On April 20, 2026, Mabwell Bio (688062.SH, 02493.HK) officially commenced its public offering process, with CITIC Securities and Haitong International acting as joint sponsors. The imminent completion of its dual-listing "A+H" share structure signifies that the company can connect with international capital and global R&D networks through the Hong Kong market while leveraging A-shares for liquidity support in the domestic market, potentially accelerating its development trajectory. Public information indicates that Mabwell Bio (02493) is an innovative pharmaceutical company with end-to-end capabilities spanning from drug discovery to commercial sales, focusing its R&D efforts on two highly prominent oncology fields: ADC (antibody-drug conjugate) and TCE (T-cell engager) therapies.

The company's flagship product, 9MW2821, leads globally in clinical progress, with multiple indications having entered Phase III clinical trials. Concurrently, the company has successfully commercialized four products, providing initial validation of its full-chain execution capability from R&D to sales. From a broader industry perspective, out-licensing activities in the ADC and TCE fields continued to heat up in 2026. According to a Southwest Securities research report, upfront payments for domestic bispecific antibody out-licensing deals reached $3.5 billion in 2025, a year-on-year increase of 414.7%, accounting for nearly half of all drug out-licensing upfront payments for the year. Upfront payments for ADC drug out-licensing deals amounted to $1.63 billion, surging 676.2% year-on-year. Recently, Antengene Corporation's CD19/CD3 bispecific antibody licensing agreement with UCB set a record for the highest total deal value in the TCE field this year at $1.18 billion. Amid this wave of innovative drug out-licensing, Mabwell Bio, with its globally leading pipeline, is undoubtedly poised for close market attention.

At this critical juncture prior to its A+H listing, evaluating the true value and growth potential of this innovative biopharma company remains a primary concern for investors.

**Core Product Aims for Best-in-Class Status with Global Leading R&D Progress**

Assessing the valuation potential of an innovative biopharma company first requires scrutiny of its core assets. Mabwell Bio's core product, 9MW2821, is a Nectin-4 targeting antibody-drug conjugate (ADC). Nectin-4 is a cell surface protein abnormally expressed in various solid tumors, including bladder, breast, lung, pancreatic, and ovarian cancers, making it a highly promising therapeutic target. In terms of market potential, the indications targeted by 9MW2821 address significant unmet clinical needs: by 2032, global cases are projected to reach 701,000 for urothelial carcinoma, 801,000 for cervical cancer, 406,000 for triple-negative breast cancer, and 663,000 for esophageal cancer. Currently, 9MW2821 has advanced most rapidly in urothelial carcinoma and cervical cancer, both having initiated Phase III trials; Phase II trials are also underway for triple-negative breast cancer and esophageal cancer.

Regarding the competitive landscape, the global Nectin-4 targeting ADC space currently features only one marketed product – Padcev, developed by Astellas and Pfizer, which achieved global sales of $2.306 billion (approximately RMB 15.8 billion) in 2025. According to Frost & Sullivan data, among all Nectin-4 targeting ADCs developed in China for urothelial carcinoma, 9MW2821 is the most advanced, and is second only to Padcev globally. Furthermore, 9MW2821 is the world's first Nectin-4 targeting ADC to enter key Phase III trials for cervical cancer, positioning it to potentially capture the market window with a first-mover advantage.

Additionally, compared to its predecessor Padcev, 9MW2821 has demonstrated Best-in-Class potential in clinical data: for second-line urothelial carcinoma (UC) patients, 9MW2821 achieved an objective response rate (ORR) of 54.1%, significantly surpassing Padcev's 37.5%. In exploratory first-line UC treatment, 9MW2821 combined with toripalimab pushed the ORR to 87.5%, with a confirmed ORR reaching 80.0%. To date, 9MW2821 has received three Fast Track Designations (FTD) from the FDA for esophageal squamous cell carcinoma, recurrent or metastatic cervical cancer, and Nectin-4 positive triple-negative breast cancer; an Orphan Drug Designation (ODD) from the FDA for esophageal cancer; and two Breakthrough Therapy Designations (BTD) from the NMPA for previously treated locally advanced or metastatic urothelial carcinoma, and in combination with toripalimab for untreated locally advanced or metastatic urothelial carcinoma. As a potential global blockbuster, 9MW2821 clearly provides substantial growth expectations for Mabwell Bio.

**Dual Drivers: ADC and TCE Positioning at the Forefront of Cancer Treatment**

If the core product determines near-term valuation potential, then the technology platform and pipeline layout determine Mabwell Bio's sustainable growth momentum. Examining the company's R&D pipeline reveals a strategic focus on two highly sought-after oncology therapeutic directions: ADC and TCE. ADCs efficiently kill tumor cells by precisely delivering cytotoxic agents, holding potential to replace traditional chemotherapy. TCEs enhance cellular immune responses by recruiting and activating the patient's own T-cell "army."

The company's pipeline encompasses 14 key candidates, including four already marketed products (Jun Maikang®, Mailishu®, Maiweijian®, Mailisheng®), two ADC drugs, a humanized anti-IL-11 monoclonal antibody (9MW3811) for fibrotic diseases and cancer treatment, an anti-ST2 monoclonal antibody (9MW1911) for autoimmune indications, an anti-TMPRSS6 monoclonal antibody (9MW3011) for rare diseases, and a small molecule drug (1MW5011) for osteoarthritis. This diverse portfolio broadly covers oncology, autoimmune diseases, orthopedics, ophthalmology, and rare diseases.

In the ADC field, besides the core product 9MW2821, the company is advancing 7MW3711 (a B7-H3 targeting ADC) and 7MW4911 (a CDH17 targeting ADC). Among these, 7MW3711, positioned as a transformative therapy for gastrointestinal cancers, has completed first-patient dosing in its China-US Phase I trial. 7MW4911, focusing on lung squamous cell carcinoma and advanced solid tumors, has initiated a Phase I trial in China and a Phase I/II trial in the US.

Notably, Mabwell Bio has established unique competitiveness through four core ADC technologies: The site-specific conjugation process DARfinity overcomes key limitations of traditional random conjugation, enabling precise site-specific conjugation and ensuring structural and drug-to-antibody ratio consistency across almost all ADC molecules. The site-specific linker technology IDconnect stabilizes the connection between antibody and toxin, minimizing toxin release into the bloodstream and significantly improving ADC stability and safety in vivo. The novel payload Mtoxin, with its high membrane permeability, provides superior tumor inhibition. The linker structure LysOnly ensures ADC integrity during circulation, releasing its cytotoxic payload specifically at the tumor site, thereby reducing off-target toxicity and improving the therapeutic window.

In the TCE field, the company developed a TCE bispecific/trispecific antibody platform supporting various bispecific and trispecific formats, enabling precise targeting of tumor antigens with different expression levels while ensuring specificity and efficacy for the target protein. Through antibody engineering, multiple CD3 antibodies with varying affinities and activation properties were developed to support preclinical toxicology and efficacy assessments, reducing clinical translation risks. In next-generation TCE development, the innovative introduction of a second stimulatory signal enables dual-signal synergistic activation, significantly enhancing T-cell activation potency and persistence.

The company has already independently developed several candidate compounds based on this platform, such as 6MW5311, a TCE product targeting CD3 and LILRB4 for acute myeloid leukemia, chronic myelomonocytic leukemia, and relapsed or refractory multiple myeloma. According to disclosed information, 6MW5311, through unique structural design, exhibits very low T-cell binding activity in the absence of tumors, but demonstrates potent tumor-killing effects in the tumor-T cell co-existing microenvironment, significantly improving safety while ensuring efficacy. The IND application for this candidate has been accepted by the NMPA, and its US clinical trial application is currently in the pre-IND stage.

Furthermore, regarding combination therapies, the company is actively exploring combinations of 9MW2821 with PD-1 monoclonal antibodies, chemotherapy, and other anti-cancer therapies. Combinations of ADCs with immunotherapies, radiation therapy, or other targeted therapies have shown great potential to improve efficacy and overcome resistance, representing an important future direction for oncology drug development.

Driven by dual ADC and TCE platforms, complemented by a diversified innovative pipeline, Mabwell Bio is building a differentiated and robust competitive moat in the oncology treatment landscape.

**Commercial Capability Validated, Enhancing Valuation Safety Margin**

If the core product represents explosive potential and the technology platform represents sustained output capability, then the company's commercial execution ability directly relates to the valuation's "safety margin." In terms of performance, Mabwell Bio has delivered a compelling report card: From 2024 to 2025, company revenue grew rapidly by 230% from RMB 200 million to RMB 663 million. Drug sales revenue increased from RMB 145 million to RMB 250 million, with the ongoing sales ramp-up of marketed products expected to contribute stable cash flow. In 2025, the company also received upfront or milestone payments from partners including Qilu and Disc, driving out-licensing revenue to RMB 409 million. With BD accelerating monetization, losses are expected to narrow rapidly.

Regarding commercialization, unlike pure R&D-focused biotechs, Mabwell Bio has built full industrial chain capabilities from drug discovery, R&D, production, to commercialization. The company's antibody and recombinant protein drug industrialization base in Taizhou, Jiangsu (Taikang Biological) has passed EU QP audit, China GMP compliance inspection, and Colombia's INVIMA GMP inspection, meeting Chinese GMP, US FDA cGMP, and EU EMA GMP standards. Simultaneously, large-scale commercial production bases in Shanghai Jinshan and Jiangsu Taizhou are under construction, ensuring stable future market supply.

For its sales network, Mabwell Bio already covers over 8,000 hospitals across more than 327 cities and regions in China. Internationally, the company has established a professional global BD team and is engaged in multi-round commercial negotiations with several international pharmaceutical giants regarding multiple products, spanning stages from data exchange to business term discussions. As the company lists in Hong Kong, the A+H dual-platform structure is expected to provide further potential for its international expansion.

Reviewing the company's overall fundamentals, the core product 9MW2821 leads globally in R&D progress, with clinical data suggesting Best-in-Class potential, representing the most significant near-term highlight. The R&D pipeline strategically covers both the ADC and TCE frontiers, forming a diversified portfolio across oncology, autoimmune diseases, rare diseases, and other areas, creating sustainable growth drivers. The continued sales ramp-up of four marketed products validates commercial capability, while the full industrial chain layout provides a solid safety margin for valuation. In the current high-growth innovative drug industry, Mabwell Bio has undoubtedly emerged as a high-quality investment target combining both growth potential and certainty.