New stock news | Maiwei Bio (688062.SH) passed the hearing of the Hong Kong Stock Exchange with a cumulative loss of over 2 billion yuan in two years.

According to the disclosure by the Hong Kong Stock Exchange on April 2nd, Maiwei (Shanghai) Biotechnology Co., Ltd. (Maiwei Biotech (688062.SH)) conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and HAITONG INT'L serving as joint sponsors. The prospectus shows that Maiwei Biotech is a Chinese pharmaceutical company, mainly focusing on the independent development of drugs for tumors and age-related diseases, covering areas such as oncology, immunology, ophthalmology, and orthopedics. These diseases pose significant global health risks with unmet clinical needs. The company's core product, 9MW2821 (bulumtatug fuvedotin "BFv"), is an antibody-drug conjugate (ADC) targeting the Nectin cell adhesion molecule 4 ("Nectin-4"). In addition, the company has established a pipeline of products, including four marketed products and ten candidate drugs (one in the NDA stage, eight in the clinical stage, and one in the preclinical stage). According to Frost & Sullivan data, as of now, 9MW2821 is the fastest progressing among all Nectin-4 ADCs developed in China for the treatment of urothelial carcinoma, second only to Padcev (the only FDA-approved Nectin-4 ADC) globally. 9MW2821 is also the world's first Nectin-4 ADC to enter phase III trials for cervical cancer. The global oncology drug market is expected to grow from $143.5 billion in 2019 to $253.3 billion in 2024, with a compound annual growth rate of 12.0%, further increasing to $375.9 billion in 2028 and $548.2 billion in 2032. Furthermore, multiple clinical trials for 9MW2821 are ongoing, including phase III trials for the treatment of urothelial carcinoma as a monotherapy and in combination with pembrolizumab, phase III trials for the treatment of cervical cancer as a monotherapy, phase II trials for triple-negative breast cancer as a monotherapy or in combination with pembrolizumab, and phase II clinical trials for advanced esophageal cancer. To date, the company has obtained 140 patents globally and filed 276 patent applications, including 25 patents and 17 patent applications related to its core product. During the reporting period, the company's revenue came from drug sales and external licensing arrangements. In 2024 and 2025, revenue from the top five customers in each year accounted for 73.7% and 87.6% of the total revenue for the respective year. The prospectus warns of risks, including the company's potential inability to successfully develop and/or sell its core products. In terms of commercialized products, the company already has three commercialized biosimilar products, namely Milemab, Maiweijian, and Junmaikang. In August 2025, Milemab and Maiweijian obtained approval for listing from the Pakistan Drug Regulatory Authority. Milemab and Maiweijian are the first biosimilar products of Prolia and Xgeva to be approved in Pakistan. In December 2025, Junmaikang was approved for listing in Indonesia. Financially, in the fiscal years 2024 and 2025, the company achieved revenues of approximately 200 million and 659 million Chinese Yuan respectively, with losses of approximately 1.047 billion and 972 million Chinese Yuan in the same periods.