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]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission (CSRC) for the proposed issuance of up to 62,664,600 overseas listed common shares to be listed on the Hong Kong Stock Exchange, indicating a significant step towards international expansion [1] Group 1 - The company plans to issue a maximum of 62,664,600 shares [1] - The shares will be listed on the Hong Kong Stock Exchange [1] - The company must report any major events from the issuance notice until the end of the issuance [1] Group 2 - The completion of the issuance and listing is subject to approval from relevant Hong Kong authorities, introducing an element of uncertainty [1] - The company is required to report the situation within 15 working days after the completion of the issuance and listing [1]

格隆汇11月20日｜迈威生物公告，公司于近日收到中国证监会出具的《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》。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。公司申请发行境外上市外资股(H股)并上市尚需取得香港证券及期货事务监察委员会和香港联 合交易所有限公司等相关政府机关、监管机构、证券交易所的批准、核准，该事项仍存在不确定性。 ...

迈威生物晚间公告，公司于近日收到中国证监会出具的《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》。根据备案通知书，公司拟发行不超过6266.46万股境外上市普通股并在香港联 合交易所上市。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。公司完成境外发行上市后15个 工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。 ...