Mingyu Pharma Refiles for Hong Kong Listing as Priority Share Liabilities Reach 2.81 Billion Yuan

Mingyu Pharma has refiled for a Hong Kong listing after its first application lapsed, seeking to return to the city’s Chapter 18A biotech route, according to Jiemian News. The company is led by founder Cao Guoqing, a former Eli Lilly and Hengrui Medicine scientist, and is developing a TROP-2 ADC, a PD-1/VEGF bispecific antibody and an external JAK inhibitor. In oncology, Mingyu’s main combination strategy pairs its TROP-2 ADC MHB036C with the PD-1/VEGF bispecific MHB039A. The company said MHB036C showed anti-tumor activity at low doses without major hematologic toxicity, with interstitial lung disease incidence of about 1%. MHB039A is in Phase II development, while the combination is being tested in China in non-small cell lung cancer in Phase I/II and breast cancer in Phase II. In autoimmune disease, Mingyu’s external JAK inhibitor MH004 targets mild to moderate atopic dermatitis in adolescents and adults, and is also being developed for vitiligo. Its new drug application was accepted by China's National Medical Products Administration in May 2025, refiled after supplemental materials in March 2026, and accepted again in April 2026. The company expects potential approval in the first half of 2027. Mingyu also disclosed a heavy liability burden. As of May 31, 2026, the fair value of its preferred shares stood at 2.81 billion yuan, or 98.3% of total liabilities, while cash and cash equivalents were 605 million yuan, down from 801 million yuan at the end of 2025. The company said it has raised about $240 million through five rounds of convertible preferred-share financing since its founding in 2018. In March 2025, Mingyu signed an exclusive licensing deal with Qilu Pharmaceutical for MHB088C in Greater China worth up to 1.345 billion yuan, including 280 million yuan upfront and up to 1.065 billion yuan in milestones. It booked 264 million yuan in revenue in 2025 from the deal, but had no new licensing income in the first five months of 2026 and reported a net loss of 1.3 billion yuan from 2024 through the first five months of 2026.