Mabwell(SH:688062) Chang Jiang Shang Bao·2025-08-05 23:57Core Viewpoint - The chairman and general manager of Maiwei Biotech, Liu Datao, has been penalized for engaging in short-term trading while the company has reported significant losses over the past years [1][2][3]. Group 1: Company Performance - Maiwei Biotech has reported net losses of approximately 10.53 billion yuan and 10.44 billion yuan for 2023 and 2024, respectively, totaling nearly 21 billion yuan in losses over two years [1][6]. - Since its establishment, Maiwei Biotech has never achieved profitability, with cumulative net losses reaching about 54 billion yuan over six years [6][8]. - The company's revenue has shown some growth, with 2023 and 2024 revenues reported at 1.28 billion yuan and 2 billion yuan, reflecting year-on-year increases of 361.03% and 56.28% [6][8]. Group 2: Executive Compensation - Liu Datao received a total compensation of 58.84 million yuan from Maiwei Biotech over a period of less than two years, with 31.78 million yuan in 2023 and 27.04 million yuan in the first ten months of 2024 [1][12][13]. - His compensation includes direct salary and share-based payments, with significant amounts allocated to stock options [12][13]. Group 3: Regulatory Actions - Liu Datao was fined 600,000 yuan and received a warning from the China Securities Regulatory Commission for his short-term trading activities, which involved transactions totaling 33.18 million yuan [1][4][3]. - The regulatory findings were based on evidence including company announcements, inquiry records, and trading data [3][4]. Group 4: IPO Prospects - Maiwei Biotech is in the process of applying for an IPO in Hong Kong, but Liu Datao's legal issues may negatively impact this endeavor [10][11]. - The company has not provided updates on its H-share listing progress for seven months [11].