Company Overview - Mingyu Pharmaceutical Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as joint sponsors [1] - Established in 2018, the company is a biotechnology innovation enterprise with a robust clinical-stage oncology product portfolio based on proprietary antibody-drug conjugate (ADC) platforms and a novel PD-1/VEGF bispecific antibody [3] - The company has 13 candidate products in its pipeline, with 10 in clinical stages, and aims to generate revenue from its autoimmune projects soon [3] Product Pipeline - The core product MHB036C targets the TROP 2 antigen for treating solid tumors and is currently in I/II phase studies for non-small cell lung cancer (NSCLC) and breast cancer [3] - Another key product, MHB088C, is a potential best-in-class B7-H3 ADC for small cell lung cancer (SCLC) and is undergoing a Phase III trial for second-line treatment [4] - The company’s proprietary SuperTopoi platform aims to address common issues in traditional ADC technology, offering payload efficacy 5 to 10 times that of existing ADCs while maintaining safety [5] Financial Performance - The company reported revenues of approximately 0 RMB for the fiscal years 2023 and 2024, with projected revenue of 264.15 million RMB for the six months ending June 30, 2025 [6] - Losses for the fiscal years 2023 and 2024 were approximately 137.27 million RMB and 282.63 million RMB, respectively, with a projected loss of 167.01 million RMB for the six months ending June 30, 2025 [7] Market Potential - The global market for TED (Thyroid Eye Disease) treatments is expected to grow from $3.4 billion in 2024 to $13.4 billion by 2035, with a CAGR of 13.2% [5] - The global market for atopic dermatitis treatments is projected to expand from $14.9 billion in 2024 to $29.5 billion by 2035, driven by increased adoption of targeted therapies in China [5] - The global pharmaceutical market is anticipated to grow from $1,333 billion in 2020 to $1,663 billion by 2024, with a CAGR of 5.7% [9] Industry Trends - The ADC market is expected to experience explosive growth, projected to increase from $13.5 billion in 2024 to over $216.3 billion by 2035, with a CAGR of 28.7% [13] - China is becoming a significant player in the global oncology drug market, with its market size expected to grow from $25.8 billion in 2020 to $37.2 billion by 2024, reflecting a CAGR of 9.6% [10] - The global oncology drug market is projected to grow from $167 billion in 2020 to $262.1 billion by 2024, with a CAGR of 11.9% [9]