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

Ask AI · How will the Phase III clinical trial of MT1013 impact its path to going public?

Lei Di Network · Lei Jianping, April 5

Shaanxi Macro/Keo Auto Medical Technology Co., Ltd. (referred to as “Macaout”) has updated its prospectus, preparing to list on the Hong Kong Stock Exchange.

Macaout completed RMB 236 million on September 26, 2025, and the post-investment valuation is RMB 7B.

Annual loss of RMB 185 million

Macaout was founded in 2007. It is a platform-based biotechnology company, and its core product is in Phase III clinical trials.

Macaout focuses on metabolic diseases (especially kidney-related diseases) and cardiovascular and cerebrovascular diseases. It has independently developed (i) a core product MT1013, whose main indication is secondary hyperparathyroidism (SHPT), and which has the potential to be expanded to additional indications such as mineral and bone metabolism abnormalities in chronic kidney disease (CKD-MBD) accompanied by osteoporosis and SHPT not receiving dialysis; as well as three key products—XTL6001, MT1002, and MT200605. Macaout is also advancing three additional candidate products in the pipeline that are at the clinical stage.

Macaout’s core product MT1013 is a dual-target receptor-agonist polypeptide drug that can simultaneously target the CaSR and OGP receptors. MT1013 is mainly being developed to treat SHPT, and is planned to expand to additional indications including SHPT with CKDMBD accompanied by osteoporosis and SHPT not receiving dialysis.

The prospectus shows that Macaout’s other income in 2024 and 2025 was RMB 4.0 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, Macaout’s cash and cash equivalents were RMB 80.56 million.

Wang Bing controls 41% equity

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

Before the IPO, Wang Bing held 40.56%, Suzhou Mainiu 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 Venture Capital held 2.84%, Suzhou Rongsheng held 2.5%, and New Materials Fund held 2.19%;

Junying Growth held 1.46%, Xi’an Tongshang held 2.17%, Fengchuan Hongbo held 1.87%, Chengxin Daxing held 1.85%, Tangxing Kechuang held 1.75%, Shan Jinrunji held 1.44%, the pre-listing reserve fund held 1.33%, and Junying Jiacheng held 0.74%;

Hainan Wanfeng held 0.5%. Yin Yun Man, Xi’an Huiyu, Hangzhou Quande Wang, and Hainan Ruizheng held 0.33% each. Maceng Shiji held 0.57%, Jinan Liuji held 0.46%, Shaanxi Innovation Jiejie held 1.52%, and Shaanxi Jingang held 1.14%.

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