Maike Auto rushes into Hong Kong stocks: annual loss of 185 million, valuation of 2.6 billion

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Source: Lei Di

Lei Di News Lei Jianping April 5

Shaanxi Micro-Opt Co., Ltd. (hereinafter referred to as “Micro-Opt”) has recently updated its prospectus, preparing to list on the Hong Kong Stock Exchange.

Micro-Opt completed RMB 236 million on September 26, 2025, and the post-investment valuation was RMB 2.64B.

Annual loss of RMB 185 million

Micro-Opt was founded in 2007 and is a platform-type biotech company, with its core products in Phase III clinical trials.

Micro-Opt focuses on metabolic diseases (especially kidney-related diseases) and cardiovascular and cerebrovascular diseases, and has independently developed (i) a core product MT1013, whose main indications are secondary hyperparathyroidism (SHPT), and which also has potential to expand to additional indications such as mineral and bone metabolism abnormalities (CKD-MBD) associated with osteoporosis and SHPT not receiving dialysis; as well as three key products, namely XTL6001, MT1002, and MT200605. Micro-Opt is also advancing three additional candidate products at the clinical stage in its pipeline.

The core product of Micro-Opt, MT1013, is a dual-target receptor agonist peptide drug that can simultaneously target the CaSR and OGP receptors. MT1013 was mainly developed for the treatment of SHPT and is planned to expand to additional indications, including CKDMBD-associated osteoporosis and SHPT not receiving dialysis.

The prospectus shows that in 2024 and 2025, Micro-Opt’s other income was RMB 4 million and RMB 2.39 million, respectively; losses during the period were RMB 157 million and RMB 185 million, respectively.

As of December 31, 2025, Micro-Opt held cash and cash equivalents of RMB 80.56 million.

Wang Bing controls 41% of the equity

Micro-Opt’s executive directors are Wang Bing and YU WEIPING; the non-executive directors are Wang Mei, You Xiangdong, Song Gaoguang, and Wang Nayi; the independent non-executive directors are Xiangli Liuxu and Zhang Wenqiang and Wang Kaifeng, respectively.

Before the IPO, Wang Bing held 40.56% of the shares, Suzhou Maineiu held 9.99%, Dr. Wang Mei held 6.6%, and Yue Chao held 6.48%;

Linhai Qize held 5.26%, Xi’an Zhongrui held 5.48%, Huaxin Medical & Pharmaceutical Venture Capital held 2.84%, Suzhou Rongsheng held 2.5%, and New Materials Fund held 2.19%;

Junying Growth held 1.46%, Xi’an Tongsang held 2.17%, Fengchuan Hongbo held 1.87%, Jingcheng Daxing held 1.85%, Tangxing Kechuang held 1.75%, Shanjin Runji held 1.44%, post-listing standby fund held 1.33%, and Junying Jiacheng held 0.74%;

Hainan Wan Feng held 0.5%, Yin Yun Maman, Xi’an Huiyu, Hangzhou Qande Wang, and Hainan Ruizheng each held 0.33%, Maicheng Shiji held 0.57%, Jinan Liuji held 0.46%, Shaanxi Innovation Relay held 1.52%, and Shaanxi Jingang held 1.14%.

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