On 14 July 2025, China-based Hunan Mabgeek Biotech Co. Ltd. submitted its listing application to the Hong Kong Stock Exchange (HKEX), with China International Capital Corporation (CICC) as the sole sponsor. Mabgeek is a clinical-stage biopharmaceutical company focused on developing innovative biologics for allergic, autoimmune and inflammatory diseases. Since its founding in 2016, the company has built a pipeline of eight novel candidates, including its core product MG-K10 (a long-acting anti-IL-4Rα antibody in registrational trials) and key assets MG-014 (anti-TSLP) and MG-013 (anti-MASP-2). MG-K10 has demonstrated superior half-life and safety in Phase I and Phase II trials across eight indications.

Earlier this month Mabgeek raised RMB 260 million in its latest funding round, reaching a post-money valuation of RMB 2.64 billion. The IPO proceeds will fund clinical trials for MG-K10, MG-014, and MG-013, as well as pre-clinical research for other candidates. Financially, the company reported losses of RMB 253 million in 2023 and RMB 178 million in 2024, with R&D expenses of RMB 166 million and RMB 150 million, respectively. Founder Chenghai Zhang holds approximately 42.65% of voting rights.

According to PharmCube's MedAlpha database, this year has seen 18 other IPOs in the industry so far, with China leading in terms of raised amounts (in USD billion in the image). Click here to obtain a free trial for MedAlpha.