Offshore Trust Insight | MICOT PHARMA-B (02335.HK) First-Half R&D Expenses Up 215.9% YoY, Cumulative Decline of About 46% Since Stock Connect Inclusion

NewTimeSpace News: On October 26, 2026, MICOT PHARMA-B closed at HKD 14.14, down 1.94% for the day, with turnover of HKD 33.5953 million.

According to publicly available information, Micot Pharma listed on the Main Board of HKEX on June 24, 2026 at an offer price of HKD 18.20, with a global offering of approximately 58.0544 million H shares and net proceeds of approximately HKD 989 million. The Hong Kong public offering was oversubscribed 1,181.46 times, and the international offering was oversubscribed 2.52 times.

Since its listing on June 24, 2026, the share price has ranged from a high of HKD 45.04 to a low of HKD 13.13. As of October 26, 2026, the stock closed at HKD 14.14, about 22.3% below the offer price of HKD 18.20. Since its inclusion in Stock Connect, the share price has fallen from HKD 26.32 at the close on September 7, 2026 to HKD 14.14, a cumulative decline of about 46.3%.

Hang Seng Indexes Company announced on August 21, 2026 the results of its quarterly review of the Hang Seng Index series for the period ended June 30, 2026, under which MICOT PHARMA-B was included in the Hang Seng Composite Index, with the constituent change effective on September 7, 2026. The Shanghai and Shenzhen stock exchanges subsequently adjusted their respective lists of eligible securities under Stock Connect, and the company's shares were included in the list of eligible securities for Stock Connect with effect from September 7, 2026.

Founded in 2007 and headquartered in Xi'an, Shaanxi, Micot Pharma is a biotech company focused on bispecific and multi-specific peptide innovative drugs. It listed in June 2026 under Chapter 18A of the Listing Rules, becoming the first peptide innovative drug company listed in Hong Kong and the first Chapter 18A listed company in Northwest China.

On the financial front, for the first half of 2026, the company recorded a loss for the period of RMB 232 million, widened by 364.3% year on year, mainly because R&D expenses increased to RMB 128 million, up 215.9% year on year. Thanks to the RMB 200 million upfront payment from Everest Medicines and the receipt of offering proceeds, the company recorded net cash generated from operating activities of RMB 109 million. As of June 30, 2026, the Group's cash and financial assets totalled RMB 1.227 billion.

A research report by Everbright Securities International noted that the China market for secondary hyperparathyroidism drugs is expected to reach RMB 5 billion by 2030 and RMB 13.1 billion by 2035, and that existing treatments mainly rely on single-target drugs with limitations in efficacy and safety. Its core product MT1013 rapidly lowers iPTH (intact parathyroid hormone) with sustained effect, and has demonstrated good efficacy in a head-to-head clinical trial against etelcalcetide.