Mabwell (Shanghai) Bioscience Co., Ltd. Announces Exemption from 2025 Annual Report Requirement

Key Announcement for Investors

Mabwell (Shanghai) Bioscience Co., Ltd. (“Mabwell” or the “Company”, Stock Code: 2493) has made a significant regulatory announcement regarding its disclosure obligations for the financial year ended 31 December 2025. The Company has declared that it will be exempt from preparing and publishing a separate 2025 annual report or summary financial report as typically required under Rule 13.46(2) of the Hong Kong Stock Exchange Listing Rules.

Key Points in the Report

• Exemption from Annual Report Requirement: Under Note 4 to Rule 13.46(2) of the Listing Rules, Mabwell is not required to prepare or publish a separate annual report for 2025. This is because:
  • The required financial information for the year ended 31 December 2025 has already been included in the Company’s prospectus, dated 20 April 2026.
  • This exemption does not contravene any of the Company’s constitutional documents, PRC regulatory requirements, or other relevant laws regarding annual report publication.
  • Mabwell has complied with the applicable code provisions in Part 2 of the Corporate Governance Code (CG Code), set out in Appendix C1 to the Listing Rules, except for code provision C.2.1, for which explanations are provided in the prospectus.
• Financial Information Availability: Investors and shareholders can access the full financial results for 2025 in the prospectus, which is publicly available on both the Hong Kong Stock Exchange website (www.hkexnews.hk) and the Company’s own website (www.mabwell.com).
• Separate ESG Report: While there will be no separate annual report for 2025, Mabwell will publish its 2025 Environmental, Social and Governance (ESG) Report as a standalone document. This report will provide detailed disclosures regarding the Company and its subsidiaries’ performance in environmental, social, and governance aspects.

What Shareholders and Investors Need to Know

• Regulatory Compliance and Transparency: The exemption is not due to financial or operational issues, but rather due to compliance with specific listing rules, as the required financial information has already been disclosed in the prospectus. The Company affirms it is not in breach of any legal or regulatory obligations.
• Access to Financial Data: Shareholders and potential investors must refer to the April 2026 prospectus for the Company’s audited results and financial performance for 2025. The absence of a separate annual report means there will not be another, possibly more detailed, narrative or analysis of the 2025 results outside what is in the prospectus.
• Corporate Governance: The Company states it has complied with the Corporate Governance Code, except for one provision (C.2.1), which is explained in the prospectus. Investors concerned with governance should review the prospectus for details.
• Potential Price Sensitivity: The Company’s decision not to publish a standalone annual report could be interpreted by the market in different ways. While it is a result of regulatory compliance and not underlying financial distress, some investors may view the absence of a full annual report and management discussion as a reduction in transparency. Conversely, the release of the ESG report as a separate document may provide valuable information for ESG-focused investors.

Board Composition

As of the announcement date (April 30, 2026), Mabwell’s board comprises:

• Executive Directors: Mr. Tang Chunshan, Dr. Liu Datao (Chairman of the Board), Dr. Wu Hai, Mr. Hu Huiguo, Dr. Gui Xun
• Non-Executive Director: Mr. Wu Yufeng
• Independent Non-Executive Directors: Mr. Qin Zhengyu, Dr. Xu Qing, Dr. Zhao Qian, Ms. Wang Fang

Investor Summary

Mabwell’s exemption from the annual report requirement for 2025 is a regulatory formality, with all necessary financial disclosures made in the Company’s prospectus. Shareholders are encouraged to review the prospectus for the most current financial information and to look for the forthcoming ESG report for additional insights into the Company’s sustainability and governance practices.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisers before making any investment decisions. The information is based solely on the published announcement by Mabwell (Shanghai) Bioscience Co., Ltd. and is subject to change without notice.

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