On August 24, McPharmaceutical-B (02335) issued an announcement announcing that according to the Hang Seng Index series quarterly review results for the period ending June 30, 2026 announced by Hang Seng Index Limited on August 21, 2026, the company has been selected and included as a component stock of the Hang Seng Composite Index (Hang Seng Composite Index), which will officially take effect on September 7 this year.
This also means that the H shares of Meccan Pharmaceuticals are eligible and included in the Hong Kong Stock Connect list.
On August 28, Maike Pharmaceutical disclosed the company's 2026H1 financial report. During the reporting period, the company obtained additional revenue of RMB 1,335 million, an increase of 9.25% over the previous year; the company's net loss for the period was 231 million yuan, an increase of 372.08% over the previous year.
On the day after the disclosure of financial reports, the stock price of Meccan Pharmaceuticals closed down 1.04%. The intraday stock price hit HK$26.80, a new low since listing.
The stock price fell more than 30% in 8 trading days
On June 24, McPharm went public for the first time, closing up 102.75%. The stock price on the first day was fixed at HK$36.90.
Within 5 trading days from the date of listing, McMedicare closed up on the 3rd and closed down on the 2nd. The final data shows that as of June 30 this year, the average market value of McPharmaceuticals during the review period was HK$10.251 billion, which is higher than the market capitalization threshold of HK$9.395 billion for this round. This is why McMedicare was eligible for the current Hong Kong Stock Connect.
In fact, McPharmaceuticals focuses on the “go once you launch it” strategy. According to the official review rules of the Hang Seng Index, the September quarterly review of small to medium market capitalization companies only counted transaction data from the first listing to June 30 in the same year, and there is no retroactive calculation after the window closes. For Maike Pharmaceutical, which was listed on June 24, its current round of approval cycle is only 5 trading days. The extremely short inspection cycle naturally weakens the disadvantages of high volatility and unstable transactions in the early stages of the IPO listing.
Supported by the double support of first-day sentiment and entry incentives, the “main promotion acceleration period” of the secondary market of Maike Pharmaceuticals continued until mid-July, driven by institutional fund-raising. During this period, the stock price of McPharmaceuticals increased by 20.38% at the closing price, with an average daily turnover of HK$51.96 million, corresponding to the net OBV turnover of 4.92 million shares, breaking out of the main healthy wave of rising volume and price.
However, after July 16, the company's stock market performance took a 180-degree turn.
Judging from the RSI index, while the company's stock price peaked on July 16, the RSI index also reached 72.87 on the same day, and the J value in the KDJ index reached 87.89, showing a clear overbought signal. Also, in the market on the same day, the company's stock price closed at HK$44.42, with a difference of only 1.4% from the intraday high price of HK$45.04, which is the end of a strong shorting. To a certain extent, it indicates that the company's stock price has reached the end of acceleration at this point, and there has been a marked rise in high risk, which induced the sentiment of fundraisers to shift from agreement to division.
Against the backdrop of growing differences in the market, McPharma's stock price experienced a round of high-ranking chip clearance type A killings during the 8 trading days from July 17 to July 28, and the stock price drop in the range reached 36.65%.
As can be seen from the combined volume, during this round of decline, the amount released in Mechatronic Pharmacies was obvious. On July 20, its stock turnover was HK$32.5777 million, and on July 28, it “dropped” to HK$12.728,800, showing a bearish price structure with declining volume. At the same time, OBV fell from 4.557 million shares to 2,215,000 shares, indicating a continued outflow of capital.
In fact, there are traces to be traced to this round of sharp decline in Maike Pharmaceuticals.
Judging from the news, this time period happened to be in the information vacuum before the disclosure of Zhongmai Pharmaceutical's interim results. From July 17 to July 28, the company did not issue any major favorable announcements. Key developments in its core pipeline, such as MT200605 reaching the main end of the phase II clinical trial of the new drug for stroke (announced on August 3) and MT1002 completing the first phase II clinical enrollment (disclosed on July 17), were all released around or after this period.
Therefore, during the information vacuum period, McPharm often faced phased adjustment pressure as a sub-IPO that had too much growth in the early stages and lacked new catalyst. Furthermore, the company's “entry into the market” was already fixed at the time, so it helped capital in the early stages or chose to cash out at a high level of market sentiment.
When will the stock price rebound after a change in position?
The Zhitong Finance App observed that on the same day that Maike Pharmaceuticals issued the above announcement, McPharmaceuticals experienced a change in its position: on August 24, McKay experienced a change in position. The total market value of the inventory was HK$521 million, accounting for 6.33%. The company's shareholders deposited 177.341 million shares in Merrill Lynch Far East.
Unlike the paperless issuance of A-share listed companies, Hong Kong still retains the method of holding physical shares. Since shares can only be traded by transferring shares to CCASS, even if a stock deposit does not mean that the shareholder sells it, it can be considered that the shareholder is preparing for sale.
In the broker transaction data for the past 5 days, investors can also clearly see that Merrill Lynch, as the largest net selling broker during the period, has accumulated net sales of 17.748,900 shares.
As can be seen from the time point of view, this change in inventory occurred just before the company's 26H1 financial report was disclosed.
Although judging from the profit situation, the current net loss of Maike Pharmaceuticals increased sharply by 372.08% year on year, the main reason for this was that the company's R&D expenses during the reporting period were about 128 million yuan, an increase of about 216% year on year.
In addition to this, the company also has two key changes at the financial level: the first correction in operating cash flow and the completion of structural improvements in the balance sheet. Among them, the former benefits from the exclusive commercial cooperation reached between the company and the customer on MT1013, and the 200 million head of state payment has already been paid, and according to the agreement, Maxco also has the right to receive a milestone payment of up to 1.04 billion yuan and share royalties based on net product sales; while the latter is due to the reclassification of the company's preferred stock redemption liabilities into equity, superimposed on the net amount of IPO fund-raising, and a complete correction from negative assets.
Although judging from the performance of the secondary market, the 26H1 financial report disclosed by Maike Pharmaceuticals this time did not trigger strong bullish sentiment in the market, judging from the trend, a pattern of market contraction and weak repair has already emerged.
The Zhitong Finance App observed that from July 29 to August 18, the stock price of McPharmaceuticals went through a period of excessive decline and rebound, but after breaking out of the high point of rebound volume on August 18, its capital did not continue to flow in. This is a divergent decline in volume and price. The rebound capital was mainly a short-term game.
Furthermore, since late August of this year, the daily turnover of McCal Pharmaceuticals has continued to shrink. From August 25 to August 31, the average daily turnover was less than HK$9 million, and the corresponding turnover rate was less than 0.12%. At the same time, the BOLL range of the stock price of McPharmaceuticals narrowed sharply from 0.526 on July 29 to 0.129 on August 31, indicating that its market volatility has subsided sharply, and the market has bottomed out with low volatility.
Judging from the stock price catalysts, as an 18A company that has not yet made a profit, the key share price catalytic factor for McPharmaceuticals is undoubtedly the disclosure of clinical data on core products and the progress of subsequent BD cooperation.
Judging from recent news, the key phase III of MT1013, the core product of Maike Pharmaceuticals, has completed the enrollment of 424 patients. The phase II study of MT200605, another core product, has reached the main end, which is expected to open up room for subsequent growth; on the other hand, if the company receives more license outs/milestone payments in the second half of this year, it is also expected to further ease the company's cash pressure and become an important driver for the rebound in its stock price.