Mabwell Biotech debuts on the Hong Kong Stock Exchange, opening 2.39% higher in early trading; its core ADC pipeline enters the harvest phase.
Mabwell Biotech Lists on HKEX, Opens 2.39% Higher in Morning Session, Core ADC Pipeline Enters Harvest Phase
On April 28, Mabwell (Shanghai) Biotech Co., Ltd. (02493.HK, referred to as “Mabwell Biotech”) successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited, becoming another biotech company listed on both the A-share and H-share markets (“A+H”), and also the first 18A company to achieve an AtoH listing.
Mabwell Biotech’s global offering consisted of 47.1302 million H shares, with the Hong Kong public offering portion oversubscribed by 481.71 times, indicating a strong market response. The robust subscription momentum not only provided solid support for the issuance but also reflected the market’s collective optimism regarding Mabwell’s R&D pipeline and commercialization prospects.
Mabwell Biotech is a Chinese pharmaceutical company with innovative R&D and end-to-end industrialization capabilities. Its core product, 9MW2821 (targeting Nectin-4), ranks second only to Padcev in terms of clinical development progress for urothelial carcinoma in China, and is the first ADC of its kind globally to enter a pivotal Phase III trial for cervical cancer. The product has received three Fast Track designations and one Orphan Drug designation from the FDA, as well as two Breakthrough Therapy designations from the NMPA. The company is concurrently advancing Phase III clinical trials for this product targeting multiple indications, with plans to submit NDA applications for urothelial carcinoma and cervical cancer in 2027. If progress is smooth, 9MW2821 is expected to become China’s first Nectin-4 ADC covering multiple solid tumor indications, with significant potential market space.
Mabwell Biotech has already commercialized four products: Junmaikang (R), Mailishu (R), Maiweijian (R), and Mailisheng (R). In 2025, the company’s total revenue reached RMB 659 million, a year-on-year increase of 230%. The total value of out-licensing contracts exceeded USD 2 billion, making a significant contribution. The licensing agreements reached with international pharmaceutical companies such as Disc and Calico have already brought substantial upfront and milestone payments, fully validating the company’s ability to monetize its technological achievements internationally.
The company’s production facilities also meet international standards. The Jiangsu Taizhou production base complies with both Chinese GMP standards and EU EMA GMP standards, and the Shanghai Jinshan production base also complies with EU EMA GMP standards, providing assurance for the subsequent volume ramp-up of products.
Leveraging its differentiated ADC pipeline and proven commercialization capabilities, Mabwell Biotech is accelerating the market launch process of its core products, continuously consolidating its competitive advantages in the global fields of oncology and age-related diseases.
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