Mabwell(SH:688062) 21世纪经济报道·2025-05-11 06:55Core Viewpoint - The article discusses the investigation of Liu Datao, the chairman and general manager of Maiwei Biotech, by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which raises concerns about management stability and internal control effectiveness during a critical period for the company's H-share listing [1][4]. Company Overview - Maiwei Biotech is an innovative biopharmaceutical company with a full industry chain layout, focusing on the research, production, and sales of innovative drugs and biosimilars, including antibodies, ADC drugs, and recombinant proteins [3]. - The company has launched three products and is gradually increasing sales, but it has not achieved profitability since its establishment in 2017, accumulating losses of nearly 6 billion yuan [3][13]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 27.73 million yuan, 128 million yuan, and 200 million yuan, respectively, with year-on-year growth rates of 70.88%, 361.03%, and 56.28% [12]. - However, in the first quarter of 2024, revenue decreased to 45 million yuan, a year-on-year decline of 33.70%, with a net loss of 292 million yuan, down 41.85% year-on-year [12]. - Cumulative losses from 2022 to 2024 were 955 million yuan, 1.053 billion yuan, and 1.044 billion yuan, respectively, with total losses exceeding 3 billion yuan since the company went public [13]. Management and Governance - Liu Datao, the chairman, holds 3.78% of the company's shares and received a pre-tax remuneration of 2.7047 million yuan in 2024 [6]. - The actual controllers of the company are Tang Chunshan and Chen Shanna, holding 42.38% of the voting rights [8]. Regulatory Environment - The CSRC's investigation into Liu Datao for short-term trading could lead to increased scrutiny of the company's management and internal controls, especially as it approaches its H-share listing [4][16]. - Short-term trading by executives can undermine investor trust and disrupt market fairness, as these individuals have access to more internal information [8][9]. Future Prospects - Maiwei Biotech is actively seeking to meet its funding needs and enhance its internationalization by applying for a dual listing on the Hong Kong Stock Exchange [14]. - The company is also exploring financing options, including a proposed issuance of up to 500 million yuan in debt financing tools to optimize its debt structure and reduce financial costs [14].