Biomedical company Maikang Kang's IPO on the ChiNext board has been inquired into, with accumulated losses of 1.141 billion yuan over three years.

On June 10th, Chengdu Maikang Biological Technology Co., Ltd. (referred to as Maikang) applied for a change in the status of its listing audit on the Shanghai Stock Exchange Sci-Tech Innovation Board to "inquiry received". CICC is its sponsor institution, and the company plans to raise 2.929 billion yuan. According to the prospectus, Maikang Biological was established in 2016 and is a biopharmaceutical company dedicated to the research, production, and commercialization of innovative vaccines and new adjuvants. In China, the company is a market leader in the field of new adjuvant research for vaccines. New adjuvants combined with recombinant protein vaccines can enhance immune responses, extend immune protection time, reduce antigen dosage, and thereby enhance vaccine efficacy and durability. According to Zhoushi Consulting, there are currently no domestically produced vaccines in China that have commercialized the use of a new adjuvant system. Based on innovative adjuvant design and formulation concepts, advanced production processes, and a scientific quality control system, the company has independently designed and stably produced more than 20 adjuvant raw materials, developed three mature delivery systems, and developed over 10 new adjuvant formulations, including optimized aluminum adjuvants, nanoemulsion adjuvants, and various composite adjuvants that can match suitable adjuvant systems based on the protective mechanism of candidate vaccines. In addition, the company is also focused on innovative vaccine product research and industrialization, building a series of innovative vaccine variety pipelines covering the areas of infectious diseases and tumor prevention and treatment. Among them, the core product recombinant herpes zoster vaccine (MKK100) as a Class 1 innovative vaccine, paired with the independently developed MA105 adjuvant system, entered the NDA review phase in October 2025. According to Zhoushi Consulting, MKK100 is expected to become the first domestically produced vaccine product in China to be approved for market with a new adjuvant system. The core product targeting elderly people, the recombinant respiratory syncytial virus (RSV) vaccine (MKK900), paired with the independently developed MA103 adjuvant system, has entered the Phase III clinical trial stage and is expected to become the first domestically approved RSV vaccine on the market. Additionally, the company's product pipeline includes the recombinant rotavirus vaccine MKK200 (completed Phase II clinical trial), the recombinant RSV vaccine MKK901 for protecting newborns (currently undergoing Phase I clinical trial), as well as several innovative products in the clinical IND application stage and preclinical research stage. The funds raised from the company's public offering of shares in this offering, after deducting issuance expenses, will be used entirely for projects related to its core business in the following order of priority: - Financially, in the years 2023, 2024, and 2025, the company achieved operating income of approximately 13.6225 million yuan, 23.9666 million yuan, and 22.3481 million yuan respectively; during the same period, net profits were approximately -0.274 billion yuan, -0.353 billion yuan, and -0.514 billion yuan respectively.