The public share offering for biotechnology firm MICOT PHARMA-B (02335) has concluded. The subscription period ran from June 15 to June 18, 2026.
According to market information, the company has secured approximately HK$78.9 billion in margin financing from brokerages. Based on a public offering size of HK$122 million, this represents an oversubscription of 646 times.
The company plans a global offering of 58.0544 million H shares. The Hong Kong public offering portion consists of 5.8056 million shares, which is subject to reallocation, while the international offering comprises 52.2488 million shares, also subject to reallocation. A 15% over-allotment option is included.
The offer price is set between HK$18.2 and HK$21 per share. Each board lot consists of 200 shares, requiring a minimum investment of HK$4,242.4. The offering is expected to raise up to HK$1.22 billion.
The company is scheduled to list on the Hong Kong Stock Exchange on Wednesday, June 24. CCB International and China Merchants Securities International are acting as the joint sponsors for the listing.
For this IPO, MICOT PHARMA-B has secured cornerstone investments from Qiyuan Hong Kong, Everest Medicines, and Shunming Capital, with a total investment commitment of approximately HK$449 million.
As detailed in its prospectus, MICOT PHARMA-B is a biotechnology company focused on the discovery, development, and commercialization of bi-/multi-specific peptide-based drugs for treating metabolic, cardiovascular, and cerebrovascular diseases.
The company has independently developed a product pipeline consisting of one core product and six other candidate products.
The core product, MT1013, is a self-developed, Phase III-stage, dual-target receptor agonist peptide. It simultaneously targets the CaSR and OGP receptors, primarily designed for treating chronic kidney disease secondary hyperparathyroidism (CKD-SHPT). It also has potential for expansion into other indications, such as chronic kidney disease-mineral and bone disorder (CKD-MBD) with osteoporosis and non-dialysis CKD-SHPT.
The company has established four core technology platforms: (i) a bi-/multi-specific peptides and peptide-based macromolecule technology platform, (ii) a computer-aided peptide design platform, (iii) an oral peptide delivery platform, and (iv) an evaluation platform for druggability.
These platforms collectively cover the entire R&D process from basic research and drug discovery to drug development and new drug application submission. They serve as foundational engines driving the efficient advancement of the company's differentiated peptide-based pipeline.
As of the latest practicable date, MICOT PHARMA-B has not obtained marketing approval for any candidate drug and has not generated any revenue from product sales.
The company expects its MT1013 to be commercialized by early 2028. It plans to implement a dual-track commercialization strategy: partnering with third-party contract sales organizations (CSOs) in China and establishing licensing partnerships for international markets.
Financially, the company recorded other income of RMB 4.002 million and RMB 2.301 million for the years 2024 and 2025, respectively. During the same periods, it reported annual losses of approximately RMB 157 million and RMB 185 million.
MICOT PHARMA-B intends to allocate the net proceeds from the global offering as follows: approximately 39.1% will fund the ongoing and planned clinical trials and the planned commercial launch of its core product; about 36.3% will be used for the ongoing and planned clinical trials and the planned commercial launch of its key product; around 14.6% will be directed towards the research and development of other candidate products and technology platforms; and the remaining 10.0% will serve as working capital and for general corporate purposes.
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