Mabwell (Shanghai) Bioscience Co., Ltd. has launched its Hong Kong IPO. The offering period runs from April 20 to April 23, 2026. The company plans to globally offer approximately 47,130,200 H shares, with an indicative offer price range of HKD 27.64 to HKD 30.71 per share. Each board lot consists of 200 shares, with an entry fee of approximately HKD 6,203.95. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on April 28. CITIC Securities (Hong Kong) and Haitong International Capital are acting as joint sponsors.

Mabwell: An Innovative Biopharmaceutical Company with End-to-End Capabilities in China

Offering structure: Approximately 10% (4,713,200 shares) for the Hong Kong public offering and approximately 90% (42,417,000 shares) for the international placing.

Offer price: HKD 27.64–30.71 per share; 200 shares per board lot; entry fee approximately HKD 6,203.95.

Offering period: April 20–23 (expected pricing date: April 24).

Listing date: April 28.

Joint Sponsors: CITIC Securities (Hong Kong) ; Haitong International Capital.

Company Overview

Founded in 2017, Mabwell is a China-based pharmaceutical company recognized for its strong drug R&D innovation capabilities and end-to-end platform spanning from drug discovery to commercialization. Its core product, 9MW2821 (a Nectin-4-targeting ADC), is the fastest-progressing candidate in China for the treatment of urothelial carcinoma and is also the first ADC of its kind globally to enter a pivotal Phase III clinical trial for cervical cancer. The company has established a pipeline comprising four approved products and ten drug candidates, covering therapeutic areas including oncology, immunology, ophthalmology, and orthopedics, supported by a proprietary ADC technology platform.

Financial Information

According to the prospectus, Mabwell recorded revenues of approximately RMB 199.6 million and RMB 658.7 million in 2024 and 2025, respectively. Net losses for the same periods were approximately RMB 1,046.6 million and RMB 972.3 million. R&D expenses amounted to approximately RMB 782.9 million and RMB 977.0 million, respectively.

Based on the midpoint offer price of HKD 29.18 per share and assuming no exercise of the over-allotment option, the company is expected to raise net proceeds of approximately HKD 1.2556 billion. The proceeds are intended to be used primarily for clinical development of the core product 9MW2821 (approximately 56.8%), R&D of other pipeline products (approximately 17.7%), commercialization purposes (approximately 15.5%), and working capital and other general corporate purposes (approximately 10.0%).

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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