HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hunan Mabgeek Biotech / Equity Capital Markets

<ul>
<li>The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.</li>
<li>Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market. </li>
<li>Since Mabgeek has no commercialized product on the market, and the R&amp;D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.</li>
</ul>


The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market. 
Since Mabgeek has no commercialized product on the market, and the R&amp;D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.


Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.</li>
<li>On the placements front, as well, market remains receptive for both primary and secondary offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, things are picking up going into the year end, as is usual, with multiple US$1bn+ deals said to go live over the next few weeks.
On the placements front, as well, market remains receptive for both primary and secondary offerings.


ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Mabgeek, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>In this note, we look at the company’s core product, MG-K10.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Mabgeek, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.
In this note, we look at the company’s core product, MG-K10.
We also look at the company’s pre-IPO investors and management team.


Mabgeek (麦济生物) Pre-IPO: Incremental Innovation in a Crowded Space

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Hunan Mabgeek Biotech (HMGB HK)

Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...

Xinyao (Criss) Wang

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Mabgeek (麦济生物) Pre-IPO: Incremental Innovation in a Crowded Space

China's biotech company Mabgeek aims to raise $100 million through a Hong Kong listing with CICC as the sole sponsor. We look the company's core...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Hunan Mabgeek Biotech - The Concerns and the Outlook

​Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...

Xinyao (Criss) Wang

ECM Weekly (15 September 2025)- Chery, Zijin Gold, Hesai, Orion, Myungin, Urban, Nio, Kotak, Toei

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Mabgeek (麦济生物) Pre-IPO: Incremental Innovation in a Crowded Space

​China's biotech company Mabgeek aims to raise $100 million through a Hong Kong listing with CICC as the sole sponsor. We look the company's core...

Ke Yan, CFA, FRM

Low diagnosis in China lead to lower sales of autoimmune disease drug compared to overseas markets.MG-K10 may not have superiority, while MG-014's...

China's biotech company Mabgeek aims to raise $100 million through a Hong Kong listing with CICC as the sole sponsor. We look the company's core...