两年亏损3.07亿！麦济生物估值增近45倍

Core Viewpoint - Hunan Maijiz Biological Technology Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Company Overview - Maijiz Biological was established in 2016 and is a clinical-stage biopharmaceutical company focused on unmet medical needs in allergic diseases, autoimmune diseases, and other inflammatory and immune diseases [3] - The company currently has no products on the market, with its core product MG-K10 being a long-acting anti-IL-4Rα antibody, which is considered to have "best-in-class" potential [3] Financial Performance - The company has reported continuous losses, with a total adjusted net loss of approximately 307 million yuan over the past two years [5] - Revenue for the first three months of 2023, 2024, and 2025 was 872,200 yuan, 24,000 yuan, and 0 yuan respectively, with corresponding net losses of 253 million yuan, 178 million yuan, and 27.3 million yuan [4] Product Pipeline - In addition to MG-K10, Maijiz Biological has two other self-developed pipelines that have entered clinical stages: MG-014 targeting TSLP for asthma and COPD, and MG-013 targeting MASP-2 for rare and inflammatory diseases [4] - The company has several other preclinical candidates, including MG-012, MG-015, MG-018, MG-208, and MG-242, which are in development [4] Valuation and Funding - The company has undergone multiple rounds of financing, raising over 700 million yuan, with a post-money valuation growth of nearly 45 times over eight years [7] - The valuation increased from 58 million yuan in early 2017 to 2.64 billion yuan in May 2025 [10] Shareholding Structure - The controlling shareholder, Zhang Chenghai, holds approximately 42.65% of the company, while other significant shareholders include Kangzhe Pharmaceutical and Hunan Guochuang [10] Use of IPO Proceeds - The funds raised from the IPO will be used for ongoing and planned clinical trials of the core product MG-K10, as well as for MG-014, MG-013, and other preclinical and discovery-stage assets [10]