学者夫妻携麦科奥特闯关港股：26亿元估值背后，创新药企仍需“长跑”

Core Viewpoint - The Hong Kong Stock Exchange is expected to welcome a new biotech company, Shaanxi Maike Aote Pharmaceutical Technology Co., Ltd. (Maike Aote), which has submitted its prospectus for an IPO, highlighting the characteristics of high investment and long cycles typical of the innovative drug industry [1][5] Company Overview - Maike Aote is a typical scholar-entrepreneur enterprise, controlled by Professor Wang Bing and Dr. Wang Mei from Xi'an Jiaotong University, with a stable holding structure where they collectively control approximately 53% of the shares [1][2] - The company completed a financing round of 236 million yuan in September 2025, achieving a post-money valuation of 2.636 billion yuan, indicating market recognition [2] Financial Performance - The financial data reflects the typical characteristics of innovative drug companies: high investment, long cycles, and slow returns, with cumulative losses of approximately 400 million yuan over two and a half years [3] - Research and development expenditures exceeded 200 million yuan during the same period, while cash reserves stood at only 107 million yuan against net current liabilities of 907 million yuan, making IPO financing crucial for sustaining R&D [3] Product Development - Maike Aote focuses on the innovation and development of next-generation bispecific/multispecific peptide drugs, with a pipeline covering metabolic diseases and cardiovascular diseases, ranking first among domestic pharmaceutical companies in terms of clinical-stage candidates [3][4] - Key products include MT1013, a first-in-class dual-target receptor agonist peptide drug expected to be commercialized by early 2028, and XTL6001, the first GLP-1R/GCGR/MasR triple-target agonist approved for clinical trials in both China and the U.S. [4] Market Challenges - Despite the broad market potential, with the Chinese SHPT drug market projected to reach 14.1 billion yuan by 2035, Maike Aote faces significant commercialization challenges as none of its products have been approved for market release [4] - The company acknowledges the risk of competitors potentially launching more effective, safer, or cheaper drugs faster, and plans to adopt a light asset operation model to mitigate commercialization risks [4][5]