2026 IPO bonanza! Over 90% of new stocks rose on their debut!
Futu supports Mabwell Bio-B's successful listing on the Hong Kong Stock Exchange, jointly embarking on a new journey of globalization for ADC innovative drugs
On April 28, 2026, Mabwell (Shanghai) Biotechnology Co., Ltd. (referred to as: Mabwell Bio-B, stock code: $MABWELL-B (02493.HK)$ ) successfully went public on the Main Board of the Hong Kong Stock Exchange, officially entering a new phase of coordinated development with 'A+H' dual capital platforms.
During this IPO process, Futu Securities International (Hong Kong) Co., Ltd. acted as theJoint Global Coordinator (JGC)Participated in the entire issuance process. Leveraging the advantages of a global technology trading platform and abundant high-net-worth and institutional investor resources, Futu efficiently introduced diverse, high-quality, and actively traded global capital for Mabwell Bio, strengthening the investor base and laying a solid foundation for post-listing stock activity and market liquidity.
According to the prospectus, Mabwell Bio introducedJunshi Limited, Sanjin International Co., Ltd. (Guilin Sanjin), Guohui (Hong Kong) Holdings Limited, Changrong International Limited, Wuxi Bio Healthcare Venture, and Jinxiu Zhonghe Investmentas cornerstone investors, collectively subscribing for a total amount of approximately USD 53 million (about HKD 415 million), providing strong support for the company's long-term stable development.
The prospectus shows that Mabwell Bio is a leading innovative biopharmaceutical company in China, focusing on drug research, production, and sales for cancer and age-related diseases (immunology, ophthalmology, orthopedics, etc.), building a complete industrial chain layout coveringADC, bispecific antibodies, long-acting proteinsand other cutting-edge technologies. According to Frost & Sullivan data:
- Core product9MW2821is an ADC drug targeting Nectin-4, which isThe fastest progressing product in the same target category in China's urothelial carcinoma field, alsoWorld’s first Nectin-4 ADC to enter the pivotal Phase II trial for cervical cancer；
– The company has establisheda diversified pipeline of 14 key products, includingfour marketed products and ten clinical-stage drug candidates, of which two are in pivotal Phase III trials, and one is at the NDA stage;
– By 2025 revenue from pharmaceutical sales, the company ranks among the leading players in the domestic market within theorthopedic biosimilarsector, with its commercialization capabilities continuously validated.
The company's products have been distributed to thousands of medical institutions across more than 30 provinces and cities nationwide. Core products such as Myleus (Denosumab) have become mainstream clinical medications, representing a benchmark for domestic innovative drugs replacing foreign brands.
According to the Frost & Sullivan report, the global ADC drug market size is expected to grow from 2024's$8.7 billionto 2029'sUSD 24.5 billion, with a compound annual growth rate of 23.1%; during the same period, China's market is projected to expand from1.2 billion US dollarsto4.8 billion US dollars, with a compound annual growth rate of 32.5%, offering significant growth opportunities for leading innovative pharmaceutical companies.
Financial data shows that Mabwell's business scale has experienced rapid growth, with a clear commercial turning point. In 2023 and 2024, the company achieved revenues ofRMB 127 million and RMB 200 million; by 2025, revenue reachedRMB 663 millionin 2025, marking a substantial year-on-year increase,231.62%Pharmaceutical sales revenue reached 250 million yuan, a year-on-year increase of 72.71%. Losses continued to narrow, and operational quality significantly improved.
The prospectus disclosed that Mabwell Biotech plans to allocate the net proceeds from this IPO (approximately 1.256 billion Hong Kong dollars) for the following strategic purposes:
– 56.8%For the multi-stage clinical development of core product 9MW2821 targeting indications such as urothelial cancer and cervical cancer;
– 17.7%For advancing the research and development of other pipeline products in the fields of oncology and age-related diseases;
– 15.5%For the commercial launch, market promotion, and capacity optimization of core products;
– 10.0%For replenishing working capital and general corporate purposes.
This listing on the Hong Kong stock market will further strengthen Mabwell Biotech's R&D in cutting-edge technologies like ADC, global commercialization strategy, and industrial ecosystem construction, solidifying its leading position in China's innovative pharmaceuticals sector and accelerating high-quality growth in China's biopharmaceutical industry.
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As a leading digital financial technology company, Futu, supported by an investor ecosystem of over 29.18 million and a comprehensive corporate service system, is able to provide companies with end-to-end services throughout the pre-IPO, IPO, and post-IPO phases. These include a one-stop ESOP option management solution, Hong Kong and US stock IPO distribution, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.
As of Q4 2025, more than half of the top ten companies in terms of Hong Kong IPO fundraising amounts have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 were in cooperation with Futu. The total subscription amount for Hong Kong IPOs on the Futu platform reached 3.5 trillion Hong Kong dollars in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs have attracted attention, as all retail clients who subscribed to popular new stocks such as Bullish, Figure, and Gemini were successfully allocated shares.
As of Q4 2025, Futu's corporate services have reached 1,161 clients, providing IPO distribution and IR services to 600 enterprises. It has assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in successfully listing in Hong Kong and the United States. Futu has cumulatively signed contracts with 830 ESOP clients, and a total of 1,300 listed companies are now hosted on the Futu platform.
In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a larger customer base!
*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.
*Data source: Market cap as of the first day of listing
*Data source: Futu's Q4 2025 earnings report
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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