Minghui Pharmaceutical (明慧医药)

Shanghai/Hangzhou biotech founded in 2018 by the scientist behind Hengrui's PD-1 drug; it runs a 13-program ADC, bispecific and immunology pipeline with 127 people.

1. Core Product / Service

Minghui develops oncology and immunology drugs. Its Hong Kong listing applicant is the holding company Ming Yu Pharmaceutical Limited (明宇制药有限公司) [2]. Of its 13 programs, 10 are clinical [3]:

MH004 (topical JAK inhibitor): China NDA filed for atopic dermatitis [2][3].
MHB018A (subcutaneous IGF-1R VHH antibody): Phase 3 in China for thyroid eye disease [2].
MHB088C (B7-H3 ADC): Phase 3 in relapsed small cell lung cancer [4].
MHB036C (TROP2 ADC) with MHB039A (PD-1/VEGF bispecific): combination Phase 2 [2].

2. Target Users & Pain Points

The near-term market is Chinese dermatology and ophthalmology (MH004, MHB018A). Longer term it targets solid tumors through ADC-plus-bispecific combinations. Commentators call it a "mini Hengrui" because it chases the same hot modalities quickly as a fast follower [3].

3. Competitive Landscape

Player	Positioning	Vs. Minghui
medilink-therapeutics	B7-H3 ADC (YL201) in Phase 3, licensed ex-China to Roche	Head-to-head B7-H3 rival with a much larger global deal
dualitybio	B7-H3 and TROP2 ADCs, listed in Hong Kong	Larger and further ahead on global licensing
Hengrui and other large pharma	Internal JAK, ADC and bispecific programs	Founder's former employer; crowded targets

4. Unique Observations

Wet-lab model (from the application proof) [2]:
- The Hangzhou subsidiary has been the principal laboratory and R&D center since 2019, with 2,197.9 m² leased. Shanghai has 1,180.5 m² for operations and clinical development.
- Main suppliers are CROs and CDMOs; the top five accounted for 58.6% of purchases in 2024.
- There is no plant. Two CDMOs are secured for MH004 drug substance and drug product.
- 127 employees, 107 of them in R&D.
CRO as shareholder: funds affiliated with Tigermed, a large Chinese CRO, are investors [2].
IPO second attempt: the first Hong Kong filing (2025-11-24) lapsed on 2026-05-24. The company refiled on 2026-07-08 [2][6].

5. Financials / Funding

Round	Agreement date	Amount	Post-money
Series A	2018	RMB 80M	RMB 300M [2]
Series B	2020-06	RMB 150M	RMB 1.35B [2]
Series B+	2020-12	RMB 312.6M	RMB 1.81B [2]
Series Pre-C	2023/2025	RMB 211.3M	RMB 2.71B [2]
Series C (pre-IPO)	2025-07-31	US$131M (OrbiMed and Qiming co-led)	RMB 3.94B [2][5]

Total: roughly RMB 1.69B [1].
Qilu deal (2025): Greater China rights to MHB088C for RMB 280M upfront, up to RMB 1.345B in total. Minghui keeps ex-China rights [4].
2025 revenue: RMB 264M, all from the Qilu deal [2].
Cash: RMB 605M as of 2026-05-31 [2].

6. People & Relationships

Founder & CEO: 曹国庆 (Cao Guoqing), formerly a Lilly biologist and Hengrui VP who led camrelizumab R&D [3].
Investors: OrbiMed, Qiming, TF Capital, 5Y Capital, Tigermed-affiliated funds [2][5].
Partner: Qilu Pharmaceutical.
Peers: dualitybio, medilink-therapeutics, d3-bio.