Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-10-17 13:48Core Viewpoint - The Hong Kong Stock Exchange is expected to welcome a new biotech company, Shaanxi Maikao Te Pharmaceutical Technology Co., Ltd. (referred to as "Maikao Te"), which has recently submitted its prospectus for an IPO despite having no products on the market and incurring significant losses over the past two and a half years [1][2]. Company Overview - Maikao Te is a typical scholar-led startup, founded by Wang Bing and Wang Mei, both professors at Xi'an Jiaotong University. Wang Bing has transitioned from academia to business leadership since 2020, overseeing the company's strategic planning [2][4]. - The couple controls approximately 53% of the company's shares, with Wang Bing holding 40.56% directly and Wang Mei holding about 12.08% [4]. Financial Performance - The company completed a financing round of 236 million yuan, achieving a post-money valuation of 2.636 billion yuan. However, it has reported cumulative losses of around 400 million yuan over the past two and a half years, with significant R&D expenditures exceeding 200 million yuan during this period [4][5]. - Financial data shows losses of 195 million yuan in 2023, 157 million yuan in 2024, and 49.9 million yuan in the first half of 2025, highlighting the high investment and long cycle typical of innovative drug companies [4][6]. Product Pipeline - Maikao Te focuses on the innovation and development of next-generation bispecific/multispecific peptide drugs, targeting metabolic diseases (especially kidney-related) and cardiovascular diseases. It ranks first among domestic pharmaceutical companies in terms of the number of clinical-stage bis/multifunctional peptide candidates [5][6]. - Key products include MT1013, a first-in-class dual-target receptor agonist peptide drug expected to be commercialized by early 2028, and XTL6001, which is the only GLP-1R/GCGR/MasR triple-target agonist approved for clinical trials in both China and the U.S. [6]. Market Challenges - Despite the broad market potential, with the Chinese SHPT drug market projected to reach 14.1 billion yuan by 2035 and the obesity drug market potentially exceeding 100 billion yuan, competition is intense. Existing competitors may launch more effective, safer, or cheaper drugs [6][7]. - To mitigate commercialization risks, Maikao Te plans to adopt a light asset operation model, collaborating with third-party contract sales organizations domestically and relying on licensing partnerships internationally [7].