report highlights the potential for ADC technology to extend into broader categories of conjugated drugs (XDC) [2][3] Section 5: Competitive Landscape - The report emphasizes the competitive nature of the ADC industry, with numerous players vying for market share and innovation [2][3] - Chinese ADC companies are recognized for their ability to lead in innovation and capture significant market opportunities [2][3][5]

Core Viewpoint - Maiwei Biotech (688062.SH) has received approval from the China Securities Regulatory Commission for an overseas listing, allowing it to issue up to 62.6646 million shares on the Hong Kong Stock Exchange [1][3]. Group 1 - Maiwei Biotech submitted its prospectus to the Hong Kong Stock Exchange on January 6, 2025, and August 29, 2025, with CITIC Securities and Haitong International as joint sponsors [3]. - The company was listed on the A-share market on January 18, 2022, with a stock code of 688062.SH, and as of November 20, 2025, its total market capitalization was approximately RMB 16.7 billion [3].

Core Points - Pingtan Development and Haixia Innovation have completed their suspension review and will resume trading on November 21, 2025 [1][2] - Eddy Precision and Hangcai Co. plan to repurchase shares [3] - Wenfeng Co.'s deputy general manager has been placed under investigation [4] - Kesi Co. has undergone a change in its actual controller [6][7] - Major events include the completion of restructuring investments by *ST Lian Shi and acquisitions by Jun Ting Hotel and Lek Electric [8][9] Group 1: Resumption of Trading - Pingtan Development's stock will resume trading on November 21, 2025, after confirming no significant changes in its operations or undisclosed major matters [1] - Haixia Innovation's stock will also resume trading on November 21, 2025, with similar confirmations regarding its operational status [2] Group 2: Share Repurchase Plans - Eddy Precision plans to repurchase shares with a total amount between 100 million and 200 million yuan, at a price not exceeding 27 yuan per share [3] - Hangcai Co. intends to repurchase shares using excess funds, with a total amount between 50 million and 100 million yuan, at a price not exceeding 80 yuan per share [3] Group 3: Investigations and Changes in Management - Wenfeng Co.'s deputy general manager, Qin Guofen, is under investigation, but the company states this will not significantly impact its operations [4] - Kesi Co. has changed its actual controller from Zhou Jiuqing and Zhou Xuming to Zhou Xuming alone following the death of Zhou Jiuqing [6][7] Group 4: Major Events - *ST Lian Shi has received a total of 1.238 billion yuan in restructuring investments from all investors [8] - Jun Ting Hotel has agreed to acquire the remaining 21% stake in Junlan Management for 79.8 million yuan, making it a wholly-owned subsidiary [9] - Lek Electric plans to transfer 90% of its subsidiary's equity to Chuangyuan Resources, with a target valuation of 235 million yuan [9]

Core Viewpoint - The company, Maiwei Biotechnology, has received approval from the China Securities Regulatory Commission for its overseas listing plan, indicating a significant step towards expanding its capital base and market presence [1] Group 1: Company Announcement - Maiwei Biotechnology announced that it plans to issue up to 62.6646 million overseas listed ordinary shares [1] - The company intends to list these shares on the Hong Kong Stock Exchange [1]

Core Viewpoint - Maiwei Biotechnology has received approval from the China Securities Regulatory Commission for its overseas listing plan, indicating a significant step towards its expansion in international markets [1] Group 1 - The company plans to issue no more than 62.6646 million overseas listed ordinary shares (H shares) [1] - The shares will be listed on the Hong Kong Stock Exchange, which is a strategic move to enhance its market presence [1]

证券代码：688062 证券简称：迈威生物 公告编号：2025-067 迈威（上海）生物科技股份有限公司 关于发行境外上市外资股（H 股） 获得中国证监会备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 迈威（上海）生物科技股份有限公司（以下简称"公司"）于近日收到中 国证券监督管理委员会（以下简称"中国证监会"）出具的《关于迈威（上海） 生物科技股份有限公司境外发行上市备案通知书》（国合函〔2025〕2062 号） （以下简称"备案通知书"）。备案通知书主要内容如下： 一、公司拟发行不超过 62,664,600 股境外上市普通股并在香港联合交易所 上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重 大事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信 息系统报告。 四、公司自备案通知书出具之日起 12 个月内未完成境外发行上市，拟继 续推进的，应当更新备案材料。 备案通知书仅对企业境外发行上市备案信息予以确认，不表明中国证监会 对公司证券的投资价值或者投资者的收益作出实质性 ...

Core Viewpoint - The company, Maiwei Biotechnology, has received a notification from the China Securities Regulatory Commission regarding its plan for overseas issuance and listing in Hong Kong [1] Group 1: Company Actions - The company plans to issue no more than 62,664,600 overseas listed ordinary shares [1] - The company is required to report any significant events to the China Securities Regulatory Commission through the designated management information system until the completion of the overseas issuance and listing [1] - Within 15 working days after the completion of the overseas issuance and listing, the company must report the issuance and listing status to the China Securities Regulatory Commission [1] Group 2: Regulatory Compliance - The company must strictly adhere to relevant domestic and foreign laws, regulations, and rules during the overseas issuance and listing process [1]