New Stock News | Chengdu Olymvax Biopharmaceuticals Inc(688319.SH) submitted a secondary listing application to the Hong Kong Stock Exchange with three commercially available products.

According to the disclosure of the Hong Kong Stock Exchange on June 30th, Chengdu Olymvax Biopharmaceuticals Inc (referred to as Chengdu Olymvax Biopharmaceuticals Inc, 688319.SH) submitted an application for listing on the main board of the Hong Kong Stock Exchange for the second time, with Edmond de Rothschild being the exclusive sponsor. Since its establishment, Chengdu Olymvax Biopharmaceuticals Inc has built a comprehensive production and quality management system, and established a vast sales network covering 30 provinces, municipalities, and autonomous regions in China. As of the latest practicable date, the company has three commercially available products, all of which are category 2 vaccines: adsorbed tetanus vaccine, Hib conjugate vaccine, and AC conjugate vaccine. Company Introduction The prospectus shows that Chengdu Olymvax Biopharmaceuticals Inc is a biopharmaceutical company dedicated to the research, development, production, and commercialization of innovative vaccines. The company has established a systematic product development framework, focusing on key research areas, and managing research and development projects at different stages of development. The company's strategic focus is on two core areas: "superbug vaccines" and "adult vaccines." Unlike many biotechnology companies that have not yet generated revenue, Chengdu Olymvax Biopharmaceuticals Inc has three commercially available products: adsorbed tetanus vaccine, Hib conjugate vaccine, and A+C meningococcal polysaccharide conjugate vaccine. With the company's commercialization capabilities, the company's adsorbed tetanus vaccine has maintained a leading market position in China during the reporting period. According to a consulting report, based on revenue, the company's adsorbed tetanus vaccine is expected to rank first in the Chinese adsorbed tetanus vaccine market by 2025, accounting for approximately 98.8% of the market share. According to the same report, based on revenue, the adsorbed tetanus vaccine market is expected to account for approximately 1.0% of the overall vaccine market in China by 2025. The company's adsorbed tetanus vaccine is mainly used for post-exposure prevention in trauma patients of all ages, and pre-exposure immunization in high-risk populations such as pregnant women to prevent maternal and neonatal tetanus. The company is the first private enterprise in China to produce and sell adsorbed tetanus vaccine. Since its commercial launch in 2017, the company's adsorbed tetanus vaccine has become a cornerstone product and established a leading position in the Chinese market. The company's AC conjugate vaccine is suitable for active immunization of infants aged 3 months to 5 years to prevent epidemic meningitis caused by Group A and C Neisseria meningitidis. Historically, these two serogroups have been the main pathogens causing meningococcal disease in China. The company's Hib conjugate vaccine is a polysaccharide conjugate vaccine used to prevent invasive diseases caused by Haemophilus influenzae type b. This bacterium is the main pathogen causing bacterial meningitis, pneumonia, and sepsis, especially in infants and young children. The vaccine is suitable for active immunization of infants aged three months to five years. In addition, Chengdu Olymvax Biopharmaceuticals Inc is actively exploring the development of "superbug" combination vaccines that target different bacterial strains to achieve broad protection against multidrug-resistant infections. Given the lack of similar commercial products targeting these superbugs on a global scale, the company expects its candidate superbug vaccines to have broad market prospects. The overall business development strategy also includes plans to evaluate potential cooperation opportunities in overseas markets and external licensing opportunities. The company's candidate superbug vaccines include rFSAV, rHPV, rFPAV, rABV, and GAS vaccines. Financial Information Revenue For the years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 494 million, RMB 586 million, and RMB 700 million respectively. Gross Profit and Gross Margin For the years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 460 million, RMB 551 million, and RMB 646 million, with corresponding gross profit margins of 93.1%, 94.0%, and 92.2% respectively. Annual Profit and Comprehensive Income For the years 2023, 2024, and 2025, the company recorded annual profits and comprehensive income totals of RMB 11.442 million, RMB 15.719 million, and RMB 21.9 million respectively. Industry Outlook The global vaccine market plays a crucial role in public health by preventing infectious diseases and reducing the burden on healthcare. The value of vaccines lies not only in individual protection but also in benefiting the entire community and enhancing economic productivity. In terms of sales revenue, the global vaccine market size (excluding the COVID-19 vaccine) is expected to grow from USD 529 billion in 2019 to USD 733 billion in 2025, with a compound annual growth rate of 5.6%. Driven by the emergence of innovative vaccines, increased awareness of vaccination, and growth in developing country markets, the global vaccine market size is expected to reach USD 139.8 billion by 2035, with a compound annual growth rate of 6.7% from 2025 to 2035. China is one of the largest and fastest-growing vaccine markets in the world, benefiting from favorable government policies, technological innovation, and increasing public health awareness. In terms of sales revenue, the size of the Chinese vaccine market (excluding the COVID-19 vaccine) is expected to increase from RMB 42.5 billion in 2019 to RMB 101.5 billion in 2025, with a compound annual growth rate of 15.6%. It is projected to further increase to RMB 354.7 billion by 2035, with a compound annual growth rate of 13.3% from 2025 to 2035. The Chinese tetanus vaccine market has experienced rapid growth in recent years. The market size is expected to increase from RMB 200 million in 2019 to RMB 1 billion in 2025, with a compound annual growth rate of 35.9%. Driven by an aging population and expanding applications, the market size is expected to further increase to RMB 3.1 billion by 2035, with a compound annual growth rate of 12.5% from 2025 to 2035. The Chinese Hib vaccine market showed negative growth from 2019 to 2025, mainly due to a decrease in the annual total number of Hib vaccines issued, particularly those produced by Beijing Zhifei Green Bo Biopharmaceutical Co., Ltd., Yunnan Walvax Biotechnology Co., Ltd., and Beijing Minhai Biotechnology Co., Ltd. However, driven by the trend of pediatric combined vaccines containing Hib components and increasing consumer willingness to pay, the total number of Hib vaccines issued is expected to grow from 2025 to 2030. The market also showed positive growth trends from 2022 to 2024. With relatively stable prices, the size of the Chinese Hib vaccine market is expected to maintain a positive growth trend from 2025 to 2030. The market is projected to increase from RMB 200 million in 2025 to RMB 2.3 billion in 2035, with a compound annual growth rate of 26.2% from 2025 to 2035. The Chinese meningococcal vaccine market shows a stable growth trend. The market size is expected to increase from RMB 2.6 billion in 2019 to RMB 5.8 billion in 2025, with a compound annual growth rate of 0.4%. By 2035, the market size is expected to reach RMB 5.8 billion, with a compound annual growth rate of 8.2% from 2025 to 2035. Board of Directors Information The Board of Directors is responsible for and has general authority over the management and operation of the company's business. The Board of Directors consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. In accordance with the articles of association, directors are elected and appointed by shareholders at the general meeting, with each term lasting three years. Equity Structure As of the latest practicable date, Shanghai Wushan, Mr. Fan Shaowen, and Dr. Fan Fanbo directly hold 60,216,322 shares, 15,638,795 shares, and 30,546,020 shares of A shares respectively, accounting for approximately 14.84%, 3.85%, and 7.53% of the company's issued share capital respectively. At the same time, Mr. Fan Shaowen holds approximately 47.22% of the equity in Shanghai Wushan, and Dr. Fan Fanbo, the daughter of Mr. Fan Shaowen, holds approximately 6.78% of the equity in Shanghai Wushan. On August 17, 2020, Mr. Fan Shaowen and Dr. Fan Fanbo entered into a concerted action agreement, under which (i) based on the father-daughter relationship between Mr. Fan Shaowen and Dr. Fan Fanbo since Dr. Fan Fanbo became a shareholder of the company on April 29, 2015, they constitute a concerted action; (ii) they agree to continue to maintain concerted action on the company's operations and development matters. Therefore, Shanghai Wushan, Mr. Fan Shaowen, and Dr. Fan Fanbo are considered the single largest shareholder group of the company. As the single largest shareholder group, they have the right to exercise the voting rights attached to 106,401,137 A shares, accounting for approximately 26.22% of the total issued share capital of the company as of the latest practicable date. As of the latest practicable date, (i) Taichang Group; (ii) Mr. Hu Cheng, a former director in the last 12 months; and (iii) Ms. Chen Aimin, an executive director, each hold approximately 6.38%, 1.64%, and 0.14% of the company's equity respectively. Taichang Group is owned by (i) non-executive director Mr. Zhang Pengfei, who holds approximately 54.00% equity; and (ii) independent third party Mr. Zhang Hongjing, who holds approximately 46.00% equity. As of the latest practicable date, (i) senior management member Mr. Wu Wei; and (ii) senior management member Mr. Tan Yong, each hold approximately 0.14% and 0.10% of the company's shares respectively. Intermediary Team Exclusive Sponsor: CITIC SECURITIES (HONG KONG) LIMITED Company Legal Counsel: For Hong Kong laws: Morgan, Lewis & Bockius LLP; For Chinese laws: Zhong Lun Law Firm; For Chinese intellectual property laws: Jingtian & Gongcheng Law Firm; For Chinese data compliance laws: Hankun Law Firm; For US sanctions laws: Morgan, Lewis & Bockius LLP Exclusive Sponsor Legal Counsel: For Hong Kong laws: Atinav Law Firm; For Chinese laws: King & Wood Mallesons Auditors and Reporting Accountants: KPMG Certified Public Accountants Independent Industry Consultant: Insight Industry Consulting Co., Ltd. Compliance Consultant: Tongren Financing Co., Ltd.