Delayed again and again! Mirxes founders and cornerstone investors lock up their shares again, early investors have no motivation to sell!

This afternoon, Haizhi Technology Group $HAIZHI TECH GP(02706.HK) and Wole Nuclear Material $WOER(09981.HK) will announce the lottery results. Did everyone apply? Get ready to make some profit!

Today, Brother Cai is going to analyze a recently listed stock.

Just now, Mirxes $MIRXES-B(02629.HK) issued another significant announcement: its co-founders and cornerstone investors have made a new, stronger round of voluntary share lock-up commitments!

Brother Cai notes that previously, its cornerstone investors had voluntarily extended the 6-month lock-up period to 9 months, expiring on February 23, 2026, to demonstrate their confidence.

This latest announcement drops another bombshell — starting from February 23, 2026, for a period of 12 months.

1. Co-founders commit to not selling any of their relevant shares during this period.

2. Cornerstone investors commit to continuing to hold at least 80% of their relevant shares during this period.

In Brother Cai's view, this move by the core group who knows the company best, choosing to voluntarily extend their lock-up, sends a clear signal whose meaning is mostly understood. Brother Cai won't elaborate further.

Core of the Announcement: Lock-up Expiry Repeatedly Extended

The commitments will start from February 23, 2026, and last for a full 12 months.

The first commitment comes from the company's co-founders. They have voluntarily committed to not selling any of their relevant shares during this lock-up period. This means the founding team will remain deeply aligned with all shareholders, tying their personal wealth closely to the company's long-term development.

The second commitment comes from the company's cornerstone investors, who commit to continuing to hold at least 80% of their shares during this period. These cornerstone investors have strong backgrounds, including Beijing Xunrui, indirectly controlled by the Jiujiang State-owned Assets Supervision and Administration Commission, and Evergreen Gate under Fosun International. During the IPO, they collectively subscribed for shares worth approximately $57.92 million. Based on the issue price, Brother Cai calculates they subscribed for 19.28 million shares, accounting for 41.37% of the global offering and 6.98% of the company's total post-listing share capital.

These two commitments together build a solid "confidence firewall," directly addressing market concerns about potential selling pressure after the lock-up expiry.

The "Cost Account" and "Confidence Account" of Early Shareholders

Furthermore, to address concerns about post-lock-up selling pressure, Brother Cai needs to calculate another account:

1. Early-stage investors — Selling now means no profit! According to the prospectus:

· Series D investors (entered in July 2023): As disclosed in the prospectus, their cost was approximately HK$20.2. Adding about 5% annualized opportunity cost, by February 2026, their holding cost has risen to about HK$22.92.

· Series C investors (entered in October 2021): Using the same method, by February 2026, their holding cost has risen to about HK$22.21.

Brother Cai calculates this account. From a purely financial return perspective, if they rush to sell near the current stock price level, for these early investors,there is no significant profit. However, if they continue to hold, there is still considerable profit potential compared to the strategic placement price of HK$32.50 the company just completed this month.

Therefore, "lock-up expiry" does not equal "selling."

From a rational economic perspective, these early investors lack the incentive for an immediate "fire sale" after the lock-up expires. Waiting for further growth in the company's value might be a better choice.

Conclusion

In Brother Cai's view, this voluntary share lock-up by Mirxes' co-founders and cornerstone investors is by no means a routine announcement. By calculating the cost account and demonstrating the confidence account, it clearly conveys a strong signal to the market: "Insiders are not only staying, but will continue to run alongside."

Furthermore, early investors have little reason to sell. Selling now would mean making no profit at all, resulting in a failed investment.

Investors should also analyze rationally, shifting their focus from worrying about selling pressure to paying attention to the company's own product commercialization and progress in the golden track of cancer early screening and precision medicine.

At the same time, Brother Cai personally believes that short-term volatility factors for the stock price have been weakened. The focus should return to the essence of the company's value growth. Brother Cai hopes everyone understands the underlying logic of Mirxes.

$XTALPI(02228.HK)