Core 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].

Core Viewpoint - The Hong Kong stock market's innovative drug sector has shown strong performance since 2025, with a cumulative increase of nearly 100%, indicating a rising capital market interest. Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming the first "serum stock" in Hong Kong [1]. Industry Overview - Jiangxi Biological focuses on the essential demand in infectious disease prevention, differentiating itself from other innovative drug companies by integrating both human and veterinary medicines, thus enhancing its value growth path amid the competitive landscape of innovative drug targets [3]. - The global infectious disease sector faces a long-term shortage of medical resources, creating a clear growth trajectory for the antiserum industry. Traditional vaccines and antibiotics have limitations, making antiserum increasingly vital in public health systems [4]. Market Potential - The antiserum market is expanding, with Tetanus Antitoxin (TAT) meeting approximately 60% of China's clinical demand, with an annual consumption exceeding 20 million doses. TAT's rapid efficacy and cost advantages make it a preferred choice in price-sensitive markets [5]. - The global TAT market is projected to grow from $8.46 million in 2024 to $20 million by 2028, with a CAGR of 24%. In China, the TAT market is expected to increase from $3.35 million to $6.62 million during the same period, with a CAGR of 18.6% [6]. Company Strengths - Jiangxi Biological is a leading antiserum company with a fully integrated supply chain, ensuring quality and cost-effectiveness. It is the only company globally using inactivated antigens, recombinant proteins, and mRNA antigens for antiserum development [11]. - The company maintains a dominant market position, holding over 50% market share in China for 18 consecutive years, with TAT accounting for 36.6% of the global market and 65.8% of the Chinese market [15]. - The company has a robust pipeline, addressing significant gaps in the market for snake antivenom and other products, with clinical trials planned for various antivenoms starting from 2025 [16][17]. Distribution and Market Reach - Jiangxi Biological has a comprehensive sales network covering 23,500 medical institutions in China, with TAT included in national health insurance, facilitating rapid access to grassroots medical and emergency scenarios [18]. - The company exports TAT to over 30 countries in Asia and Africa, holding a 90% market share in countries like the Philippines and Egypt, demonstrating its competitive edge in international markets [18]. Conclusion - Antiserum is being re-evaluated for its strategic importance in public health. Jiangxi Biological is positioned to leverage technological advancements and its integrated capabilities to enhance its role in the global antiserum supply chain, addressing the needs of millions while contributing to global infectious disease prevention [19].