Marubi(SH:603983) Chang Jiang Shang Bao·2025-12-16 00:05Core Viewpoint - Mamei Biotech (603983.SH) is seeking to list on the Hong Kong Stock Exchange (HKEX) to raise funds despite having sufficient cash reserves, indicating a potential strategy to enhance capital strength and international business expansion [2][11]. Financial Performance - Mamei Biotech's profitability has been unstable since its IPO in July 2019, with a decline in net profit from 2020 to 2022, followed by a recovery in 2023 and 2024, although still below 2019 levels [3][10]. - The company reported a net profit of 2.44 billion yuan for the first three quarters of 2025, with a year-on-year growth of only 2.13%, while its non-recurring net profit decreased by 5.42% [10]. - Cumulative cash dividends since listing amount to 10.83 billion yuan, with an overall dividend payout ratio of 48.22% [4][10]. Regulatory Issues - Mamei Biotech faced administrative regulatory measures from the Guangdong Securities Regulatory Commission due to issues in financial accounting and fundraising management, which were only rectified shortly before the IPO application [3][8]. - The company was found to have inflated revenue and net profit figures due to accounting errors, leading to scrutiny from regulators [8][9]. Market Context - The IPO landscape in Hong Kong is becoming increasingly competitive, with over 500 applications as of November 2025, raising concerns about the quality of submitted materials and regulatory scrutiny [5][6]. - The Hong Kong Stock Exchange and the Securities and Futures Commission have expressed concerns over the quality of IPO applications, which may impact Mamei Biotech's listing process [6][8].