中国医疗产业的全球化进程正在加速。从产品出口到海外授权，再到医疗服务的跨境扩张，越来越多的中国医疗企业开始在国际市场上崭露头角。 近年来，中国药企的海外业务明显增多。2025年上半年中国药企对外授权交易总额已突破600亿美元，超过2024年全年。与此同时，传统制药企业也在通过 产品出口等方式拓展国际市场，医疗服务机构则开始在东南亚等地区布局诊疗网络。 江西生物、劲方医药科技和卓正医疗三家即将登陆港股的企业，恰好代表了这一全球化浪潮中的典型案例。江西生物凭借产品出口占据全球破伤风抗毒素市 场36.6%的份额；劲方医药科技将自主研发的 KRAS 抑制剂授权给美国合作伙伴 Verastem 进行海外开发；卓正医疗则直接在新加坡开设诊所，并计划进军马 来西亚市场。 江西生物：全球最大人用 TAT 提供商 根据弗若斯特沙利文，江西生物是中国及全球最大的人用破伤风抗毒素（人用 TAT）提供商，按照2024年销量，在中国以及全球的市场份额分别为65.8%及 36.6%。公司在中国市场的市场份额连续18年保持在50%以上。 江西生物也是中国最大的人用 TAT 出口商。公司的人用 TAT 出口至亚洲及非洲的逾30个国家和地区， ...

Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, raising questions about its ownership structure and potential conflicts of interest due to significant shareholding concentration and related party transactions [1][9]. Company Background - Jiangxi Biological was established in 1969 and is the largest provider of human tetanus antitoxin globally, holding market shares of 65.8% in China and 36.6% worldwide as of 2024 [2]. - The company has a strong focus on the production and sale of human tetanus antitoxin, which accounted for 93.9%, 93.0%, and 93.3% of total revenue in 2022, 2023, and 2024, respectively [2]. Financial Performance - The company has shown rapid growth, with total revenues increasing from 142 million yuan in 2022 to 221 million yuan in 2024, representing a compound annual growth rate (CAGR) of 24.7% [3]. - Profits have also increased significantly, from 26.5 million yuan in 2022 to 75.1 million yuan in 2024, with a CAGR of 68.5% [3]. Ownership Structure - The majority of the company's shares (over 76%) are controlled by a single individual, Jing Yue, a "post-90s" entrepreneur, raising concerns about the concentration of ownership [1][9]. - The ownership structure has undergone multiple changes, with significant transfers of shares to related parties, leading to approximately 87% to 94% of shares being controlled by related entities [9][10]. Related Party Transactions - The company has close relationships with its suppliers and customers, which may lead to potential conflicts of interest. For instance, major clients and suppliers have connections to the company's ownership structure [11][12]. - The involvement of related parties in shareholding and business transactions raises questions about the independence and fairness of these dealings, which could impact the company's financial integrity [14]. Regulatory Considerations - The company must meet the public shareholding requirement of at least 25% for its IPO, which may be challenging given the concentrated ownership [10]. - Regulatory scrutiny is expected regarding the fairness of share transfers and the independence of the company's operations, particularly in light of the significant related party transactions [10][14].

Group 1: New Listings and Filings - Five companies submitted applications for listing on the Hong Kong Stock Exchange from April 7 to April 13, 2023 [2] - Hantian Technology (Xiamen) Co., Ltd. is a global leader in the silicon carbide (SiC) epitaxy industry, with a projected market share exceeding 30% in 2024 [2] - IFBH Limited, a rapidly growing beverage and food company based in Thailand, has a market share of approximately 34% in the coconut water market in mainland China for 2024 [3] - Jihong Co., Ltd. focuses on cross-border social e-commerce and packaging solutions, ranking second in the B2C export e-commerce sector in China with a market share of 1.3% [3] - Jiangxi Biological Products Research Institute is the largest provider of human tetanus antitoxin in China, with a market share of 65.8% in 2024 [4] Group 2: Financial Performance - Hantian Technology's projected revenues for 2022, 2023, and 2024 are approximately RMB 441 million, RMB 1.143 billion, and RMB 974 million, respectively [2] - IFBH Limited's revenues for 2023 and 2024 are expected to be approximately RMB 87.44 million and about USD 158 million, with net profits of RMB 16.75 million and USD 33.32 million [3] - Jihong Co., Ltd. anticipates revenues of approximately RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion for 2022, 2023, and 2024, respectively [3] - Jiangxi Biological's projected revenues for 2022, 2023, and 2024 are approximately RMB 142 million, RMB 198 million, and RMB 221 million, respectively [4] - Ming Kee Hospital Group, the largest private hospital group in East China, expects revenues of approximately RMB 2.336 billion, RMB 2.688 billion, and RMB 2.659 billion for 2022, 2023, and 2024 [5] Group 3: Upcoming IPOs - Zhengli New Energy plans to offer 121.5 million H-shares at an IPO price of HKD 8.27, with net proceeds of HKD 928 million [5] - Ying'en Biotechnology-B is set to offer 15.0716 million shares with a price range of HKD 94.6 to HKD 103.2, expected to start trading on April 15, 2025 [6]