Core Viewpoint - Mengke Pharmaceutical's planned private placement has been terminated after facing significant opposition from major shareholders and board members, despite initial approval from the shareholders' meeting [1][3][6]. Group 1: Termination of Private Placement - Mengke Pharmaceutical announced the termination of its plan to issue 164 million shares to Nanjing Haijing Pharmaceutical Co., Ltd., which was intended to raise 1.033 billion yuan for daily R&D and operational investments [3]. - The termination was influenced by ongoing disagreements between major shareholder Genie Pharma and the company's management, leading to concerns about the potential impact on the company's stable operations [3][4]. - The company will negotiate with Haijing Pharmaceutical regarding the termination of related agreements and will fulfill its information disclosure obligations as progress occurs [3]. Group 2: Opposition from Shareholders - The private placement faced early opposition from board members and major shareholders, with board member Zhao Yachao voting against the proposal, citing a lack of thorough investigation and the absence of synergistic benefits with Haijing Pharmaceutical [4]. - Genie Pharma, as the largest shareholder, expressed concerns about the financial implications of the deal, particularly regarding Haijing's debt levels and the potential impact on control stability [5][6]. - Despite the initial approval from the shareholders' meeting, Genie Pharma did not receive any proxy votes from other shareholders, indicating a lack of support for the private placement [5]. Group 3: Financial Performance - Mengke Pharmaceutical has not yet achieved profitability, but it reported a reduction in net losses due to the market penetration of its core product, Kantizolam [6]. - For the first three quarters of the year, the company generated approximately 104 million yuan in revenue, reflecting a year-on-year increase of 6.58%, while the net loss attributable to shareholders was about 194 million yuan, an improvement from a loss of 291 million yuan in the same period last year [6].

Core Viewpoint - Mengke Pharmaceutical (688373) has decided to terminate its plan for a private placement of shares due to significant opposition from major shareholders and board members, despite initial approval from the shareholders' meeting [1][3][4]. Group 1: Termination of Private Placement - The company planned to issue 164 million shares to Nanjing Haiqing Pharmaceutical Co., Ltd. to raise 1.033 billion yuan, intended for daily R&D and operational investments [3]. - The termination was influenced by ongoing disagreements between major shareholder Genie Pharma and the company's management, which could potentially impact the company's stable operations [3][4]. - The company will negotiate with Haiqing Pharmaceutical regarding the termination of related agreements and will fulfill its information disclosure obligations as progress occurs [3]. Group 2: Opposition and Concerns - Initial opposition to the private placement came from board member Zhao Yachao, who raised concerns about the fairness and rationale of the transaction, citing the lack of direct operational experience of Haiqing Pharmaceutical in the anti-infection field [4]. - Genie Pharma expressed concerns that Haiqing Pharmaceutical's debt financing could significantly increase its debt ratio, potentially jeopardizing control stability and the company's independence [5]. Group 3: Financial Performance - Mengke Pharmaceutical has not yet achieved profitability; however, it reported a reduction in net losses due to the market penetration of its core product, Contizolam [7]. - For the first three quarters of the year, the company achieved approximately 104 million yuan in revenue, a year-on-year increase of 6.58%, while the net loss was approximately 194 million yuan, improved from a loss of 291 million yuan in the same period last year [7]. Group 4: Future Financing Plans - Following the termination of the private placement, the company plans to explore various financing channels, including engaging new strategic investors and issuing shares to unspecified parties, to support its long-term development [6]. - The current market sentiment remains supportive of innovative pharmaceutical companies, although investors are increasingly cautious about companies without clear profitability paths [6].

Core Viewpoint - Maiwei Biotech is facing dual pressures of performance and financial strain, with significant losses and rising debt levels impacting its operations [1][2][3] Financial Performance - In the first half of 2025, Maiwei Biotech reported revenue of 101 million yuan, a year-on-year decline of 12.43% [2] - The net loss attributable to shareholders reached 551 million yuan, worsening from a loss of 445 million yuan in the same period last year [2][3] - Cumulative net losses since the company's listing have exceeded 3.5 billion yuan [3] Revenue and Profitability - The decline in revenue is attributed to the absence of high income from a licensing agreement with DISCMEDICINE, INC. in the previous year and a significant reduction in technical service income [3] - Research and development expenses have surged due to investments in clinical trials for multiple pipeline products, contributing to the increased net loss [3] Financial Condition - The company's asset-liability ratio has risen sharply to 77.54%, with short-term borrowings posing significant pressure [5] - Research and development expenditures have consistently outpaced revenue, with R&D costs accounting for 387.57% of revenue in the first half of 2025, an increase of 108.74 percentage points year-on-year [5] Funding Strategies - To alleviate financial pressure, Maiwei Biotech is pursuing multiple financing avenues, including a planned secondary listing in Hong Kong and the issuance of debt financing tools [7][8] - The company has applied for a debt financing tool of up to 500 million yuan and seeks a total credit/funding limit of up to 6.2 billion yuan from financial institutions [7][8] Corporate Governance Issues - The chairman and CEO of Maiwei Biotech is under investigation for alleged insider trading, adding uncertainty to the company's ongoing efforts to list in Hong Kong [7]