[HK IPO] Mabwell (Shanghai) Bioscience Co., Ltd. - B Subscription Strategy
I. Basic Information
Mabwell Biotech (already listed on the A-share market) is an innovative biopharmaceutical company with a full industry chain layout. It has established an innovative system covering the entire drug R&D cycle, starting from antibody drug target discovery and molecule discovery, encompassing druggability research, preclinical research, clinical research, and production transformation, achieving an integrated full industry chain layout of R&D, production, and marketing.
The company focuses on oncology and age-related diseases, involving therapeutic areas such as oncology, autoimmunity, bone diseases, ophthalmology, hematology, and cardiovascular. With internationally leading specialized technology platforms and R&D innovation capabilities, it has built a rich and competitive pipeline.
There are currently 15 key products in the preclinical, clinical, or commercial stages, including 11 innovative products and 4 biosimilars. Among them, 4 products are commercialized, 1 is under review for approval, and 2 are in Phase III pivotal registration clinical trials. The company independently undertakes 1 national "Major New Drug Creation" major science and technology project, 2 national key R&D programs, and several provincial and municipal science and technology innovation projects...
II. IPO Information
Company Name & Code: Mabwell Biotech-B (02493.HK)
Issue Price: 27.64-30.71KD
Minimum Subscription Fee: 6203.95HKD (1 lot of 200 shares)
Subscription Period: April 20 to April 23, closing this Friday
Allotment Announcement: April 249
Listing: April 28
Shares Offered: 47.1302 million shares, representing 10.55% of total share capital
Allocation Mechanism: Mechanism B
Market Cap: 12.348-13.719 billion HKD
Greenshoe: None...
Cornerstone Investors: 6 cornerstone investors subscribed for 30.19% in total, quite average
Sponsors: CITIC, Haitong!
III. Fundamentals
In 2023, 2024, and 2025, the company achieved revenues of approximately 128 million yuan, 200 million yuan, and 663 million yuan respectively, with a compound annual growth rate of 127.59%. During the same period, its net profits were -1.053 billion yuan, -1.044 billion yuan, and -968 million yuan respectively, showing three consecutive years of losses, though fortunately the losses narrowed slightly...
It should be noted that the company's R&D expenses in the past three years were 836 million yuan, 783 million yuan, and 977 million yuan respectively, meaning the bulk of the losses were mainly due to high R&D investment...
It is worth mentioning that the explosive revenue growth in 2025 was mainly due to licensing and service revenue reaching 409 million yuan, while drug sales revenue was 250 million yuan, a 72% year-on-year increase from the 200 million yuan in 2024...
IV. Subscription Strategy
1. The company's performance growth has rapidly opened up the situation, but the lack of profitability is a major drawback.... For A-H shares, the focus is on the discount. Today, the A-share surged to 40.29 yuan, while the Hong Kong share pricing is 27.64-30.71 HKD, representing a 34%-41% discount to the A-share. Compared to other innovative drug companies also listed in Hong Kong, while the cost-performance ratio isn't the highest, it's acceptable....
2. The concept is decent, but it's already listed on the A-share market. This is a secondary listing, and the price is already fully reflected. The concept has little impact. If it were a first-time listing, that would be a different story...
3. The company is issuing under Mechanism B, with a total of 23,566 lots for Group A and B combined. The number of shares isn't small, and it clashes with Xizhi Technology's IPO. Funds have all flowed to the other side (Xizhi), so the heat isn't high. The allotment rate should be relatively high.
4. No greenshoe, but there are cornerstone investors subscribing to 30%. The lineup is very average, very average...
5. A-H shares are mainly about arbitrage. Brother Er Gou has now allocated most of his position to Xizhi. Can't just sit and watch, so I don't want to participate in Mabwell Biotech....
Subscription Score: 7 points (9-10 points: All-in with leverage, 7-8 points: Can use some leverage, 6 points: Sneak in a small bet, 5 points: Forget it, don't bother)
Of course, this is just Brother Er Gou's own trading strategy and does not constitute any investment advice....
For any inquiries about Hong Kong stock IPO subscription, account opening, or card application, you can add Brother Er Gou's WeChat: dogdao009
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