Abstract: We analyzed the IPO terms and valuation of Mabwell (9MW, 迈威生物), a China-based biotech raising at least USD 185 million via a Hong Kong listing at HKD 30.71 per share, implying a market cap of USD 1,748 million. The deal features USD 53 million in cornerstone investment (28.7% of base) from predominantly domestic investors including Junshi, Wuxi Biologics, and Shandong government entities, with trading commencing April 28, 2026. The listing price implies an A-H premium of 50%, below the sector average of 80.7% and modestly above closest peer Remegen (43.6%), suggesting potential H-share upside of up to 10%. The company's lead ADC asset 9MW2821 faces a key Phase III readout in 2H2026 as a near-term catalyst, though its second asset 9MW1911 (IL-33/ST2, COPD) lags competitor tozorakimab by 2-3 years following AstraZeneca's recent positive Phase III results. With Hong Kong Connect inclusion expected on listing date, historical precedent from four comparable A+H listings shows 1-week returns of 30.2%, 9.5%, 7.8%, and -6.4%. We assess the risk-reward as moderately favorable, expecting a moderate return over a few days rather than a sharp first-day gain.
XIAMEN JIHONG, SHENZHEN ZHAOWEI MACHINERY & ELECTRONICS, MEIG, Shenzhen Woer Heat, REMEGEN, MABWELL-H
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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