Meike Pharmaceuticals-B (02335) will start its IPO today, raising more than HK$1 billion. Key cornerstone investors include Qiyuan Hong Kong and EVEREST MED (01952).

MacPherson Pharmaceuticals-B (02335) will be listed from June 15 to June 18, 2026, with a planned global offering of 58.0544 million H shares. 5.8056 million shares will be offered in Hong Kong (subject to reallocation), and 52.2488 million shares will be offered internationally (subject to reallocation), with an additional 15% over-allotment option. The offering price per share is 18.2-21 Hong Kong dollars, with a lot size of 200 shares. It is expected that trading of H shares will begin on June 24, 2026, at 9 am on the Hong Kong Stock Exchange. Furthermore, the company has entered cornerstone investment agreements with Qilin Hong Kong, EVEREST MED (01952), and Shunming Capital, where cornerstone investors have agreed to subscribe to a total of approximately 449 million Hong Kong dollars in shares under certain conditions. Assuming an offering price of 19.60 Hong Kong dollars per share, the net proceeds from the global offering will be approximately 1.067 billion Hong Kong dollars. About 39.1% will be used for the continued development and planned clinical trials and commercial launch of core products; approximately 36.3% will be allocated to the continued development and planned clinical trials and commercial launch of key products; about 14.6% will go towards research and development of other candidate products and technology platforms; and approximately 10.0% will be utilized for working capital and general corporate purposes. The company is a biotechnology firm focused on discovering, developing, and commercializing dual/multispecific peptide drugs for the treatment of metabolic diseases and cardiovascular diseases. The company has developed a product pipeline consisting of a core product, MT1013, and six other candidate products. MT1013 is a dual-target receptor agonist peptide developed in-house in Phase III, targeting the CaSR and OGP receptors primarily for the treatment of chronic kidney disease secondary hyperparathyroidism (CKD-SHPT) with potential expansion to other indications. As of the latest feasible date, the company has not received market approval for any candidate drug and has not generated revenue from product sales. MT1013 is expected to be commercialized in early 2028, with the company implementing a dual-track commercialization strategy through third-party contract sales organizations domestically and licensing partnerships internationally. In terms of financials, research and development expenses increased by 21.6% from 1.07 billion in 2024 to 1.3 billion in 2025, mainly due to increased experimental and testing expenses and increased research personnel costs and benefits related to (in particular) the core product MT1013 and a key product MT200605. The company incurred net losses of approximately 157 million and 185 million in 2024 and 2025, respectively, mainly due to continued investment in research and development activities, an increase in interest expense on redeemable liabilities reclassified to equity post-IPO, and offset partially by an increase in other income and net losses. Additionally, the company expects an increase in net losses in 2026 due to continued investment in research and development to advance candidate drug development and an increase in share-based payment expenses.