IPO Timeline
Broker Deadline
2026-04-23
Morning deadline
HKEX Deadline
2026-04-23
Noon deadline
Broker Results (T-2)
2026-04-24
Some brokers release in afternoon
Grey Market (T-1)
2026-04-27
Afternoon
HKEX Allotment (T-1)
2026-04-27
Evening
Registrar Allotment (T-1)
2026-04-27
Evening
Listing Day (T)
2026-04-28
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 迈威生物 |
|---|---|
| Other Market Stock Code | 688062 |
| H-Share Offer Price | HK$ 27.64 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 邁威生物－Ｂ |
|---|---|
| Stock Code | 02493 |
| Company Full Name | 邁威生物－Ｂ |
| Industry | Healthcare |
| Principal Activities | 我們是一家以藥物研發方面的創新能力以及從藥物發現至商業化銷售的端到端能力而聞名的中國製藥公司。我們主要專注於自主開發腫瘤、免疫、眼科、骨科等領域的藥物。我們建立了管線產品組合，包括不同品種的4款已上市產品及10款候選藥物（1款處於NDA階段、8款處於臨床階段及1款處於臨床前階段），包括一款自研核心產品9MW2821（靶向Nectin-4的ADC候選藥物）。 |
| Listing Date | 2026-04-28 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18A生物科技 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市中國（上海）自由貿易試驗區蔡倫路230號2幢105室 |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1928室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.mabwell.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 27.64 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 5,528 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-20 to 2026-04-23 |
| Global Offering Shares | 47,130,200 shares |
| HK Public Offer Shares (Initial) | 4,713,200 shares (10.0%) |
| Public Offer Lots (Initial) | 23,566lots (11,783lots, 11,783lots) |
| International Placing Shares (Initial) | 42,417,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 446,730,200 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 31.9% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,302,678,728 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 5,528 |
| 2 lots | 400 | HK$ 11,056 |
| 3 lots | 600 | HK$ 16,584 |
| 4 lots | 800 | HK$ 22,112 |
| 5 lots | 1,000 | HK$ 27,640 |
| 6 lots | 1,200 | HK$ 33,168 |
| 7 lots | 1,400 | HK$ 38,696 |
| 8 lots | 1,600 | HK$ 44,224 |
| 9 lots | 1,800 | HK$ 49,752 |
| 10 lots | 2,000 | HK$ 55,280 |
| 15 lots | 3,000 | HK$ 82,920 |
| 20 lots | 4,000 | HK$ 110,560 |
| 25 lots | 5,000 | HK$ 138,200 |
| 30 lots | 6,000 | HK$ 165,840 |
| 35 lots | 7,000 | HK$ 193,480 |
| 40 lots | 8,000 | HK$ 221,120 |
| 45 lots | 9,000 | HK$ 248,760 |
| 50 lots | 10,000 | HK$ 276,400 |
| 100 lots | 20,000 | HK$ 552,800 |
| 150 lots | 30,000 | HK$ 829,200 |
| 200 lots | 40,000 | HK$ 1,105,600 |
| 250 lots | 50,000 | HK$ 1,382,000 |
| 300 lots | 60,000 | HK$ 1,658,400 |
| 350 lots | 70,000 | HK$ 1,934,800 |
| 400 lots | 80,000 | HK$ 2,211,200 |
| 450 lots | 90,000 | HK$ 2,487,600 |
| 500 lots | 100,000 | HK$ 2,764,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 200,000 | HK$ 5,528,000 |
| 1,500 lots | 300,000 | HK$ 8,292,000 |
| 2,000 lots | 400,000 | HK$ 11,056,000 |
| 2,500 lots | 500,000 | HK$ 13,820,000 |
| 3,000 lots | 600,000 | HK$ 16,584,000 |
| 3,500 lots | 700,000 | HK$ 19,348,000 |
| 4,000 lots | 800,000 | HK$ 22,112,000 |
| 4,500 lots | 900,000 | HK$ 24,876,000 |
| 5,000 lots | 1,000,000 | HK$ 27,640,000 |
| 10,000 lots | 2,000,000 | HK$ 55,280,000 |
| 11,783 lots | 2,356,600 | HK$ 65,136,424 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 12,347,622,728 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | 亏损人民币972.3百万元 |
| Period-End Cash Balance | 人民币1,191,900,000元 |
| Listing Expenses | ~HK$ 119,400,000 |
| Listing Expenses / Funds Raised | ~8.7% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 27.8 |
|---|---|
| First Day Open | HK$ 28.3 |
| First Day Change | 0.58% |
| First Day Volume | 15006500.0 |
| First Day Turnover | 424940000.0 |
Use of Proceeds
| Use of Proceeds | 1、約56.8%，或713.0百萬港元將用于核心產品9MW2821針對多種適用癥不同階段的臨床開發試驗； 2、約17.7%，或222.3百萬港元將用于針對具有大量臨床需求的腫瘤和年齡相關疾病的其他管線產品的研發； 3、約15.5%，或194.7百萬港元將用于商業化目的； 4、約10.0%，或125.6百萬港元將用于營運資金及其他一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中信证券（香港）有限公司 CE AAK249
海通国际资本有限公司 CE ADQ859
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893
Overall Coordinators (4)
中信里昂证券有限公司 CE AAB893
海通国际证券有限公司 CE AAF806
兴证国际融资有限公司 CE BAK956
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (8)
中信里昂证券有限公司 CE AAB893
海通国际证券有限公司 CE AAF806
兴证国际融资有限公司 CE BAK956
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
农银国际融资有限公司 CE AWL249
Joint Bookrunners (8)
中信里昂证券有限公司 CE AAB893
海通国际证券有限公司 CE AAF806
兴证国际融资有限公司 CE BAK956
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
农银国际融资有限公司 CE AWL249
Joint Lead Managers (9)
中信里昂证券有限公司 CE AAB893
海通国际证券有限公司 CE AAF806
兴证国际融资有限公司 CE BAK956
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
农银国际证券有限公司 CE ACX411
保利证券有限公司 CE BTJ616
Capital Market Intermediaries (10)
中信里昂证券有限公司 CE AAB893
海通国际证券有限公司 CE AAF806
兴证国际融资有限公司 CE BAK956
招银国际融资有限公司 CE AVM940
建银国际金融有限公司 CE AJO225
国信证券（香港）经纪有限公司 CE AUI491
富途证券国际（香港）有限公司 CE AZT137
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
保利证券有限公司 CE BTJ616
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 竞天公诚律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
史密夫斐尔律师事务所 金杜律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 君实香港 | 20,000,000 USD | 5,668,200 | 12.03% | 1.27% | 6 months | 2026-10-28 |
| 2 | Sanjin International | 15,000,000 USD | 4,251,200 | 9.02% | 0.95% | 6 months | 2026-10-28 |
| 3 | 国惠香港 | 7,000,000 USD | 1,983,800 | 4.21% | 0.44% | 6 months | 2026-10-28 |
| 4 | 昌荣国际 | 7,000,000 USD | 1,983,800 | 4.21% | 0.44% | 6 months | 2026-10-28 |
| 5 | WuXi Biologics Venture | 3,000,000 USD | 850,200 | 1.80% | 0.19% | 6 months | 2026-10-28 |
| 6 | 中和资本 | 1,000,000 USD | 283,400 | 0.60% | 0.06% | 6 months | 2026-10-28 |
Directors & Management
| Chairman | 劉大濤 |
|---|---|
| Company Secretary | 王鶴飛 |
執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 唐春山 | — | 執行董事 |
| 2 | 刘大涛 | — | 執行董事 |
| 3 | 武海 | — | 執行董事 |
| 4 | 胡会国 | — | 執行董事 |
| 5 | 桂勋 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 吴玉峰 | — | 非執行董事 |
獨立非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 秦正余 | — | 獨立非執行董事 |
| 2 | 许青 | — | 獨立非執行董事 |
| 3 | 赵倩 | — | 獨立非執行董事 |
| 4 | 王芳 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 截至最後實際可行日期，唐先生(i)作為有限合夥人於朗潤股權直接擁有約79.92%的合夥權益及作為普通合夥人透過朗潤投資諮詢於朗潤股權間接擁有0.10%的合夥權益，而朗潤股權實益擁有140,560,000股A股；(ii)作為普通合夥人於中駿建隆直接擁有約2.12%的合夥權益，而中駿建隆實益擁有20,000,000股A股；(iii)作為普通合夥人於真珠投資直接擁有約10.56%的合夥權益，而真珠投資實益擁有6,800,000股A股；及(iv)於朗潤投資諮詢直接擁有88.30%的股權，而朗潤投資諮詢實益擁有2,000,000股A股。根據證券及期貨條例，唐先生被視為於朗潤股權、中駿建隆、真珠投資及朗潤投資諮詢持有的股份中擁有權益。 |
|---|
AI
AI Analysis
Market Sentiment
The IPO of 迈威生物－Ｂ saw overwhelming retail enthusiasm with a 481.71x oversubscription ratio. Despite the high demand, the hit rate is reported as 0.0%, likely reflecting extremely low allocation under the no-clawback mechanism. This signals fierce competition for shares among small investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
At the A-Tail tier, 100,000 applicants expected just 0.3204 lots each, while the B-Head tier offered a full 1.0 lot per applicant for 200,000 applicants. This stark difference highlights an inefficiency where the marginal capital required to jump from A-Tail to B-Head dramatically improves allocation certainty. Broker fee efficiency likely favors larger applications, though actual costs vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese participants accounted for 54.9% of total holders, indicating strong cross-border interest in this biotech listing. The investor base skews male (62.2%) with an average age of 43.2, typical for high-risk 18A biotech plays. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
