On July 8, 2026, Ming Yu Pharmaceutical Limited ("Ming Yu Pharmaceutical"), the holding company of **** Pharmaceuticals headquartered in Shanghai and Hangzhou, Zhejiang, filed a prospectus with the Hong Kong Stock Exchange, seeking a listing on the Hong Kong Main Board. This marks its renewed application following the lapse of its previous submission on November 24, 2025.
Ming Yu Pharmaceutical Prospectus Link
Core Business
Founded in 2018, Ming Yu Pharmaceutical is a biotechnology company centered on integrated oncology, focusing on the development of antibody-drug conjugates (ADCs) in combination with advanced immunotherapies. The company’s current pipeline comprises 11 clinical candidates, including two core products.
Ming Yu Pharmaceutical has built (i) a robust clinical-stage oncology portfolio based on its proprietary ADC platform and a novel bispecific antibody (bsAb) targeting programmed cell death protein 1/vascular endothelial growth factor (PD-1/VEGF), and (ii) late-stage autoimmune assets advancing toward commercialization. The company’s autoimmune programs are expected to generate revenue in the near term, while its oncology programs focus on advancing ADC monotherapies for later-line treatments and exploring combination therapies with its PD-1/VEGF bispecific antibody to revolutionize frontline cancer treatment.
Innovative Oncology: ADC and PD-1/VEGF Combination Therapies
The company’s lead product, MHB036C, is a TROP-2-targeting ADC positioned in the multi-billion-dollar solid tumor therapeutic market, with best-in-class potential. It is currently being evaluated in Phase I/II combination studies with the company’s key product, MHB039A—an innovative PD-1/VEGF bispecific antibody—for first-line and subsequent treatment of non-small cell lung cancer (NSCLC), as well as in a Phase II combination study for first-line and subsequent treatment of breast cancer (BC).
The company’s key product, MHB088C, is a potentially best-in-class B7-H3-targeting ADC for the treatment of small cell lung cancer (SCLC) and other malignancies. It is currently in a Phase III monotherapy trial for second-line SCLC and is also being evaluated in combination with MHB039A in a Phase I/II trial for first-line and subsequent treatment of SCLC.
Late-Stage Autoimmune Assets
The company’s lead product, MHB018A, is a novel and promising subcutaneously administered VHH antibody targeting the insulin-like growth factor 1 receptor (IGF-1R). It is currently in Phase III trials for active and chronic thyroid eye disease (TED), having demonstrated favorable efficacy and safety data in Phase II studies for both forms of the condition.
The company’s key product, MH004, is a novel topical Janus kinase (JAK) inhibitor. A New Drug Application (NDA) for the treatment of mild-to-moderate atopic dermatitis (AD) was submitted in China in March 2026, addressing a significant unmet need in this autoimmune indication.
Shareholding Structure
According to the prospectus, prior to its listing, Mingyu Pharmaceuticals' shareholder structure consisted of the following:
Dr. Cao Guoqing and Ms. Geng Mei, a married couple, held 29.02% and 7.25% of shares respectively through their wholly owned entities, amounting to a combined stake of approximately 36.27%;
Other investors include OrbiMed, Yuanhe Holdings, Huaan Fund, Tiger Jade Capital, IDG Breyer Fund, TF Capital, Tigermed (300347.SZ), Xinxici Capital, Venture5 Capital, and Qiming Venture Partners.
Management
The board of directors of Mingyu Pharmaceuticals comprises eight members, including:
3 executive directors:
Dr. Cao Guoqing (Chairman of the Board, Chief Executive Officer, and Chief Scientific Officer);
Mr. Shi Junwei (Chief Medical Officer and Senior Vice President of R&D);
Mr. Zhong Zhongren (Chief Financial Officer);
2 Non-Executive Directors:
Dr. Wang Guowei (Partner at OrbiMed Advisors and Senior Managing Director, Asia);
Dr. Chen Kan (Partner at Qiming Weichuang);
3 Independent Non-Executive Directors:
Ms. Chen Weiwei (formerly Chief Financial Officer of Yum China and Vice President & CFO of Starbucks);
Dr. Zhenhai Shen (Chief Executive Officer of Ningbo Xinwan Pharmaceutical Technology);
Dr. Xuejun Jiang (Professor at the Joan and Sanford I. Weill Medical College of Cornell University and Professor at the Gerstner Sloan Kettering Graduate School).
Company performance
According to the prospectus, Mingyu Pharmaceuticals recorded revenue of RMB 0, RMB 264 million, and RMB 0 in the past fiscal years 2024 and 2025 and the first five months of 2026, respectively, with corresponding research and development expenses of RMB 281 million, RMB 230 million, and RMB 120 million, and corresponding net losses of RMB 283 million, RMB 919 million, and RMB 210 million.
Intermediary team
The main intermediaries for Mingyu Pharmaceuticals’ initial public offering (IPO) are as follows:
Morgan Stanley, Bank of America, and CITIC Securities serve as joint sponsors;
PricewaterhouseCoopers served as its auditor;
JunHe Law Offices is its legal counsel in China;
Davis Polk & Wardwell serves as the company’s Hong Kong and U.S. legal counsel;
Commerce & Finance Law Firm served as China legal counsel to its sponsor;
Clifford Chance is the legal counsel for Hong Kong and the United States;
Honzbo Capital is the compliance advisor;
CIC Consulting serves as its industry advisor.