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Chinese biotech developing antibody and antibody-drug-conjugate (ADC) therapies for cancer.
Chinese biotech developing antibody and antibody-drug-conjugate (ADC) therapies for cancer.
In one line: A Chinese ADC-focused biotech, akin to a smaller Seagen.
Moat: narrow (IP / patents, process know-how). Proprietary ADC linker/payload technology platform.
Headquarters: Shanghai, China · Founded: 2017 · Employees: 1,325
Size Mabwell (Shanghai) Bioscience (2493.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $1.37B, the 510th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$18.15 on 6 Nov 2026.
Performance Over six months the shares fell 31.6%, against -15.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 20.9% over the last twelve months (peer median +14.1%); the operating margin is -126.8% (peer median 3.0%).
Valuation It trades at 15.3× enterprise value to sales against a peer median of 5.2× (5th most expensive of 20).
Capital Return on invested capital runs 30.3 points below its cost of capital (5.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$822M | HK$717M | HK$215M | HK$140M | HK$32.2M |
| Revenue growth | — | +233% | +54% | +334% | — |
| Gross profit | HK$681M | HK$419M | HK$42.9M | HK$17.5M | -HK$79.3M |
| EBITDA | n/a | -HK$729M | -HK$959M | -HK$1.08B | -HK$1.05B |
| Net income | -HK$1.19B | -HK$1.05B | -HK$1.13B | -HK$1.16B | -HK$1.11B |
| Free cash flow | -HK$1.19B | -HK$484M | -HK$1.39B | -HK$1.41B | -HK$1.47B |
| Capital expenditure | HK$123M | HK$171M | HK$358M | HK$552M | HK$634M |
| Total debt | HK$4.32B | HK$3.31B | HK$2.36B | HK$1.42B | HK$870M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Mabwell (Shanghai) Bioscience 2493.HK | $1.37B | -32% | +21% | -127% | 15.3× | n/a |
| Pfizer PFE | $168B | +14% | +1% | 26% | 3.4× | -4.3% |
| RemeGen 9995.HK | $6.92B | -31% | +293% | 61% | 5.1× | -4.8% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 7.4× | 11.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2493.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.2% | -5.6% | 4th lowest of 21 |
| 6-month return | -31.6% | -15.7% | 5th lowest of 21 |
| Distance from 52-week high | -42.3% | -39.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +20.9% | +14.1% | 8th highest of 20 |
| Operating margin | -126.8% | 3.0% | 4th lowest of 20 |
| EV / Sales | 15.3× | 5.2× | 5th most expensive of 20 |
| ROIC minus cost of capital | -30.3 pp | -4.3 pp | 4th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mabwell (Shanghai) Bioscience 2493.HK | Hong Kong | $1.37B | -32% | +21% | -127% | 15.3× | n/a | n/a |
| Innoviva INVA | United States | $1.38B | -17% | +18% | 36% | 2.4× | -15.4% | +3.9% |
| Ascentage Pharma Group International 6855.HK | Hong Kong | $1.39B | -33% | +70% | -220% | 15.5× | n/a | n/a |
| Zhejiang Hisoar Pharmaceutical 002099.SZ | China | $1.39B | -9% | +9% | -13% | 4.9× | n/a | n/a |
| LB Pharmaceuticals LBRX | United States | $1.36B | +31% | n/a | n/a | n/a | n/a | n/a |
| Shenzhen Chipscreen Biosciences 688321.SS | China | $1.40B | -33% | +27% | 12% | 8.9× | n/a | n/a |
| Anupam Rasayan India ANURAS.NS | India | $1.40B | -15% | +52% | 16% | 5.2× | n/a | n/a |
| Shanghai OPM Biosciences 688293.SS | China | $1.35B | +26% | +133% | 11% | 9.8× | 26.1% | +23.1% |
| Staidson (Beijing) Biopharmaceuticals 300204.SZ | China | $1.41B | -36% | -24% | -51% | 44.5× | n/a | n/a |
| Phibro Animal Health PAHC | United States | $1.34B | -18% | +17% | 13% | 1.4× | -7.4% | +12.7% |
| Chongqing Genrix Biopharmaceutical 688443.SS | China | $1.34B | -10% | +256% | -27% | 10.0× | n/a | n/a |
| Zhejiang Xianju Pharmaceutical 002332.SZ | China | $1.34B | +2% | +8% | 11% | 2.1× | 0.3% | -1.3% |
| Idorsia IDIA.SW | Switzerland | $1.34B | -5% | -5% | -70% | 10.7× | n/a | n/a |
| Lotus Pharmaceutical 1795.TW | Taiwan | $1.34B | -26% | +49% | 24% | 3.4× | -2.4% | +13.8% |
| Hanall Biopharma 009420.KS | South Korea | $1.34B | -25% | +5% | 3% | 11.2× | n/a | n/a |
| Mezzion Pharma 140410.KS | South Korea | $1.42B | -29% | +7% | -223% | 226.6× | n/a | n/a |
| Tianjin Chase Sun Pharmaceutical 300026.SZ | China | $1.32B | -6% | -29% | 3% | 2.0× | 8.5% | -5.3% |
| Nippon Shinyaku 4516.T | Japan | $1.43B | -30% | +12% | 19% | 0.9× | -17.5% | +7.0% |
| C.Q. Pharmaceutical 000950.SZ | China | $1.32B | -12% | -3% | 1% | 0.5× | n/a | n/a |
| Sinopep-Allsino Bio Pharmaceutical 688076.SS | China | $1.31B | -7% | +14% | 19% | 5.0× | 4.0% | +27.9% |
| Voronoi 310210.KS | South Korea | $1.31B | -66% | +24% | -1,947% | 417.6× | n/a | n/a |