Beijing Mabworks Clears Final Hurdle for BSE IPO, Emerging as a Leading Force in Antibody Innovation

Beijing Mabworks Biotechnology Clears Final Hurdle for Beijing Stock Exchange Listing, Backed by First-in-Class Antibody Portfolio

After years of patient development and a string of regulatory approvals, Beijing Mabworks Biotechnology Co., Ltd. is poised to go public. On August 11, 2026, the listing committee of the Beijing Stock Exchange held its 75th review meeting and approved the company's initial public offering application. Mabworks, which trades under stock code 874070, now stands on the threshold of its long-awaited market debut.

The company's current market valuation is approximately $1 billion USD, a figure that reflects investor confidence in its differentiated antibody pipeline and a track record of bringing novel biologics to market.

A Flagship Drug With Global Distinction

At the center of Mabworks' commercial story is BeiJieXin (obinutuzumab beta injection), marketed under the brand name MIL62. The drug is a self-developed, innovative third-generation CD20 antibody with enhanced antibody-dependent cellular cytotoxicity (ADCC). It has received marketing approval in China under drug approval number S20260011 for two indications: neuromyelitis optica spectrum disorder (NMOSD) and primary membranous nephropathy (pMN).

The approvals carry significant milestones. BeiJieXin is the first drug globally to receive regulatory approval for the pMN indication, and it is the first domestically developed therapy approved in China for NMOSD. These distinctions position Mabworks at the forefront of the autoimmune and rare disease antibody space.

Beyond its approved indications, MIL62 is advancing in two Phase III clinical trials currently in the recruitment stage — one for relapsed or refractory follicular lymphoma (FL) and another for systemic lupus erythematosus (SLE), expanding the drug's reach into oncology and broader autoimmune disease.

A Pipeline Built on Bispecific and Trispecific Innovation

Mabworks' pipeline extends well beyond its approved product, with several next-generation antibody candidates in clinical development.

MBS303, also known as MSC303, is an innovative CD20/CD3 bispecific antibody with potential applications across a broad patient population, including those with immune-mediated glomerulonephritis and hematologic malignancies. The candidate is currently in a Phase I/II clinical trial for B-cell non-Hodgkin lymphoma and a Phase I trial for immune glomerulonephritis, both in the recruitment stage.

MBS314 represents an even more ambitious molecular design — a GPRC5D/BCMA/CD3 trispecific antibody aimed at patients with multiple myeloma. The drug is in a Phase I/II clinical trial, also recruiting, and is being developed in partnership with Kangyuan Bochuang.

Cross-Border Licensing Deal Adds Validation

Perhaps the most telling signal of international confidence in Mabworks' science is the license-out of MIL116, an innovative APRIL antibody targeting IgA nephropathy. The asset has been licensed to ClimB Bio, a Nasdaq-listed company, for development and commercialization outside China. MIL116 is currently in a Phase II clinical trial in the recruitment stage.

The deal underscores a broader trend of Chinese biotech firms exporting high-quality early-stage assets to Western markets, and it provides Mabworks with both non-dilutive capital and external validation of its platform.

What Comes Next

With the listing committee's approval secured, Mabworks now moves toward pricing and its formal debut on the Beijing Stock Exchange. The IPO will give the company access to public-market capital to fund its expanding clinical programs and potentially pursue additional in-licensing or partnership opportunities.

For investors, the question will be whether a $1 billion USD valuation adequately prices in the company's approved commercial assets, its late-stage pipeline, and its early-stage bispecific and trispecific bets. For the Chinese biotech industry, Mabworks' listing represents another data point in the maturation of domestic antibody developers — companies that are no longer merely following Western pioneers but, in some cases, leading them.

Sources: NMPA/CDE, Beijing Stock Exchange, company pipeline data. This article does not constitute investment advice.