Core Viewpoint - Recently, Shaanxi Macao Medical Technology Co., Ltd. submitted an application for listing on the Hong Kong Stock Exchange, focusing on the development of next-generation bispecific/multispecific peptide drugs for metabolic diseases, particularly kidney-related and cardiovascular diseases [1][2]. Financial Performance - The company has no commercialized products, with revenue primarily from government subsidies and bank interest, reporting other income of 6.969 million, 4.002 million, and 1.222 million yuan for 2023, 2024, and the first half of 2025 respectively [2]. - The company incurred losses of 195 million, 157 million, and 49.9 million yuan during the same periods, totaling approximately 400 million yuan in losses over two and a half years, with R&D expenditures exceeding 200 million yuan [2]. - As of June 2025, the company had cash reserves of only 107 million yuan and net current liabilities of 907 million yuan, primarily due to redemption liabilities from pre-IPO financing [2]. Product Pipeline and Development - The company has made progress in its research pipeline, with FDA approval for clinical research of XTL6001 for obesity and weight management in 2024, and approval from the National Medical Products Administration for XTL6001 for proteinuric chronic kidney disease in 2025 [3]. - The company ranks first among domestic pharmaceutical companies in terms of the number of clinical-stage bispecific/multispecific peptide candidates, with over 30 new drug candidates, including 7 original innovative drug pipelines in clinical development [4]. Market Competition - The core product MT1013 is a globally pioneering dual-target receptor agonist peptide drug aimed at secondary hyperparathyroidism (SHPT), with expectations for commercialization in early 2028 [6]. - The competitive landscape includes Evocalcet, a new oral calcimimetic drug for SHPT, which has shown improvements in molecular structure and formulation processes, potentially increasing market competition for MT1013 [6][7]. IPO Significance - The IPO is crucial for the company to maintain R&D and normal operations, as it seeks to address its financial challenges and enhance investor confidence amid declining valuations from C to D round financing [2][3].

Core Viewpoint - 麦科奥特 has submitted a listing application to the Hong Kong Stock Exchange, with CCB International and China Merchants Securities International as joint sponsors, focusing on developing next-generation bispecific/multispecific peptide drugs for metabolic diseases, particularly kidney-related and cardiovascular diseases [1] Group 1: Product Development - The core product MT1013 is a dual-target receptor agonist peptide drug for treating secondary hyperparathyroidism (SHPT), which has completed Phase II clinical trials and is now entering Phase III trials [1] - MT1013's Phase II clinical trial results show promising outcomes in improving iPTH/blood calcium/phosphorus target rates, reducing iPTH, increasing bone density, and enhancing bone metabolism, with potential cardiovascular benefits [1] Group 2: Pipeline and Future Prospects - Another key product, XTL6001, is the world's first GLP-1R/GCGR/MasR triple-target agonist to enter clinical trials in both China and the United States, showing potential for treating obesity, chronic kidney disease, and fatty liver disease [1] - The company is advancing three additional candidate products that are currently in clinical stages [1]

Core Viewpoint - Shaanxi Maikeao Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CCB International and China Merchants Securities International as joint sponsors [1][3]. Company Overview - Maikeao is a platform-based biotechnology company focused on accelerating the innovation and development of next-generation bispecific/multispecific peptide drugs, with its core product currently in Phase III clinical trials [3]. - The company was established in 2007 and specializes in metabolic diseases, particularly kidney-related diseases and cardiovascular diseases [3]. Key Products - The core product, MT1013, is a globally pioneering dual-target receptor agonist peptide drug designed to target both CaSR and OGP receptors, primarily developed for treating secondary hyperparathyroidism (SHPT) [3]. - MT1013 has shown potential for expansion into additional indications, including chronic kidney disease-mineral and bone disorder (CKD-MBD) with osteoporosis and non-dialysis SHPT [3]. - The company is also advancing three other clinical-stage candidate products, including XTL6001, which is the first and only GLP-1R/GCGR/MasR triple-target agonist approved for clinical trials in both China and the United States [4]. Clinical Trial Results - Clinical trials for MT1013 have demonstrated significant improvements in iPTH, blood calcium, and phosphorus levels, with rapid and durable effects on lowering iPTH, good safety and tolerability, and notable benefits for cardiovascular health [4]. - The II phase clinical trial results indicate positive effects on improving bone density, prompting the company to actively pursue the expansion of MT1013's indications [4]. Financial Performance - Research and development expenses for the fiscal years ending June 30, 2023, 2024, and the first half of 2025 were approximately RMB 87.01 million, RMB 107.02 million, and RMB 40.43 million, respectively [4][6]. - The company reported losses of approximately RMB 195.4 million, RMB 156.8 million, and RMB 49.9 million for the same periods [4][6].