IPO News | Jiangxi Biotech once again submitted the Hong Kong Stock Exchange as the largest human TAT provider in China and the world

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on October 26, Jiangxi Biological Products Research Institute Co., Ltd. (hereinafter referred to as Jiangxi Biotech) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as co-sponsors. The company submitted a listing application to the Hong Kong Stock Exchange on April 11, 2025.

According to the prospectus, Jiangxi Biotech is the largest provider and exporter of human tetanus antitoxin (“human TAT”) in China, as well as an antiserum platform that runs through the entire industry chain. Tetanus antitoxin is an antiserum that provides immediate protection and treatment for tetanus infections by neutralizing toxins produced by Clostridium tetanus (the bacteria that causes tetanus). The company's sales and distribution network is spread all over the world, including a complete distribution network covering the provincial, municipal and county levels in China. The network ensures broad market coverage and efficient delivery of products to more than 23,500 medical institutions, including more than 1,500 tertiary medical institutions.

According to data, Jiangxi Biotech has established a collaborative product portfolio for human medicine and veterinary medicine. In addition to TAT for human use, the company's current products include veterinary tetanus antitoxins, pregnant horse serum gonadotropin (“PMSG”), and several hormonal drugs used to supplement or support PMSG treatment. These products will be put on the market after completing the re-registration approved for marketing. The company has also established a diverse product pipeline for different market segments, including rich human anti-snake venom serum, equine rabies immunoglobulin F (ab'), and 2 types of veterinary anti-infective drugs.

According to Frost & Sullivan, the global human antiserum market increased from US$321 million in 2019 to US$409 million in 2024, with a compound annual growth rate of 4.9%. It is expected to continue to increase to US$821 million by 2028 and US$2,095 billion in 2033. The compound annual growth rates from 2024 to 2028 and 2028 to 2033 are 19.1% and 20.6%, respectively.

According to Frost & Sullivan, Jiangxi Biotech is the largest provider of TAT for human use in China and the world, with market shares of 65.8% and 36.6% respectively based on 2024 sales volume. In 2024, the company's total sales volume of human TAT was 25.4 million, of which 13.2 million were sold in China and 12.2 million were exported to overseas markets.

Jiangxi Biotech is also the largest human TAT provider in China in terms of revenue in 2024, with a market share of 66.8%, according to Frost & Sullivan. According to Frost & Sullivan, the company has always dominated the Chinese TAT market, maintaining a market share of more than 50% for 18 consecutive years. During the record period, it exported human TAT to more than 30 countries and regions in Asia and Africa, accounting for nearly 100% of China's exports. According to Frost & Sullivan, according to 2024 sales volume, the company is the largest human TAT provider in the Philippines and Egypt, respectively, with a market share of about 90%.

On the financial side, in 2022, 2023 and 2024, Jiangxi Biotech achieved revenue of approximately RMB 142 million, RMB 198 million and RMB 221 million respectively; profit for the period was approximately RMB 264.68 million, RMB 554.81 million and RMB 75.14 million, respectively.