Miwei Biology-B (02493) starts its IPO today, with cornerstone investors Junshi Bio, Guilin Sanjin Pharmaceutical and Wuxi Bio subscribing to US$53 million worth of shares.

Maiwei Bio-B (02493) will be listed on April 20 to April 23, 2026. The company plans to globally sell 47.1302 million H-shares, with 10% of the shares available for public sale in Hong Kong and 90% available for international sale. The offering price per share is HK$27.64 to HK$30.71, with 200 shares per lot. It is expected that the H-shares will begin trading on the Hong Kong Stock Exchange on April 28, 2026 at 9:00 am. In addition, the company has entered cornerstone investment agreements with Junshi Hong Kong, Sanjin International, Guohui Hong Kong, Changrong International, WuXi Biologics Venture, and Hezhong Capital. The cornerstone investors have agreed to purchase a total of US$53 million worth of shares. Junshi Hong Kong is a wholly-owned subsidiary of JUNSHI BIO (01877), Sanjin International is fully owned by Guilin Sanjin Pharmaceutical (002275.SZ), Guohui Hong Kong is fully owned by Shandong Development Investment Holding Group Limited, and Shandong Development Investment Holding Group Limited is approximately 97.88% owned by the State-owned Assets Supervision and Administration Commission of Shandong Province. WuXi Biologics Venture is a wholly-owned subsidiary of WUXI BIO (02269). Assuming the offering price is HK$29.18 per share, the global offering is expected to raise approximately HK$1.2556 billion, with about 56.8% to be used for clinical development trials of the core product 9MW2821 targeting various indications at different stages; about 17.7% for the research and development of other pipeline products targeting tumors and age-related diseases with high clinical demand; about 15.5% for commercialization purposes; and about 10.0% for operating funds and other general corporate purposes. The company was founded in 2017 and is a well-known Chinese pharmaceutical company with innovative capabilities in drug research and end-to-end capabilities from drug discovery to commercial sales. The company's A-shares have been listed on the Shanghai Stock Exchange's Science and Technology Innovation Board (stock code: 688062) since January 2022. The core product 9MW2821 (bulumtatug fuvedotin (BFv)) is an antibody-drug conjugate (ADC) targeting Nectin-4. In addition, the company has 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). As of the last feasible date, the company has three commercialized biosimilar products, namely Meilishu, Maiweijian, and Junmaikang. In August 2025, Meilishu and Maiweijian received approval from the Pakistan Drug Regulatory Authority. Meilishu and Maiweijian are the first approved biosimilar drugs of Prolia and Xgeva in Pakistan. In December 2025, Junmaikang was approved for sale in Indonesia. Financially, the company's revenue increased from RMB 1.996 billion in 2024 to RMB 6.587 billion in 2025, mainly due to an increase in external licensing income received from Qilu and Disc and an increase in sales of Meilishu. In 2024 and 2025, the net losses were approximately RMB 1.047 billion and RMB 972 million, respectively, primarily due to costs and expenses related to research and development activities.