New stock news | Jiangxi Bioscience submits documents to Hong Kong Stock Exchange as China's largest provider and exporter of human tetanus antitoxin.

According to the disclosure by the Hong Kong Stock Exchange on May 4, Jiangxi Bio-products Research Institute Co., Ltd. (referred to as Jiangxi Bio) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and CMSC International as joint sponsors. It is reported that Jiangxi Bio had previously submitted listing applications to the Hong Kong Stock Exchange on October 26, 2025, and April 11, 2025. Company Profile The prospectus shows that Jiangxi Bio is the largest provider and exporter of human tetanus antitoxin (TAT) in China, and also is a fully integrated anti-serum platform company. According to data from Frost & Sullivan, the company is the largest provider of human TAT in China and globally, with market shares of 65.8% and 36.6% in terms of sales volume in 2024. In 2025, the company's total sales of human TAT were 29.9 million doses, with 13.5 million doses sold in China and 16.4 million doses exported to overseas markets. In addition to human TAT, the company has established a synergistic product portfolio for human and veterinary medicines. Apart from human TAT, the company's existing products include veterinary tetanus antitoxin, pregnant mare serum gonadotropin (PMSG), and several hormone drugs used to supplement or support PMSG therapy, which will be launched in the market after obtaining re-registration approval. Furthermore, the company has the largest horse breeding and immune plasma collection facility in China operating under GMP standards, ensuring a stable supply of high-quality raw materials for anti-serum and serum-derived products. The company has established internal production facilities for human and veterinary drugs to ensure scalability, quality, and cost-effectiveness. Financial Information Revenue The company recorded revenues of approximately RMB 198 million, RMB 221 million, and RMB 235 million respectively for the years 2023, 2024, and 2025. Net Profit The company recorded a net profit of RMB 55.48 million, RMB 75.14 million, and RMB 94.79 million respectively for the years 2023, 2024, and 2025. Gross Profit The company recorded gross profits of approximately RMB 13.4 million, RMB 15.5 million, and RMB 18.1 million respectively for the years 2023, 2024, and 2025. Industry Overview The global market for tetanus passive immunization products grew from USD 2.34 billion in 2019 to USD 2.94 billion in 2024, with a compound annual growth rate of 4.7%. It is expected to continue growing to USD 4.84 billion in 2028 and USD 7.94 billion in 2033, with compound annual growth rates of 13.3% and 10.4% from 2024 to 2028 and 2028 to 2033 respectively. The Chinese market for tetanus passive immunization products grew from USD 1.57 billion in 2019 to USD 2.05 billion in 2024, with a compound annual growth rate of 5.6%. It is expected to grow to USD 2.43 billion in 2028 and USD 2.6 billion in 2033, with compound annual growth rates of 4.3% and 1.3% from 2024 to 2028 and 2028 to 2033 respectively. Tetanus antitoxin is the most widely used product in the field of tetanus passive immunization. In China, tetanus antitoxin accounts for approximately 60% of the clinical demand for tetanus passive immunization products nationwide, with an annual consumption exceeding 20 million doses. The advantages of tetanus antitoxin are its quick effectiveness, large production scale, and significant cost advantages. The price of tetanus antitoxin is about ten times lower than that of tetanus immune globulin (HTIG), making it the preferred choice for cost-sensitive markets. Therefore, tetanus antitoxin also has huge market opportunities in Southeast Asia, Africa, and Latin America. Due to its advantages, the global market for tetanus antitoxin grew significantly from 2019 to 2024 and is expected to continue growing until 2033. Board of Directors and Executive Information The company's board of directors currently consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The board of directors serves a term of three years, is eligible for reelection and reelection, and is responsible for managing and conducting the company's business and has general authority in this regard. Ownership Structure As of the latest feasible date, Ms. Jing, an executive director and chairman of the company, holds approximately 76.64% of the voting rights through: (i) 4,875,000 shares held by Hainan Zhizheng (a limited company established under Chinese law and owned 99% by Ms. Jing) and (ii) 203,687,250 shares held by Qianhai Tianzheng (a limited company established under Chinese law and wholly owned by Hainan Zhizheng). Therefore, Ms. Jing, Hainan Zhizheng, and Qianhai Tianzheng constitute a group of controlling shareholders of the company under the listing rules. Intermediary Team Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited Company Legal Advisor: Relevant Hong Kong and U.S. law: Mei & Mark LLP; Relevant Chinese law: K & D Law Firm Beijing Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultant: Frost & Sullivan (Shanghai Office) Compliance Advisor: Baihui Capital Limited