Micot Pharmaceutical Pursues Hong Kong IPO with Annual Loss of 185 Million Yuan and Valuation of 2.6 Billion Yuan

Shaanxi Micot Pharmaceutical Technology Co., Ltd., known as Micot Pharmaceutical, has recently updated its prospectus in preparation for a listing on the Hong Kong Stock Exchange.

On September 26, 2025, Micot Pharmaceutical completed a financing round of 236 million yuan, resulting in a post-investment valuation of 2.636 billion yuan.

The company reported an annual loss of 185 million yuan.

Established in 2007, Micot Pharmaceutical is a platform-based biotechnology company with a core product currently in Phase III clinical trials.

The company focuses on metabolic diseases, particularly kidney-related conditions, as well as cardiovascular and cerebrovascular diseases. It has independently developed a core product, MT1013, which primarily targets secondary hyperparathyroidism (SHPT) and has the potential to expand into additional indications such as chronic kidney disease-mineral and bone disorder (CKD-MBD) with osteoporosis and SHPT in non-dialysis patients. The company also has three other key products: XTL6001, MT1002, and MT200605. Additionally, Micot Pharmaceutical is advancing three other clinical-stage candidate products in its pipeline.

MT1013 is a dual-target receptor agonist peptide drug that simultaneously targets the CaSR and OGP receptors. It is primarily developed for the treatment of SHPT and is planned to be extended to other indications, including CKD-MBD with osteoporosis and SHPT in non-dialysis patients.

According to the prospectus, Micot Pharmaceutical reported other income of 4 million yuan in 2024 and 2.39 million yuan in 2025. The company incurred losses of 157 million yuan and 185 million yuan during the same periods.

As of December 31, 2025, Micot Pharmaceutical held cash and cash equivalents totaling 80.56 million yuan.

Wang Bing controls 41% of the equity.

The executive directors of Micot Pharmaceutical are Wang Bing and Yu Weiping. The non-executive directors include Wang Mei, You Xiangdong, Song Gaoguang, and Wang Nayi. The independent non-executive directors are Xiangli Liuxu, Zhang Wenqiang, and Wang Kaifeng.

Prior to the IPO, Wang Bing holds a 40.56% stake, Suzhou Mainiu holds 9.99%, Dr. Wang Mei holds 6.6%, and Yue Chao holds 6.48%.

Linhai Qize holds 5.26%, Xi'an Zhongrui holds 5.48%, Huaxin Pharmaceutical Venture holds 2.84%, Suzhou Rongsheng holds 2.5%, and the New Materials Fund holds 2.19%.

Junying Growth holds 1.46%, Xi'an Tongshang holds 2.17%, Fengchuan Hongbo holds 1.87%, Jingcheng Daxing holds 1.85%, Tangxing Technology holds 1.75%, Shanjin Runji holds 1.44%, the Listing Reserve Fund holds 1.33%, and Junying Jiacheng holds 0.74%.

Hainan Wanfeng holds 0.5%, while Yinyun Heman, Xi'an Huiyu, Hangzhou Quandewang, and Hainan Ruizheng each hold 0.33%. Maicheng Century holds 0.57%, Jinan Liuji holds 0.46%, Shaanxi Innovation Relay holds 1.52%, and Shaanxi Jingang holds 1.14%.