New Stock News | Mingyu Pharmaceuticals once again submitted documents to the Hong Kong Stock Exchange, and its own immune project is expected to generate revenue soon.

According to the disclosure by the Hong Kong Stock Exchange on July 8th, Minyu Pharmaceutical Co., Ltd. - B (referred to as Minyu Pharmaceutical) has once again submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley, BofA Securities, and CITIC Securities as its joint sponsors. Company Profile According to the prospectus, the company was established in 2018 and is a biotechnology company with integrative oncology as its core, focusing on the research and development of Antibody-Drug Conjugates (ADC) and advanced immunotherapy. As of the last feasible date (July 1, 2026), the company's R&D pipeline includes 11 candidate products, including two core products. All candidate products of the company are independently discovered and developed. The core product MHB036C is an ADC candidate drug (biological agent) under development for the treatment of solid tumors. Its primary indications are first-line and subsequent therapy (1L+) for non-small cell lung cancer (NSCLC) and breast cancer (BC). Another core product, MHB018A, is an antibody candidate drug (biological agent) under development for the treatment of thyroid eye disease (TED), with its main indication being active thyroid eye disease. The company may not be successful in developing and/or marketing its core products. The company has built a robust clinical-stage oncology product portfolio based on a proprietary ADC platform and a novel IgG[1]/Vascular endothelial growth factor (PD-1/VEGF) dual-specific antibody (bsAb), as well as clinically advancing autoimmune assets. The company's autoimmune projects are expected to generate revenue in the near future, while the company's oncology projects focus on advancing ADC monotherapy for late-line treatment and exploring combination therapy with PD-1/VEGF dual-specific antibodies to innovate frontline cancer treatment. These projects collectively constitute a diversified pipeline of candidate drugs. Innovative oncology ADC and PD-1/VEGF combination therapy: The company's core product, MHB036C, is a promising TROP-2 ADC being developed for the treatment of various solid tumors. It is currently being studied in Phase I/II combination therapy studies for first-line and subsequent NSCLC, and Phase II combination therapy studies for first-line and subsequent BC, in combination with the company's key product, MHB039A (an innovative PD-1/VEGF dual-specific antibody). The company's key product, MHB088C, is a promising B7-H3 ADC for the treatment of small cell lung cancer (SCLC) and other cancers. It is currently undergoing Phase III trials for second-line SCLC, second-line mCRPC, and second-line ESCC monotherapy, as well as Phase I/II trials in combination with MHB039A for first-line and subsequent SCLC. Late-stage autoimmune assets: The company's core product, MHB018A, is a novel and promising subcutaneous insulin-like growth factor 1 receptor (IGF-1R) VHH antibody. It is currently undergoing Phase III trials for active and chronic thyroid eye disease, showing promising Phase II efficacy and safety data in active and chronic thyroid eye disease. The company's key product, MH004, is a novel topical Janus kinase (JAK) inhibitor for the treatment of mild to moderate atopic dermatitis (AD). Its NDA has been submitted in China in March 2026, addressing autoimmune indications with significant unmet needs. The company's proprietary SuperTopoi platform aims to address the industry-wide challenges faced by traditional ADC technologies. The potency of its novel payload is 5 to 10 times that of a Drutexide (Dxd) ADC, while maintaining superior safety with lower rates of severe hematologic toxicity and significantly reduced rates of interstitial lung disease (ILD). This optimized therapeutic window gives it broader potential applications, including potential value in frontline treatment scenarios. Financial Information Research and Development For the five months ending May 31, 2024, 2025, and 2026, the company's R&D expenditures were approximately 281 million RMB, 230 million RMB, and 120 million RMB, respectively. Loss For the five months ending May 31, 2024, 2025, and 2026, the company's attributable net loss was approximately 283 million RMB, 919 million RMB, and 210 million RMB, respectively. Industry Overview Cancer treatment has evolved from traditional broad-spectrum chemotherapy to targeted therapy, immunotherapy, and now advanced immunotherapy and ADCs. The following figure illustrates the global evolution of cancer treatment. Global and Chinese Cancer Treatment Market Current targeted therapy and first-generation immunotherapy still face limitations such as limited duration of efficacy and suboptimal efficacy in cold tumors with low immune infiltration. Additionally, systemic toxicity reactions and immune-related adverse events may limit dosing intensity and treatment duration. Advanced drug forms are designed to address these limitations. ADCs can deliver highly potent cytotoxic drugs directly to tumor cells, limiting non-target exposure and helping to overcome intra-tumoral heterogeneity. Tumor immunotherapy dual-specific antibodies (I/ObsAbs) can simultaneously activate complementary pathways in the tumor microenvironment, enhancing anti-tumor immune responses and overcoming resistance to traditional checkpoint inhibitors. Global and Chinese ADC Market Since 2020, there have been approximately 300 ADC mergers and acquisitions and licensing transactions globally, with about 60 involving multinational companies, with disclosed transaction values exceeding $215 billion. Chinese innovators account for about 44% of the total global transactions, highlighting China's increasingly active role as a key innovative hub for ADC research and development. Board of Directors Information Upon compilation, the company's board of directors will comprise eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors. The board of directors' term is three years and can be re-elected and reappointed for subsequent terms, responsible for managing and conducting the company's business, and possessing relevant general powers. Ownership Structure As of the last feasible date, the chairman of the company's board of directors, executive director, CEO, and Chief Scientific Officer, Dr. Cao, holds approximately 36.27% of the voting rights of the company through (i) the 168,397,700 shares held by Mendai Holdings (a company wholly owned by Dr. Cao); and (ii) the 42,095,000 shares held by Radiance C LLC. Radiance C LLC is wholly owned by Trident Trust Company (South Dakota) Inc., with Dr. Cao, his spouse, and descendants as beneficiaries. Dr. Cao serves as the protector and investment advisor of the trust, which gives him the power to make investment decisions for the trust's assets and manage the affairs of Radiance C LLC, including exercising the voting rights attached to the shares held by Radiance C LLC. Therefore, Dr. Cao, his spouse, Mendai Holdings, and Radiance C LLC together form the single largest shareholder group before compilation. Intermediary Team Joint Sponsors: Morgan Stanley Asia Limited, Merrill Lynch (Asia Pacific) Limited, CITIC Securities (Hong Kong) Limited; Legal Advisers: Davis Polk & Wardwell, Kangda Law Firm, Maples and Calder (Hong Kong) LLP; Legal Advisers of Joint Sponsors: Latham & Watkins LLP, Beijing Tongshang Law Firm; Reporting Accountants and Auditors: KPMG Huazhen LLP; Industry Consultants: BizInsight Industry Consulting Co., Ltd.; Compliance Adviser: Huabo Capital Limited.