On 24 June 2026, Tian Yuan's Hong Kong team advised Shaanxi Micot Pharmaceutical Technology Co., Ltd. ("Micot Pharmaceutical" or the "Company") on its successful initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited (Stock Code: 2335.HK).

Micot Pharmaceutical issued 58,054,400 H Shares under its global offering at an offer price of HK$18.20 per H Share, raising gross proceeds of over HK$1 billion. The offering received an enthusiastic market response, with the Hong Kong public offering oversubscribed by approximately 1,181 times. CCB International Capital Limited and CMBC Securities (Hong Kong) Limited acted as the Joint Sponsors and Overall Coordinators.

Micot Pharmaceutical is a biotechnology company dedicated to the discovery, development and commercialization of innovative therapeutics for metabolic and cardiovascular diseases, with a focus on bispecific and multispecific peptide drugs. The Company has established a proprietary R&D pipeline comprising one Core Product and six additional drug candidates covering metabolic, renal and cardiovascular diseases. In addition to demonstrating its strong R&D capabilities, the Company's landmark commercialization collaboration with Everest Medicines, valued at RMB1.24 billion, further highlights its significant commercialization potential and reinforces its leading position in the innovative peptide therapeutics sector.

In this transaction, Tian Yuan Hong Kong acted as the issuer's Hong Kong legal counsel and took the lead in drafting the prospectus. Leveraging its extensive experience in Hong Kong capital markets, deep industry knowledge of the healthcare sector, and comprehensive understanding of the regulatory framework and market practice governing Chapter 18A biotech listings, the team provided high-quality and efficient legal services throughout the IPO process, earning unanimous recognition from the Company and all parties involved.

During the drafting of the prospectus, Tian Yuan Hong Kong assisted the Company in systematically presenting key aspects of the business, including Chapter 18A listing eligibility, the Core Product and pipeline, clinical development and data performance, commercialization strategy and regulatory disclosures. The prospectus effectively highlighted the Company's competitive strengths and investment value as the first peptide innovative drug company listed in Hong Kong, receiving positive feedback from both regulators and institutional investors. This transaction further demonstrates Tian Yuan Hong Kong's strong capabilities and market influence in advising healthcare and Chapter 18A biotech companies on Hong Kong listings.

The Hong Kong team was led by Partner William Ji, with support from Senior Consultant Phiona So, Senior Associate Joey Lam, Senior Associates Janice Guan, David He, Trina Zhang and Gloria Ho, as well as Rita Fang, Elaine Zhang and Zoey Li, among others.

Tian Yuan's Intellectual Property team also provided IP due diligence services and issued the relevant legal opinion. The team was led by Partners Sun Yan and Yang Xiaoli, with support from Cao Feng and Patent Attorney Geng Jia. Tian Yuan's IP team has advised numerous biotech companies on Chapter 18A listings on the Hong Kong Stock Exchange.