On June 30, Jiangxi Biologics fell 17.86% in regular trading, trading at HKD 8.9/share, with turnover of HKD 106 million.

The company officially listed on the HKEX main board today at an issue price of HKD 11.2/share, breaking below issue price immediately at open with shares plunging over 33%. Despite the Hong Kong public offering receiving approximately 476.56x oversubscription, market concerns over single-product dependency — human tetanus antitoxin (TAT) accounting for 96.4% of revenue — new VAT policy impact on profit margins, and IPO profit-taking pressure collectively weighed on first-day performance. Grey market trading had already signaled weakness, with shares closing at HKD 10.54 on June 29, down 5.89% from issue price.

Jiangxi Biologics is the largest human tetanus antitoxin provider in both China and globally, commanding a 65.8% domestic market share by sales volume. The company operates a fully integrated antiserum platform spanning horse breeding, plasma collection, and pharmaceutical manufacturing, with products exported to over 30 countries and regions.

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