迈威生物再闯港交所

Core Viewpoint - Maiwei Biotech has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange, marking its second attempt after an initial application in January 2025. The company is facing significant financial pressure due to ongoing losses and a governance crisis involving its chairman [2][10]. Company Overview - Founded in 2017, Maiwei Biotech specializes in the research, production, and sales of therapeutic biological products, primarily focusing on antibody and recombinant protein drugs. The company has 14 key products in various stages of clinical development, including 10 innovative drugs and 4 biosimilars, targeting cancer and age-related diseases [4][5]. Financial Performance - Since its listing on the Sci-Tech Innovation Board in early 2022, Maiwei Biotech has raised 3.3 billion yuan but has incurred cumulative losses exceeding 3.5 billion yuan. As of mid-2025, total losses since the company's inception have reached 6.27 billion yuan. The company's operating capital is heavily reliant on external financing, with a current debt level of 77% [4][5]. Research and Development Investment - The company has maintained high R&D expenditures, with investments of 759 million yuan, 836 million yuan, and 783 million yuan from 2022 to 2024, and 392 million yuan in the first half of 2025, representing a 21.72% increase year-on-year. R&D spending accounted for 387.57% of operating income, up 108.74 percentage points year-on-year [5]. Sales Performance - Despite having four products approved for commercialization, sales performance has been disappointing. For instance, sales of the core product Junmaikang (an adalimumab biosimilar) fell by 66.61% in 2024, generating only 31.6 million yuan. Other products like Mailishu and Maiweijian also reported low sales figures [6][8]. Governance Issues - The company is facing governance challenges, particularly following the investigation of its chairman, Liu Datao, for suspected insider trading. This situation raises concerns about the company's reputation and future development [8][10]. Financing Needs - Given the ongoing financial losses and governance issues, Maiwei Biotech views its Hong Kong listing as a critical opportunity to alleviate liquidity pressures. The company has re-applied for listing after its initial application expired due to regulatory delays [10]. Potential Breakthroughs - A key product for the company is the 9MW3811 injection, aimed at treating pathological scars and targeting anti-aging. The company is the first in China to develop an IL-11 antibody drug, with clinical trials expected to start by the end of the year. A licensing agreement with Calico, a leader in anti-aging research, has been established for this drug [11].