Zheng Quan Shi Bao Wang·2025-11-25 00:36Core Insights - Mingyu Pharmaceutical has submitted an application to the Hong Kong Stock Exchange, with joint sponsors including Morgan Stanley, Bank of America Securities, and CITIC Securities [1] - The company focuses on developing tumor therapies based on ADC platforms and PD-1/VEGF bispecific antibodies, as well as late-stage clinical assets for autoimmune diseases [1] Pipeline Overview - As of November 16, 2025, the company has 13 candidate products in its pipeline, with 10 already in clinical stages [1] - Key oncology products include MHB036C (TROP2ADC), which is in I/II phase studies for non-small cell lung cancer and breast cancer in combination with MHB039A (PD-1/VEGF bispecific antibody) [1] - Another significant oncology product, MHB088C (B7-H3ADC), is undergoing a Phase III monotherapy trial for small cell lung cancer and a Phase I/II combination trial with MHB039A [1] - Core autoimmune products include MHB018A (potential best-in-class IGF-1R antibody), currently in a Phase III trial for active thyroid eye disease (TED), and MH004 (first-in-class topical JAK inhibitor), which has submitted a new drug application in China for mild to moderate atopic dermatitis (AD) [1] Market Potential - According to Frost & Sullivan, the global TED market is expected to reach $13.4 billion by 2035, while the global atopic dermatitis treatment market is projected to reach $29.5 billion by 2035 [1] Technology Advantage - The company's proprietary SuperTopoi platform offers new ADC payloads that are 5-10 times more effective than the ADC based on Dxd, with superior safety profiles, including lower incidences of severe hematological toxicity and interstitial lung disease [2]