A-share Sci-Tech Innovation Board company "Maiwei Bio-B" passes the hearing, with revenue expected to more than double by 2025

Source: LiveReport

On April 2, 2026, Mabwell Bio-B passed the Hong Kong Stock Exchange hearing and plans to list on the Main Board of Hong Kong. The joint sponsors are CITIC and Cathay Haitong.

The company’s A shares have been listed on the Shanghai Stock Exchange STAR Market since January 2022 (stock code: 688062.SH). As of the close on April 3, 2026, its total market capitalization was RMB 15.25B.

The company is a biopharmaceutical company. In 2024, revenue was RMB 200 million, net loss was RMB 1.05B, and gross margin was 84.78%. In 2025, revenue was RMB 659 million, up 229.97% year over year, net loss was RMB 972 million, and gross margin was 90.54%.

LiveReport learned that Mabwell (Shanghai) Bioscience Co., Ltd. (“Mabwell Bio-B” for short) passed the Hong Kong Stock Exchange hearing on April 2, 2026 and plans to list on the Main Board of Hong Kong. The company had submitted its application on March 25, 2026.

Founded in 2017, the company is a China-based pharmaceutical company known for its innovative capabilities in drug research and its end-to-end capabilities from drug discovery to commercial sales. It mainly focuses on independently developed drugs for oncology and age-related diseases, covering areas such as oncology, immunology, ophthalmology, and orthopedics.

The company’s core product, 9MW2821 (bulumtatug fuvedotin (“BFv”)), is an antibody-drug conjugate (“ADC”) targeting Nectin cell adhesion molecule 4 (“Nectin-4”) (“targeted Nectin-4 ADC”). In addition, the company has established a pipeline product portfolio comprising drug asset products of 13 or more different varieties.

Its self-developed core product, 9MW2821, is an ADC technology product. According to information from Frost & Sullivan, as of the last practical date, in terms of the clinical development stage, 9MW2821 is the targeted Nectin-4 ADC in China with the fastest progress for the treatment of urothelial cancer (“urothelial cancer”), and globally it is second only to Padcev (the only FDA-approved targeted Nectin-4 ADC).

According to the same source, 9MW2821 is also the world’s first targeted Nectin-4 ADC to enter the key Phase III trial stage for cervical cancer (“cervical cancer”). The company is conducting multiple clinical trials for 9MW2821, including:

(i) Phase III trials in which 9MW2821 is used respectively as monotherapy and in combination with teriplimab (a PD-1 antibody drug approved for the treatment of indications including multiple solid tumors);

(ii) Phase III trials in which 9MW2821 is used as monotherapy to treat cervical cancer;

(iii) Phase II trials in which 9MW2821 is used as monotherapy or in combination with teriplimab to treat triple-negative breast cancer (“triple-negative breast cancer”);

(iv) Phase II clinical trials of 9MW2821 monotherapy for advanced esophageal cancer.

The company has obtained 140 patents globally and has filed 276 patent applications, including 25 patents and 17 patent applications related to the core product.

The company’s pipeline product portfolio includes innovative candidate drugs (including ADCs and other varieties) and already marketed drugs, and at the same time, it is developing the core product and other candidate products in a highly competitive market.

Financial performance

For the two years ended December 31, 2025:

Revenue was approximately RMB 200 million and RMB 659 million, respectively, with 2025 up +229.97% year over year;

Gross profit was approximately RMB 169 million and RMB 596 million, respectively, with 2025 up +252.39% year over year;

Net profit was approximately RMB -1.05B and RMB -972 million, respectively;

Gross margin was 84.78% and 90.54%, respectively;

Net profit margin was -524.27% and -147.60%, respectively.

Over the past two years, the company’s revenue grew significantly, gross profit increased in tandem, and gross margin remained at a high level. Although the company has continued to record net losses, the scale of losses has narrowed. R&D costs have remained high and increased year over year; R&D expenses were RMB 783 million in 2024, and increased to RMB 977 million in 2025.

The company’s revenue mainly comes from two segments: external licensing and sales of marketed biologics. Currently, external licensing income accounts for the largest proportion and is a major source of revenue; in 2025, it accounted for more than 60%.

As of December 31, 2025, the company’s cash flow from operating activities was RMB -290 million, and cash at the end of the period was approximately RMB 1.53B.

Industry conditions

According to a report by Frost & Sullivan, globally, the annual sales of the top five commercialized ADC drugs in 2024 each exceeded $1 billion. The table below lists these top five commercialized ADC drugs.

As of the last practical date, Padcev is the only targeted Nectin-4 ADC approved in the U.S. and China for the treatment of urothelial cancer and/or bladder cancer. As of the last practical date, as shown in the table below, there are 11 candidate targeted Nectin-4 ADC drugs in the clinical stage.

Board executives

The company’s board of directors consists of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors.

In the shareholder structure prior to the company’s Hong Kong listing:

Executive Director Mr. Tang and his spouse Ms. Chen held approximately 35.18% and 0.49%, respectively, through Langrun Equity and Langrun Investment Consulting, totaling 35.67%;

In the employee incentive platform, Jinjianlong and Zhenzhu Investment held approximately 5.01% and 1.70%, respectively;

Dr. Liu held 3.78%;

Other A-share shareholders held 53.84%.

According to LiveReport’s big data statistics, there are a total of 10 intermediary firms involved in Mabwell Bio-B, including 2 sponsors. In terms of data performance of sponsor projects in the past 10 or so cases, the results are fairly average. The company’s law firms total 3 firms, and the overall project data performance is reliable. Overall, the historical performance of the intermediary team has been good.

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