On November 21, the China Securities Regulatory Commission (CSRC) released supplementary material requirements for overseas listing filings (November 17–21, 2025). The CSRC has asked Shaanxi Micot Pharmaceutical Technology Co., Ltd. to provide additional details regarding the pricing, basis, and fairness of its historical capital increases and equity transfers, as well as whether capital contributions were fully paid and if there were any instances of unpaid obligations, capital withdrawal, or flawed contribution methods. The regulator also requires a compliance review of the company’s establishment and historical equity changes, along with conclusive findings.
Micot Pharma submitted its listing application to the Hong Kong Stock Exchange on September 29, with CCB International and China Merchants Securities International acting as joint sponsors. The company aims to become a pioneer in innovative peptide drugs.
Additionally, the CSRC has requested Micot Pharma to clarify the following matters, with legal verification required: 1. Disclosure of the ownership structure of major shareholders, including Xi'an Zhongruizekang Enterprise Management Consulting Co., Ltd., Nexarcana Limited, Southchina Yitai VCC, GLP Capital Management Limited, and Elbrus Investments Pte. Ltd., as per the "Guidance on the Application of Regulatory Rules for Overseas Listings No. 2." The regulator also seeks confirmation on whether any Chinese natural persons among the upper-tier shareholders of Yuezhuo Limited are prohibited from holding shares under relevant laws. 2. Updates on the progress of land delivery and state-owned construction land use rights registration for its subsidiary Taizhou Pharmaceutical. 3. The status of amendments to the company’s articles of association and related filings. 4. Details on whether Micot Pharma and its subsidiaries engage in medical research, clinical trial services, cell technology R&D, or testing services, including operational specifics, required licenses, and compliance with foreign investment restrictions—particularly in areas like human stem cells or gene therapy.
The CSRC further requires verification of: 1. Any shareholding arrangements, including historical and current indirect holdings. 2. Basic information about the spouse of the company’s advisor, Shao Wenji, and the duration of the advisory contract. 3. The fairness of equity participation by external personnel in the employee stock ownership plan, including pricing, funding sources, and potential conflicts of interest.
Micot Pharma must also confirm whether shares held by shareholders participating in the "full circulation" plan are pledged, frozen, or encumbered.
According to its prospectus, Micot Pharma is a platform-based biotech firm focused on developing next-generation bispecific/multispecific peptide drugs. Its core product, MT1013, is a first-in-class dual-target peptide agonist targeting CaSR and OGP receptors for treating secondary hyperparathyroidism (SHPT). As of September 22, 2025, MT1013 completed Phase II trials (MT1013-II-C01) in May 2025 and has advanced to Phase III trials using cinacalcet as a comparator.