Ming Yu Pharmaceutical Re-files for Hong Kong IPO, Highlighting PD-1/VEGF Bispecific Antibody MHB039A in Pipeline

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Pharmaceutical Circle DataMonitoring shows: Recently, on July 8, 2026,Star Pharmaceutical CompanyParent Company of Minghui PharmaceuticalMing Yu Pharmaceutical Limited(hereinafter referred to as “Ming Yu Pharmaceutical”)Re-filed its prospectus with the Hong Kong Stock Exchange, seeking a listing on the Main Board of the Hong Kong Stock Exchange. The previous filing wasApplication submitted on November 24, 2025.

pipeline of minghui/Ming Yu Pharmaceutical Limited

For the first five months of 2024, 2025, and 2026, Ming Yu Pharmaceutical’s revenues were RMB 0, RMB 264 million (contributed by Qilu Pharmaceutical), and RMB 0, respectively; R&D expenses were RMB 281 million, RMB 230 million, and RMB 120 million, respectively; and net losses were RMB 283 million, RMB 91900 million and 210 million yuan.As of May 31, 2026, the company’s cash and cash equivalents amounted to approximately RMB 605 million. The company’s current valuation is approximately RMB 4 billion.

On April 3, 2026, the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) once again accepted the marketing application for the new JAK inhibitor drug itacitinib ointment. The contract manufacturer is Bostor.

MHB018A is a subcutaneously administered IGF-1R VHH antibody for the treatment of thyroid eye disease.

MHB088C is a B7-H3 ADC that has entered Phase III clinical trials for second-line small cell lung cancer.

MHB036C is a TROP-2-targeting ADC intended for the treatment of non-small cell lung cancer and breast cancer.

The company also has an in-house developed PD-1/VEGF bispecific antibody candidate, MHB039A.

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On May 9, 2025, Minghui Pharmaceutical and Qilu Pharmaceutical entered into an exclusive licensing and collaboration agreement for the B7-H3 ADC drug MHB088C. The core details of this business development transaction are as follows:

1. Scope of Authorization
Qilu Pharmaceutical has obtained the exclusive rights to develop, manufacture, and commercialize MHB088C in the Greater China region (including mainland China, Hong Kong, Macau, and Taiwan).

2. Transaction Amount and Payment Structure
Minghui Pharmaceutical is expected to receive a total amount ofRMB 1.345 billionof payment, specifically divided into the following three parts:

• Upfront Payment and Recent Milestone Payments: RMB 280 million.
• Development, Regulatory, and Sales Milestone Payments: RMB 1.065 billion (payable in installments based on drug development progress, regulatory approvals, and sales performance).
• Net Sales Royalty: Minghui Pharmaceutical will receive up toTwo-digit numberof net product sales revenue sharing.

3. Reservation of Rights
Minghui Pharmaceutical retains the global rights to MHB088C outside the Greater China region and continues to advance its development in these territories.

References:

Pharmaphoenix Data;

FDA/EMA；

NMPA；

https://www.sec.gov/Archives/edgar/data; etc.