Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. 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 fully integrated antiserum platform. The company has a comprehensive 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 for PMSG treatment. The company is also developing a diverse product pipeline targeting different market segments, including human antivenom and veterinary anti-infection drugs [3][4]. Market Position - According to Frost & Sullivan, the global human antiserum market is projected to grow from $321 million in 2019 to $409 million by 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach $821 million by 2028 and $2.095 billion by 2033, with respective CAGRs of 19.1% and 20.6% [6]. - Jiangxi Biological holds a market share of 65.8% in China and 36.6% globally for human TAT by 2024, with total sales of 25.4 million doses, including 13.2 million doses sold in China and 12.2 million doses exported [6]. Financial Performance - The company reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. Corresponding profits were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].