On September 29, 2025, Shaanxi Micot Pharmaceutical Technology Co., Ltd. (referred to as "Micot"), based in Xi'an High-tech Development Zone, Shaanxi Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board.

Micot's prospectus link: https://www1.hkexnews.hk/app/sehk/2025/107736/documents/sehk25092902808_c.pdf

**Core Business** Established in 2007, Micot operates as a platform biotechnology company dedicated to accelerating the innovation and development of next-generation dual/multi-specific peptide drugs globally, with a focus on metabolic diseases (particularly kidney-related conditions) and cardiovascular diseases.

Micot has independently developed:

A flagship product MT1013, which represents the world's first dual-target receptor agonist peptide drug capable of simultaneously targeting CaSR and OGP receptors. Its primary indication is secondary hyperparathyroidism (SHPT), with potential expansion to additional indications including chronic kidney disease-mineral and bone disorder (CKD-MBD) with osteoporosis and SHPT in non-dialysis patients. As of the latest practicable date, MT1013 completed its Phase II clinical trial for SHPT treatment (MT1013-II-C01) in May 2025 and has entered a Phase III clinical trial using cinacalcet as a positive control drug.

Three key products: XTL6001, MT1002, and MT200605.

XTL6001 is the world's first and only GLP-1R/GCGR/MasR triple-target agonist to receive investigational new drug approval and enter clinical trials in both China and the United States. The introduction of the innovative MasR target into the GLP-1R/GCGR combination represents a global first among current GLP-1 drugs, with potential applications in chronic weight management for obese or overweight populations, treatment of chronic kidney disease with proteinuria, and metabolic dysfunction-associated steatohepatitis. As of the latest practicable date, XTL6001 has received investigational new drug approval for weight management in obese or overweight populations in both China and the United States, with a Phase I clinical trial currently underway in China.

MT1002 is the world's first dual-target peptide antagonist for coagulation factor II and GP IIb/IIIa, primarily addressing clinical needs in anticoagulation and antithrombotic fields including ACS-PCI surgery, stroke, renal dialysis anticoagulation, and HD-PF4. Clinical studies of MT1002 demonstrate its ability to address the challenging balance between bleeding and coagulation in ACS-PCI, featuring rapid onset, quick recovery after discontinuation, stable pharmacokinetic characteristics, and good population adaptability. As of the latest practicable date, MT1002 has successfully completed Phase I clinical trials for ACS-PCI treatment in both China and the United States, with a Phase II clinical trial currently ongoing in China.

MT200605 is an injectable neuroprotective agent. Its breakthrough lies in a dual synergistic mechanism - simultaneously activating TrkB receptors and efficiently scavenging oxygen free radicals, creating a dual pathway to block cascade pathological damage following acute ischemic stroke (AIS). Clinical studies of MT200605 demonstrate outstanding safety and tolerability advantages, with dual-pathway synergistic neuroprotection providing innovative treatment options for patients. As of the latest practicable date, MT200605 has successfully completed Phase I clinical studies in both China and the United States, with a Phase II clinical trial currently underway in China.

The company is also advancing three additional clinical-stage pipeline candidates.

**Shareholder Structure** According to the prospectus, Micot's pre-IPO shareholder structure shows:

Dr. Wang Bing and Dr. Wang Mei, a married couple, hold 40.56% and 6.60% respectively, while Dr. Wang Mei-controlled Xi'an Zhongrui holds 5.48%. These shareholders collectively own 52.46%, making them the controlling shareholders.

Other shareholders include Newleap Capital, Northern Light Venture Capital, Zhejiang Merchants Venture Capital, Huaxin Pharmaceutical Venture Capital, Suzhou Rongsheng, New Materials Fund, Shaanxi Growth Enterprise Guidance Fund, Chang'an Huitong, among others.

**Board and Management** Micot's board comprises 9 directors, including:

**2 Executive Directors** - Dr. Wang Bing (Chairman and CEO) - Dr. YU WEIPING (Senior Vice President)

**4 Non-Executive Directors** - Dr. Wang Mei (Chief Physician of Dermatology Department, Second Affiliated Hospital of Xi'an Jiaotong University, spouse of Dr. Wang Bing) - Mr. You Xiangdong (President and Director of Zhejiang Merchants Venture Capital) - Dr. Song Gaoguang (Northern Light Venture Capital) - Dr. Wang Nayi (Investment Director of Newleap Capital)

**3 Independent Non-Executive Directors** - Dr. Xiangli Liuxu (Professor at School of Management, Xi'an Jiaotong University) - Mr. Zhang Wenqiang (Aerospace Industry Investment Fund) - Mr. Wang Kaifeng (Partner at Yifeng Capital (Hong Kong))

Besides executive directors, senior management includes: - Ms. Wang Xiangline (Chief Medical Officer) - Mr. Zou Ran (Chief Financial Officer and Joint Company Secretary)

**Financial Performance** The prospectus shows that Micot generated no operating revenue during 2023, 2024, and the first six months of 2025. R&D expenses for these periods were RMB 87 million, RMB 107 million, and RMB 40 million respectively, with corresponding net losses of RMB 195 million, RMB 157 million, and RMB 50 million.

**Intermediary Team** Micot's IPO intermediary team primarily includes: - CICC and China Merchants Securities International as joint sponsors - Deloitte as auditor - JunHe as PRC legal counsel - Tian Yuan Law Firm (Hong Kong) as Hong Kong legal counsel - Commerce & Finance Law Offices as underwriter's PRC legal counsel - Chiu & Partners (a member of Ince Gordon Dadds) as underwriter's Hong Kong legal counsel - Compliance Solutions Holdings Limited as compliance advisor - Frost & Sullivan as industry advisor