Xin Lang Cai Jing·2025-10-27 06:45Core Viewpoint - Jiangxi Institute of Biological Products Inc. (referred to as "Jiangxi Biological") has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in April 2025 [2]. Business Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and operates a fully integrated antiserum platform with over 50 years of expertise in research, production, and sales [6][8]. - The company's human TAT is included in the national Class A medical insurance list and the national essential drug list, providing it with a high level of market recognition and full insurance reimbursement advantages [6]. - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine serum gonadotropin (PMSG), and various hormone drugs for PMSG treatment [6]. - The company is developing innovative products targeting high-potential markets, including human antivenom serum and equine rabies immunoglobulin F(ab')2 [6]. Shareholder Structure - Prior to the IPO, the shareholder structure shows that Ms. Jing Yue holds a combined 76.64% stake through Hainan Zhizheng and Qianhai Tianzheng [9][10]. Board of Directors and Management - The board consists of 9 members, including 4 executive directors led by Ms. Jing Yue as the chairperson and Mr. Yao Xiaodong as the general manager [13][14][15]. Financial Performance - Jiangxi Biological's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 141.96 million, RMB 198.02 million, RMB 220.76 million, and RMB 99.70 million respectively, with corresponding net profits of RMB 26.47 million, RMB 55.48 million, RMB 75.14 million, and RMB 36.84 million [16]. IPO Advisory Team - The IPO advisory team includes CICC and CMB International as joint sponsors, with Deloitte as the auditor [18].