HK Stock Market Move | MICOT PHARMA-B (02335) falls back over 20%; the company announces equity incentive and share repurchase plans; existing funds are sufficient to support R&D investment.

MICOT PHARMA-B (02335) surged 166% on heavy volume in the previous trading day and closed up 64% that day. Today, the share price has pulled back over 20%. As of press time, it is down 17.50% at HK$19.8, with turnover of HK$87.3738 million. On the news front, Micot Pharma plans to submit a 10-year H-share equity incentive plan to the shareholders' meeting for approval to bind the core R&D team, and to seek a general mandate from the shareholders' meeting to repurchase no more than 10% of the total issued H shares. The board believes that the current market price of the H shares does not fully reflect the company's fundamentals and long-term growth potential, and that existing funds are sufficient to support the company's long-term R&D investment in the future. Data shows that the company's R&D expenses increased from RMB107 million in 2024 to RMB130 million in 2025, an increase of 21.6%, mainly invested in clinical trials of the core product MT1013 and the key product MT200605. At the same time, Micot Pharma expects its net loss in 2026 to further expand due to continued cash burn on R&D and increased share-based payment expenses.