WuXi AppTec (02493) successfully listed on the Hong Kong Stock Exchange "A+H" dual platform layout to help accelerate the overseas expansion of innovative drugs

On April 28, Meinwo Bio (02493) officially listed and started trading on the main board of the Hong Kong Stock Exchange. It opened 2.39% higher in the morning session, reaching a peak of 29.9 Hong Kong dollars, with a maximum increase of 8.18%. As of the time of the report, Meinwo Bio rose by nearly 4.85%, at 28.98 Hong Kong dollars per share, with a trading volume exceeding 2.46 billion Hong Kong dollars. Meinwo Bio is a Chinese pharmaceutical company known for its innovative capabilities in drug research and its end-to-end capabilities from drug discovery to commercial sales. The company's A shares have been listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange since January 2022, and this H-share listing further enhances the company's financing platform, helping to accelerate the global development and commercialization process of its innovative pipeline. Since its establishment in 2017, Meinwo Bio has been focused on the fields of oncology and age-related diseases, striving to meet unmet clinical needs globally. With leading technological platforms and strong research and development capabilities, the company has established a competitive product pipeline portfolio, including four marketed products and ten candidate drugs, including one in the new drug application stage, eight in the clinical stage, and one in the preclinical stage. The company's core product, 9MW2821, is a novel antibody-drug conjugate targeting Nectin-4. According to Frostsullivan, in terms of clinical development stage, this product is the fastest progressing Nectin-4 ADC developed in China for treating urothelial carcinoma, second only to a similar drug that has been approved by the FDA globally. Additionally, 9MW2821 is the first Nectin-4 ADC to enter phase III clinical trials for cervical cancer, highlighting the company's innovative capabilities and leading position in the ADC field. In terms of financial performance, the company achieved stable revenue growth during the reporting period, with total revenue increasing from 200 million RMB in 2024 to 659 million RMB in 2025, mainly due to the increase in external licensing revenue and steady sales of marketed products. The company continues to increase research and development investment, with R&D costs reaching 977 million RMB in 2025, mainly used to advance clinical trials of core products and other pipeline candidates. As of December 31, 2025, the company's total assets were 4.556 billion RMB. The company possesses four core ADC technologies with independent intellectual property rights, including DARfinity site-specific conjugation technology, IDconnect linker technology, Mtoxin toxin molecule, and LysOnly conditionally release structure, which together form the company's next-generation site-specific conjugation platform, capable of developing more uniform, stable, and potentially more efficacious ADC products. Meinwo Bio has established a distribution network covering over 327 cities and regions with more than 8,000 hospitals in China, and actively expanding into overseas markets through licensing and cooperation arrangements to commercialize products in emerging markets and developed countries. The company's management team has decades of experience in the pharmaceutical industry, covering research and development, production, commercialization, and capital operations. Looking ahead, the company will continue to advance global clinical development of its core product, 9MW2821, for various indications in cancer, deepen the research and development of other pipeline products, and continuously improve its global commercialization layout, striving to become a global leading biopharmaceutical company driven by innovation and guided by clinical needs.