IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Huaqin 03296.HK	Computer Storage & Peripherals	N/A	100	7,848.36	2026/04/20	2026/04/22	2026/04/23
Xizhi Tech-P 01879.HK	Electrical Components & Equipment	166.6-183.2	15	2,775.71	2026/04/23	2026/04/27	2026/04/28
Mabwell-B 02493.HK	Biotechnology - Pharmaceuticals	27.64-30.71	200	6,203.95	2026/04/23	2026/04/27	2026/04/28
Sunmi Technology-W 06810.HK	IT Consulting & Other Services	24.86	100	2,511.07	2026/04/24	2026/04/28	2026/04/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Huaqin
03296.HK

Computer Storage & Peripherals

N/A

100

7,848.36

2026/04/20

2026/04/22

2026/04/23

Xizhi Tech-P
01879.HK

Electrical Components & Equipment

166.6-183.2

2,775.71

2026/04/23

2026/04/27

2026/04/28

Mabwell-B
02493.HK

Biotechnology - Pharmaceuticals

27.64-30.71

200

6,203.95

2026/04/23

2026/04/27

2026/04/28

Sunmi Technology-W
06810.HK

IT Consulting & Other Services

24.86

100

2,511.07

2026/04/24

2026/04/28

2026/04/29

Summary

Founded in 2017, we are a pharmaceutical company in China recognized for our ability to innovate in drug development and for our end-to-end capabilities from drug discovery to commercial sales. The A Shares of our Company have been listed on the Shanghai Stock Exchange STAR Market (stock code: 688062) since January 2022. We have one Core Product 9MW2821 (bulumtatug fuvedotin) (“BFv”), a Nectin cell adhesion molecule 4 (“Nectin-4”) targeting antibody-drug conjugate (“ADC”) (the “Nectin-4 targeting ADC”). In addition, we have built a pipeline portfolio consisting of 4 commercialized products and 10 drug candidates (1 in NDA stage, 8 in clinical stage and 1 in preclinical stage) with various modalities. Our self-developed Core Product 9MW2821 is the product of our ADC technologies and our expertise in the field. As of the Latest Practicable Date, 9MW2821 was the most advanced among all Nectin-4 targeting ADCs for urothelial carcinoma (“UC”) developed in China in terms of clinical development stage and only second to Padcev, the only FDA-approved Nectin-4 targeting ADC globally, according to Frost & Sullivan. 9MW2821 was also the first Nectin-4 targeting ADC globally to enter a pivotal Phase III trial for cervical cancer (“CC”), according to the same source. We are currently conducting multiple clinical trials on 9MW2821, including among others, (i) Phase III trials of 9MW2821 in UC as a monotherapy and in combination with toripalimab (an approved PD-1 antibody drug for the treatment of indications including multiple solid tumors), respectively, (ii) a Phase III trial of 9MW2821 in CC as a monotherapy, (iii) a Phase II trial of 9MW2821 in triple negative breast cancer (“TNBC”) as a monotherapy or in combination with toripalimab; and (iv) a Phase II clinical trial of 9MW2821 in advanced EC as a monotherapy. As of the Latest Practicable Date, we secured 147 patents and submitted 271 patent applications globally, including 27 patents and 15 patent applications in relation to our Core Product. WE MAY NOT BE ABLE TO SUCCESSFULLY DEVELOP AND/OR MARKET OUR CORE PRODUCT. We mainly focused on developing drugs internally for oncology and age-related diseases, in areas such as oncology, immunology, ophthalmology and orthopedics, which pose significant health risks globally with unmet clinical needs. Our pipeline portfolio consists of innovative drug candidates (including ADCs and other modalities) and commercialized drugs. For more details, see “Business — Overview.” We are developing our Core Product and other product candidates in highly competitive markets with intense competition. For more details, see “Risk Factors — Risks Relating to the Development of Our Drug Candidates — We face fierce competition from existing drugs and drug candidates under development.” Since our establishment in 2017, we have positioned ourself as an innovative pharmaceutical company dedicated to new drug R&D. We have been continuously developing and upgrading our technology platforms, namely the ADC drug development platform, the integrated high-efficiency antibody discovery platform, and T-cell engager-based bi/tri-specific antibody development platform. We build these technology platforms primarily to facilitate the discovery and development of new drug candidates. In May 2025, the NMPA granted the marketing approval of Mailisheng (邁粒生R) (R&D code: 8MW0511), our first commercialized innovative drug. Mailisheng (邁粒生R) was approved as a treatment to decrease the incidence of infection, as manifested by febrile neutropenia, in adult patients with non-myeloid malignancies receiving myelosuppressive anticancer drugs associated with a clinically significant incidence of febrile neutropenia. Meanwhile, we are open to opportunities to develop and commercialize biosimilars, given the R&D process of biosimilars is generally much shorter than that of new biologics, and could generate revenues for us within a relatively short time. As of the Latest Practicable Date, we have three commercialized biosimilars, namely Mailishu, Maiweijian and Junmaikang that have received marketing approval. In August 2025, Mailishu and Maiweijian received marketing approval from the Drug Regulatory Authority of Pakistan. Mailishu and Maiweijian represent the first biosimilar to ProliaR and XgevaR, respectively, approved in Pakistan. In December 2025, Junmaikang received marketing approval in Indonesia. Although the list of drugs that enter the central procurement scheme applies to all provinces in China, there are variations as to how the central procurement scheme is implemented in different provinces, such as those regarding purchase quantity, reimbursement standards and implementation timeline for a particular drug. Anhui Province is currently leading a pilot program of central procurement scheme for biologic drugs (including biosimilars). The specific policies and regulations of this pilot program have not been finalized. There is a lack of concrete official plan regarding whether, when and how the central procurement scheme for biologic drugs may be later implemented in other provinces. As of the Latest Practicable Date, none of our commercialized products had been selected to join the drug procurement catalogue under the central procurement scheme in China. Also, none of the peer products for our commercialized products had been selected to join the drug procurement catalogue under the central procurement scheme. China’s central procurement scheme (at the national level) predominately focuses on chemical drugs and traditional Chinese medicines, which our current commercialized products do not cover. For details, please refer to “Risk Factors — Risks Relating to Commercialization and Manufacturing — Our commercialized drugs and any future approved drug candidates may not be covered by insurance or reimbursement programs or may become subject to unfavorable insurance policies or reimbursement practices.” Source: Mabwell-B (02493) Prospectus (IPO Date : 2026/04/20)
Listing Market	MAIN
Industry	Biotechnology - Pharmaceuticals
Background	H Shares
Major Business Area	China

Corporate Information

Substantial Shareholders	TANG Chunshan (Total share: 38.33%); (H share: 3.99%)
Directors	LIU Datao (Chairman and General Manager and Executive Director) WU Hai (President and Deputy General Manager and Executive Director) GUI Xun (Deputy General Manager and Executive Director) HU Huiguo (Deputy General Manager and Executive Director and Secretary to the Board) TANG Chunshan (Executive Director) WU Yufeng (Non-Executive Director) QIN Zhengyu (Independent Non-Executive Director) WANG Fang (Independent Non-Executive Director) XU Qing (Independent Non-Executive Director) ZHAO Qian (Independent Non-Executive Director)
Company Secretary	LEUNG Kwan Wai WANG Hefei
Principal Bankers	Shanghai Pudong Development Bank
Solicitors	Hogan Lovells Jingtian & Gongcheng Davis Polk & Wardwell
Auditors	Ernst & Young
Registered Office	Room 1928, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.mabwell.com
Email Address	ir@mabwell.com
Tel No	(86 021) 5833-2260
Fax No

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