麦科奥特拟港股IPO 中国证监会要求说明历次增资及股权转让价格、定价依据及公允性

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced additional requirements for the overseas listing application of Macao, focusing on the legality and compliance of its capital increases and share transfers, as well as the verification of its major shareholders and their investment structures [1][3] Group 1: Regulatory Requirements - CSRC requires Macao to provide detailed explanations regarding past capital increases and share transfer pricing, including the basis for pricing and fairness, as well as compliance with capital contribution obligations [1] - The company must also clarify the legality of its establishment and historical share changes, supported by conclusive legal opinions from lawyers [1] - Additional scrutiny is required on the investment structures of major shareholders, including the identification of ultimate beneficial owners and any potential legal restrictions on shareholding [1][2] Group 2: Business Operations - Macao's subsidiaries are required to report on the progress of land delivery and registration of state-owned land use rights [2] - The company must detail its business scope, including medical research, clinical trial services, and cell technology development, confirming whether it has obtained necessary qualifications and permits [2] - The company is also required to ensure compliance with foreign investment regulations before and after the proposed public offering [2] Group 3: Product Development - Macao is positioned as a platform biotechnology company focused on the innovation and development of next-generation bispecific/multispecific peptide drugs, with its core product MT1013 being a pioneering dual-target receptor agonist peptide drug [3] - MT1013 is primarily developed for the treatment of secondary hyperparathyroidism (SHPT) and is planned to expand its indications to include conditions like chronic kidney disease-mineral and bone disorder (CKD-MBD) with osteoporosis [4] - As of September 22, 2025, MT1013 has completed its Phase II clinical trial for SHPT and has entered a Phase III clinical trial using cinacalcet as a positive control [4]