Core Viewpoint - Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors. This follows a previous application submitted in April 2025 [1]. Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and globally, operating a comprehensive antiserum platform. The company has a global sales and distribution network covering over 23,500 medical institutions, including more than 1,500 tertiary medical institutions in China [3][6]. - The product portfolio includes human TAT, veterinary tetanus antitoxin, PMSG, and various hormone drugs, with plans to launch additional products upon regulatory approval [3][5]. Market Position - According to Frost & Sullivan, Jiangxi Biological holds a market share of 65.8% in the Chinese human TAT market and 36.6% globally, with projected sales of 25.4 million doses in 2024 [6]. - The company has maintained a dominant position in the Chinese human TAT market for 18 consecutive years, with nearly 100% of its exports going to over 30 countries and regions in Asia and Africa [6]. Financial Performance - Jiangxi Biological reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. The net profits for the same periods were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].