MIRXES-B Soars 28% on Debut – A Promising Start for Singapore’s Biotech Challenger

Today, Singapore-based biotech firm MIRXES-B (02629.HK) made a strong debut on the Hong Kong Stock Exchange, jumping 24.46% to open at HK$29. By market close, the stock had risen 28.76% to HK$30, with turnover reaching HK$275 million. The company’s market cap stood at approximately HK$8.29 billion.

A Strong Start

MIRXES-B kicked off its first trading day with solid momentum, opening high and holding gains through the session. For early investors, the math is simple: each lot of 100 shares is already sitting on a paper profit of HK$670, excluding fees. In the current market climate, that’s an attractive outcome for a newly listed biotech firm.

Market Reception and Subscription Dynamics

Investor appetite was evident well before the bell rang. The public offering was oversubscribed by 25.51 times, signaling strong confidence in MIRXES’ potential. After a reallocation process, 5.87 million shares (about 12.6% of the total offering) were reserved for retail investors. A total of 21,541 valid applications were received, with 21,025 accepted—a strong turnout by any measure.

The international tranche, while less heated, still showed respectable demand, being 98% subscribed. Post-reallocation, 87.4% of shares (or 40.75 million) went to institutional investors, reflecting growing global interest in Asia-based diagnostics and healthcare innovation.

What Does MIRXES Do?

Founded in 2014, MIRXES is a diagnostics company specializing in miRNA (microRNA) technology, aiming to make early disease detection more accessible across Asia, particularly in Singapore and China. Its flagship product, GASTROClear, is a blood-based panel for gastric cancer screening, using a mix of 12 miRNA biomarkers. It received regulatory approval in Singapore in 2019 and has since been commercialized there successfully.

Beyond this, the company has two other commercialized products and six preclinical candidates in its pipeline. MIRXES also operates a precision multi-omics business, providing miRNA-centered testing services to biopharma companies, research institutions, and government bodies. They’re also partnering with stakeholders to develop next-gen diagnostics focused on identifying disease-linked biomarkers—an area that’s becoming increasingly important in precision medicine.

Financial Snapshot

Looking at the numbers, MIRXES has seen mixed but generally positive revenue trends:

2022: $17.76 million
2023: $24.19 million
2024: $20.28 million

Gross profit followed a similar arc, peaking in 2023 before dipping slightly in 2024:

2022: $9.33 million
2023: $13.58 million
2024: $8.89 million

While the dip in 2024 may raise some questions, these figures still reflect a young biotech company in the process of scaling its operations—a phase often marked by volatility in top-line growth.

Looking Ahead

MIRXES-B’s debut signals more than just a short-term market win—it’s a reminder that Asia’s medtech and diagnostics scene is gaining traction, both commercially and with investors. The strong retail response shows that there's enthusiasm for companies with real-world applications and regulatory validation, not just pipeline potential.

Still, while today’s pop is encouraging, biotech investing is always a long game. MIRXES will need to continue delivering on R&D, regulatory milestones, and market expansion—particularly into mainland China and other high-need regions—to justify its valuation and fuel long-term growth.

Their commercial success with GASTROClear gives them a head start, but how they manage to scale their multi-omics services and bring other pipeline products to market will be the real test.