The Hong Kong Stock Exchange is set to welcome another "unprofitable" biotech company.

Recently, Shaanxi Micot Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Micot") officially submitted its listing application to the Hong Kong Stock Exchange, with CCB International and CMB International serving as joint sponsors.

This enterprise, jointly controlled 53% by Xi'an Jiaotong University professor couple Wang Bing and Wang Mei, has achieved a post-investment valuation of RMB 2.636 billion following its latest funding round of RMB 236 million.

Notably, the company has not yet generated any product sales revenue. Its core product MT1013, targeting secondary hyperparathyroidism (SHPT), has entered Phase III clinical trials.

Financial data reveals that the company has accumulated losses exceeding RMB 300 million over the past two and a half years. In the first half of 2025, its other income was merely RMB 1.222 million, reflecting the typical characteristics of innovative pharmaceutical enterprises with high investment and long cycles.

With the continued impact of the Hong Kong Stock Exchange's Chapter 18A listing rules, whether this RMB 2.6 billion valued biotech enterprise can successfully enter the capital market through its peptide drug platform technology and break through commercialization bottlenecks will become a market focus.

**Academic Couple's Pharmaceutical Entrepreneurship Journey**

Wang Bing, 55, and Wang Mei, 52, this professor couple jointly control Micot, which is preparing for its Hong Kong listing.

Wang Bing's transformation represents a typical path of academic entrepreneurship. This expert, holding a doctorate in pharmacology from Xi'an Jiaotong University, served as a teaching assistant at Xi'an Medical University for years before engaging in medical teaching and research at Xi'an Jiaotong University for nearly two decades. In 2020, he completed his transformation from scholar to entrepreneur, assuming the role of Chairman and CEO of Micot, steering the company's strategic direction.

His wife Wang Mei also boasts distinguished academic credentials. She not only obtained a doctorate in dermatology but also served long-term at the Second Affiliated Hospital of Xi'an Jiaotong University as chief physician in dermatology. Her academic research achievements have won first prize for patents in Shaanxi Province and second prize for scientific and technological progress (as second contributor).

Currently, this academic couple maintains absolute control of Micot through direct and indirect means. Additionally, several prominent institutions including Suzhou Minew under NewMargin Capital hold 9.99%, making it the largest institutional investor. Yuechuang under Northern Light Venture Capital holds 6.48%.

In contrast, this platform biotechnology company focusing on bispecific/multispecific peptide drug development has accumulated losses exceeding RMB 300 million over the past two and a half years without generating any product sales revenue.

From a financial perspective, Micot demonstrates typical characteristics of a biotech enterprise in the R&D stage.

In 2023, 2024, and the first half of 2025, the company's other income was RMB 6.969 million, RMB 4.002 million, and RMB 1.222 million respectively. These revenues mainly came from government subsidies and bank interest, with low correlation to core business operations. During the same periods, the company's losses were RMB 195 million, RMB 157 million, and RMB 49.901 million respectively, with cumulative losses exceeding RMB 300 million.

The prospectus shows that the company's losses primarily stem from sustained high R&D investments. In 2023, 2024, and the first half of 2025, R&D expenses were RMB 87 million, RMB 107 million, and RMB 40 million respectively.

While R&D investment accelerates the company's research progress, the resulting cash flow pressure remains concerning. Data shows that as of June 30, 2025, the company held RMB 107 million in cash and cash equivalents. Combined with the company's annual losses exceeding RMB 100 million, existing funding reserves face significant pressure.

Against this backdrop, the company faces notable financial pressure. As of December 31, 2023, and June 30, 2025, its net liabilities were RMB 499 million and RMB 844 million respectively, with net current liabilities of RMB 907 million recorded on June 30, 2025. This may partially explain the company's decision to seek listing and financing at this time.

**Billion-Dollar Market Mining and Commercialization Concerns**

Despite operating at a loss, Micot continues to attract intensive capital investment and pursue Hong Kong listing, with the underlying logic being institutional investors' in-depth assessment of its product pipeline.

Reportedly, Micot has built a product matrix covering metabolic diseases and cardiovascular diseases, centered on its bispecific/multispecific peptide platform.

Its core product MT1013 targets SHPT treatment and is expected to commercialize in early 2028. Among three key products, XTL6001 (GLP-1R/GCGR/MasR triple-target agonist) focuses on the obesity track, MT1002 targets anticoagulation and antithrombosis, while MT200605 addresses stroke treatment.

Indeed, the tracks Micot is betting on possess high growth potential. Predictions suggest China's SHPT drug market could reach RMB 14.1 billion by 2035, with a compound annual growth rate of 20.5%. The obesity drug market will explode to RMB 102.6 billion, with annual growth of 36.1%.

However, the vast market also attracts numerous players, especially in the SHPT field where multiple CaSR agonists have been approved, while the obesity track is dominated by giants, with GLP-1 drugs forming monopolistic positions.

The company acknowledges that competitors might launch "more effective, safer, or cheaper" drugs faster, limiting its market share. This risk is particularly prominent in China's innovation drug market, which primarily follows a Fast-Follow model.

Additionally, Micot plans to adopt a dual-track commercialization model of "domestic third-party Contract Sales Organization (CSO) cooperation + international licensing," using asset-light operations to reduce initial investment. However, this model heavily depends on partners' capabilities and commitment levels. How the company ensures market education, physician promotion, and channel control after product launch will be crucial for commercialization success.

Micot has built differentiated competitive moats through its peptide technology platform, achieving a valuation of RMB 2.636 billion. However, this valuation logic faces serious scrutiny from capital markets. While Chapter 18A rules opened Hong Kong's financing doors, with biotech sector value reassessment, investors have shifted from preferring "stories" to questioning "realization" capabilities—namely clear commercialization timelines and achievement of R&D milestones.

Whether MT1013 can be successfully launched in 2028 and capture market share amid fierce competition will be key to its transition from "story" to "value."

Micot's development path epitomizes China's biotech industry: academic entrepreneurship, capital acceleration, and Hong Kong listing. With the continued impact of Hong Kong Stock Exchange's Chapter 18A listing rules, more unprofitable biotech companies can access capital markets. Whether Micot can achieve the leap from R&D to commercialization remains to be seen.