Biopharmaceutical firm JIANGXI BIO (06915) has concluded its public share subscription period, which ran from June 22 to June 25, 2026. Market data indicates the offering has attracted HK$10.4 billion in margin financing from brokerages. Based on a public offering tranche of HK$47.32 million, this represents an oversubscription of approximately 219 times.
The company plans a global offering of 36.2345 million H shares. The Hong Kong public offering portion accounts for about 10% of this total, which is subject to reallocation, with the international offering making up the remaining 90%, also subject to reallocation and the potential exercise of an over-allotment option.
The offer price is set between HK$9.33 and HK$13.06 per share, aiming to raise up to HK$470 million. Each board lot consists of 500 shares, requiring an initial investment of approximately HK$6,595.9. Trading on the Hong Kong Stock Exchange is expected to commence on June 30.
China International Capital Corporation and China Merchants Securities International are acting as the joint sponsors for the listing. The IPO has secured WSH Fuce Holdings as a cornerstone investor, committing HK$50 million. WSH is wholly owned by Gong Hongjia, Chairman of Zhongyuan Union Cell & Gene Engineering.
According to its prospectus, JIANGXI BIO is the largest provider and exporter of human Tetanus Antitoxin (TAT) in China, operating as a fully integrated anti-serum platform. Data from Frost & Sullivan confirms the company holds the top position in both the Chinese and global markets for human TAT supply. In 2024, its market share by sales volume was 65.8% domestically and 36.6% globally.
In 2025, the company's total sales of human TAT reached 29.9 million doses. Of this total, 13.5 million doses were sold in China, with 16.4 million doses exported to overseas markets.
The company has developed a synergistic product portfolio encompassing both human and veterinary medicines. Beyond human TAT, its existing pipeline includes veterinary Tetanus Antitoxin, Pregnant Mare Serum Gonadotropin (PMSG), and several hormonal drugs intended to supplement or support PMSG therapy. These products are slated for market launch following the completion of re-registration for marketing approval.
Furthermore, the company operates China's largest GMP-compliant facility for horse breeding and immune plasma collection, ensuring a stable supply of high-quality raw materials for its anti-serum and serum-derived products. It has also established in-house production facilities for both human and veterinary drugs to ensure scalability, quality control, and cost-effectiveness.
Financially, the company reported revenues of approximately RMB 198 million, RMB 221 million, and RMB 235 million for the years 2023, 2024, and 2025, respectively. Net profit for the same periods was RMB 55.481 million, RMB 75.14 million, and RMB 94.794 million.
JIANGXI BIO currently intends to allocate the net proceeds from the IPO as follows: 33.7% will be directed towards research and development of its candidate products; 31.4% will be used for the construction and expansion of new bases and production lines; 15.7% is earmarked for upgrading and optimizing the company's technology and processes; 10.3% will be utilized to strengthen sales and marketing capabilities; and the remaining 8.8% will serve as general working capital and for general corporate purposes.