New Stock News | Meicotech plans to list on the Hong Kong Stock Exchange. China Securities Regulatory Commission requires explanation of the pricing basis and fairness of each increase in capital and equity transfer price.

On November 21, the China Securities Regulatory Commission (CSRC) announced the disclosure of supplementary materials requirements for overseas issuance and listing filing (November 17, 2025 - November 21, 2025). The CSRC requested Macroart to provide supplementary explanations on the pricing and fairness of previous capital increases and equity transfers, whether the capital contributions have been fully paid, whether there are any obligations to fulfill capital contributions, any capital diversion, and any flaws in the capital contribution method; to verify the legality and compliance of the company's establishment and previous equity changes, and to provide conclusive opinions. According to the disclosure by the Hong Kong Stock Exchange on September 29, Macroart submitted an application for listing to the Hong Kong Stock Exchange, with Haitong International and CMSC International as its joint sponsors. The company is expected to become the first stock of innovative peptide drugs. At the same time, the CSRC requested the company to provide additional explanations on the following matters to be verified by lawyers and to provide clear legal opinions: Supplementary explanations on the penetration of the major shareholders of the controlling shareholders and major shareholders of the company, Xi'an Congruizekang Enterprise Management Consulting Co., Ltd., Nexarcana Limited, Southchina Yitai Vcc, GLP Capital Management Limited, Elbrus Investments Pte. Ltd., as well as the nationality of the ultimate shareholders of the major shareholders Yu Hui and whether there are entities prohibited from holding shares by laws and regulations. Supplementary explanations: (1) The progress of land delivery and registration procedures for state-owned construction land use rights by the company's subsidiary Taizhou Medicine; (2) The progress of registration and filing procedures for the revision of the company's articles of association. Supplementary explanations on the specific situation of the business scope of the company and its subsidiaries including medical research and development, drug clinical trial services, cell technology research and application, inspection and testing services, whether the related business is actually conducted and the specific operation situation, whether the necessary qualifications and licenses have been obtained, whether it involves human stem cells, gene diagnosis and treatment technology development and application, whether it involves restricted or prohibited areas for foreign investment, and whether it continues to meet the requirements for foreign investment access before and after this issuance and listing and "full circulation." According to the "Regulatory Rules Application Guidelines - Overseas Issuance and Listing Type No. 2," the requirements for verifying the equity structure and control architecture include: (1) Whether the company has nominee shareholders, including whether there is any nominee shareholder situation in which current shareholders indirectly hold the shares of the issuer, regardless of direct shareholders; (2) The basic information of the spouse of the consultant Shao Wenji and the term of the consultancy contract; (3) The employee share ownership plan includes a small number of external personnel, please provide additional explanations on the entry price, valuation basis, fairness of price, and source of funds for the relevant personnel, if the entry price is the same or similar to that of the employees, it should be explained whether there is any benefit transfer and provide a clear conclusive opinion. Provide additional explanations on whether the shares held by the shareholders participating in the "full circulation" in this issuance have any pledge, freeze, or other rights defects. According to the prospectus, Macroart is a platform-type biotechnology company dedicated to accelerating the innovation and development of the next generation of bispecific/multispecific peptide drugs globally. The core product MT1013 of the company is the world's first dual-target receptor agonist peptide drug targeting both CaSR and OGP receptors simultaneously. MT1013 is mainly developed for the treatment of SHPT and plans to expand to additional indications including CKDMBD with osteoporosis and SHPT not yet on dialysis. As of September 22, 2025, MT1013 had completed its Phase II clinical trial (MT1013-II-C01) for the treatment of SHPT in May 2025 and had entered a Phase III clinical trial using cinacalcet as a positive control drug.