New Stock News | Meikao Second Submission to Hong Kong Stock Exchange MT1013 is the world's first dual-targeted receptor agonist peptide drug.

According to the disclosure by the Hong Kong Stock Exchange on March 31, Shaanxi Maikote Technology Co., Ltd. (Maikote) has once again submitted its listing application to the main board of the Hong Kong Stock Exchange, with CCB International and CMSC International as its joint sponsors. The company previously submitted its application to the Hong Kong Stock Exchange on September 29, 2025. Company Overview The prospectus shows that Maikote is a biotechnology company that focuses on discovering, developing, and commercializing dual/multi-specific peptide drugs for the treatment of metabolic diseases and cardiovascular diseases. The company has independently developed a product pipeline consisting of a core product and six other candidate products. The company's core product, MT1013, is a globally pioneering dual-target receptor agonist peptide drug that can simultaneously target the CaSR and OGP receptors. MT1013 is primarily developed for the treatment of SHPT and is planned to expand to additional indications, including CKD-MBD with osteoporosis and non-dialysis SHPT. MT1013 significantly improves the comprehensive attainment rate of iPTH/blood calcium/blood phosphorus three parameters. In a Phase II trial, after 26 weeks of treatment, the proportion of subjects in the MT1013 group who achieved simultaneous control of iPTH, blood calcium, and blood phosphorus was approximately 2.5 times that of the cinacalcet group. MT1013 is fast-acting, potent, and long-lasting. The results of the Phase II clinical trial show that the improvement in iPTH levels began within three weeks of treatment initiation, with efficacy stabilizing by the ninth week. MT1013 has the potential to provide cardiovascular benefits. Clinical studies have shown that MT1013 can effectively control iPTH, blood calcium, and blood phosphorus levels, significantly reduce FGF23 (a biomarker of cardiovascular risk in SHPT populations), thereby reducing the cardiovascular risk in SHPT patients and providing potential cardiovascular benefits. MT1013 has a good safety and tolerability profile, and no severe hypocalcemia has been observed in any of its clinical trials. MT1013 can improve bone density and bone metabolism. A Phase II clinical study demonstrated that MT1013 significantly improved high bone turnover in SHPT patients, enhanced bone metabolism, and improved bone remodeling balance. The indications for MT1013 have been expanded to include CKD-MBD with osteoporosis and non-dialysis secondary hyperparathyroidism. As of March 23, 2026, MT1013 has completed its Phase II clinical trials for the treatment of SHPT (MT1013-II-C01 and MT1013-II-C03), and has started a Phase III clinical trial with cinacalcet as an active control drug, with 392 out of the planned 424 patients already recruited. Regarding the commercialization of MT1013, the company has signed an agreement with EVEREST MED. Financial Information Research and Development Expenditure In the fiscal years 2024 and 2025, the company's research and development expenditure was RMB 107 million and RMB 130 million, respectively. Profit In the fiscal years 2024 and 2025, the company's annual losses were RMB 157 million and RMB 185 million, respectively. Industry Overview In 2024, the size of the Chinese CKD-MBD drug market reached RMB 6.3 billion. It is estimated that by 2030, the market size will reach RMB 11.9 billion, and by 2035, it will reach RMB 23.3 billion, with compound annual growth rates of 11.1% and 14.3%, respectively. In 2024, the number of global SHPT and CKD-MBD patients reached 157 million and 333 million, respectively. It is expected that by 2030, these numbers will increase to 190 million and 403 million, respectively. Due to limited existing treatment options, these patient populations face significant unmet clinical needs. With advancements in drug development, the new generation of therapies can not only effectively control iPTH and improve the comprehensive attainment rate but also significantly reduce the incidence of hypocalcemia, with better safety. The global SHPT treatment and CKD-MBD treatment markets are expected to generate blockbuster drugs with annual sales of billions of dollars in the coming years. It is projected that the compound annual growth rates of these submarkets from 2024 to 2030 will exceed 15% and 10%, respectively. As peptide CaSR agonists with better compliance, higher safety, and a wider range of applicable patient populations continue to be approved and included in the national medical insurance drug list, the penetration rate of CaSR agonist drugs will increase, leading to rapid growth in the Chinese SHPT drug market. It is estimated that by 2030, the market size will reach RMB 5.5 billion, and by 2035, it will reach RMB 14.1 billion, with compound annual growth rates of 16.4% and 20.5%, respectively. In 2024, the size of the Chinese antithrombotic drug market reached RMB 32.7 billion. The market for antithrombotic drugs in China is estimated to increase to RMB 48.4 billion by 2030 and to RMB 65.7 billion by 2035, with compound annual growth rates of 6.7% from 2024 to 2030 and 6.3% from 2030 to 2035. Board of Directors Information The company's board of directors will consist of nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors. Directors serve a three-year term and are eligible for re-election. Equity Structure As of March 23, 2026, Dr. Wang Bing, Dr. Wang Mei, and Xi'an Zhongrui each directly hold 40.56%, 6.60%, and 5.48% equity in the company, respectively. Dr. Wang Mei and Dr. Wang Bing are spouses. Dr. Wang Mei and Dr. Wang Bing respectively hold 99.00% and 1.00% equity in Xi'an Zhongruizekang Enterprise Management Consultation Co., Ltd., while Zhongruizekang is Xi'an Zhongrui's general partner. Xi'an Zhongrui directly holds 5.48% equity in the company, thereby Dr. Wang Mei and Dr. Wang Bing are considered the beneficial owners of the 5.48% equity held by Xi'an Zhongrui. Advisory Team Joint Sponsors: CCB International Financial Ltd., CMSC (Hong Kong) Ltd. Company Legal Advisors: Hong Kong Law: Tin Yuan Law Firm; Chinese Law: Junhe Law Firm; Chinese Intellectual Property Law: Tin Yuan Law Firm Joint Sponsors Legal Advisors: Hong Kong Law: Zhou Junxuan Law Firm in association with Beijing Tongshang Law Firm; Chinese Law: Tongshang Law Firm Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisors: Kaisen Capital Ltd.