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wrote a column · Jun 30 08:22

IPO Pricing | Jiangxi Biology listed today, receiving over 470x subscription, priced at HK$11.2 per share, with a 2% allotment rate for one lot.

Futu News, June 30:$JIANGXI BIO (06915.HK)$Allotment results announced: priced at HK$11.2 per share, with a total of 36,234,500 shares issued, board lot size of 500 shares, officially listed today.
During the public offering phase, Jiangxi Biology received 476.56x subscription. The final number of shares allocated to the public offering was 3,623,500 shares, representing approximately 10% of the total offering. A total of approximately 78,433 valid applications were received, with about 5,152 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 2% of the total shares applied for.
Additionally, during the international placement phase, Jiangxi Biology received 4.25x subscription. The final number of shares allocated to the international offering was 32,611,000 shares, representing 90% of the total offering. Futu has compiled the relevant data in the table below:
Futu News, June 30:$JIANGXI BIO (06915.HK)$Allotment results announced: priced at HK$11.2 per share, with a total of 36,234,500 shares issued, board lot size of 500 shares, officially listed today. During the public offering phase, Jiangxi Biology received 476.56x subscription. The final number of shares allocated to the public offering was 3,623,500 shares, representing approximately 10% of the total offering. A total of approximately 78,433 valid applications were received, with about 5,152 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 2% of the total shares applied for. Additionally, during the international placement phase, Jiangxi Biology received 4.25x subscription. The final number of shares allocated to the international offering was 32,611,000 shares, representing 90% of the total offering. Futu has compiled the relevant data in the table below: Company Overview Jiangxi Biological is one of the few globally integrated antiserum companies, serving as the world’s largest provider of human tetanus antitoxin (TAT) and China’s largest exporter of human TAT. According to Frost & Sullivan, based on projected 2025 sales volume, the company holds 65.8% of the Chinese market and 45.8% of the global market for human TAT. It has maintained a dominant position in China’s human TAT market for 19 consecutive years, with a market share consistently above 50%. Its products are exported to over 30 countries and regions across Asia and Africa, accounting for nearly 100% of China’s total human TAT exports. The company is a global...
Futu News, June 30:$JIANGXI BIO (06915.HK)$Allotment results announced: priced at HK$11.2 per share, with a total of 36,234,500 shares issued, board lot size of 500 shares, officially listed today. During the public offering phase, Jiangxi Biology received 476.56x subscription. The final number of shares allocated to the public offering was 3,623,500 shares, representing approximately 10% of the total offering. A total of approximately 78,433 valid applications were received, with about 5,152 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 2% of the total shares applied for. Additionally, during the international placement phase, Jiangxi Biology received 4.25x subscription. The final number of shares allocated to the international offering was 32,611,000 shares, representing 90% of the total offering. Futu has compiled the relevant data in the table below: Company Overview Jiangxi Biological is one of the few globally integrated antiserum companies, serving as the world’s largest provider of human tetanus antitoxin (TAT) and China’s largest exporter of human TAT. According to Frost & Sullivan, based on projected 2025 sales volume, the company holds 65.8% of the Chinese market and 45.8% of the global market for human TAT. It has maintained a dominant position in China’s human TAT market for 19 consecutive years, with a market share consistently above 50%. Its products are exported to over 30 countries and regions across Asia and Africa, accounting for nearly 100% of China’s total human TAT exports. The company is a global...
Company Overview
Jiangxi Biological is one of the few globally integrated antiserum companies, serving as the world’s largest provider of human tetanus antitoxin (TAT) and China’s largest exporter of human TAT. According to Frost & Sullivan, based on projected 2025 sales volume, the company holds 65.8% of the Chinese market and 45.8% of the global market for human TAT. It has maintained a dominant position in China’s human TAT market for 19 consecutive years, with a market share consistently above 50%. Its products are exported to over 30 countries and regions across Asia and Africa, accounting for nearly 100% of China’s total human TAT exports.
The company is among the few globally integrated antiserum enterprises, possessing end-to-end capabilities spanning animal husbandry, antigen development and testing, host animal immunization, immune plasma collection, antibody purification, and formulation. It has established a synergistic portfolio of human and veterinary pharmaceuticals, featuring a diversified pipeline tailored to different market segments, including human antivenom, equine rabies immunoglobulin F(ab’)2, and various veterinary anti-infective drugs.
The company is the only global firm using recombinant proteins, mRNA, and serum-free antigens to develop antiserum products, positioning it at the forefront of quality enhancement and technological advancement in the industry. Leveraging significant technical barriers and its fully integrated supply chain advantage, Jiangxi Biological aims to build a robust antiserum platform addressing critical unmet medical needs in biotoxin neutralization and infectious disease treatment.
Financial Summary
The company's total revenue increased from RMB 198 million in 2023 to RMB 235 million in 2025. The company's profit for the year also rose significantly from RMB 55.5 million in 2023 to RMB 94.8 million in 2025. Gross profit was RMB 134 million, RMB 155 million, and RMB 180 million in 2023, 2024, and 2025, respectively, with corresponding gross profit margins of 67.8%, 70.3%, and 76.8%.
Futu News, June 30:$JIANGXI BIO (06915.HK)$Allotment results announced: priced at HK$11.2 per share, with a total of 36,234,500 shares issued, board lot size of 500 shares, officially listed today. During the public offering phase, Jiangxi Biology received 476.56x subscription. The final number of shares allocated to the public offering was 3,623,500 shares, representing approximately 10% of the total offering. A total of approximately 78,433 valid applications were received, with about 5,152 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 2% of the total shares applied for. Additionally, during the international placement phase, Jiangxi Biology received 4.25x subscription. The final number of shares allocated to the international offering was 32,611,000 shares, representing 90% of the total offering. Futu has compiled the relevant data in the table below: Company Overview Jiangxi Biological is one of the few globally integrated antiserum companies, serving as the world’s largest provider of human tetanus antitoxin (TAT) and China’s largest exporter of human TAT. According to Frost & Sullivan, based on projected 2025 sales volume, the company holds 65.8% of the Chinese market and 45.8% of the global market for human TAT. It has maintained a dominant position in China’s human TAT market for 19 consecutive years, with a market share consistently above 50%. Its products are exported to over 30 countries and regions across Asia and Africa, accounting for nearly 100% of China’s total human TAT exports. The company is a global...
Use of Proceeds
Regarding the use of proceeds, Jiangxi Biology expects net proceeds from the global offering to be approximately HK$339 million (calculated based on the mid-point offer price of HK$11.2). According to the prospectus, Jiangxi Biology intends to allocate the proceeds from the global offering to the following purposes:
Approximately 33.7% of the net proceeds will be used for the research and development of the company’s pipeline products; approximately 31.4% will be allocated to the construction and expansion of new facilities and production lines; approximately 15.7% will be used to upgrade and optimize the company’s technologies and processes; approximately 10.3% will be dedicated to enhancing the company’s sales and marketing capabilities; and approximately 8.8% will be used for general working capital and general corporate purposes.
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Futu News, June 30:$JIANGXI BIO (06915.HK)$Allotment results announced: priced at HK$11.2 per share, with a total of 36,234,500 shares issued, board lot size of 500 shares, officially listed today. During the public offering phase, Jiangxi Biology received 476.56x subscription. The final number of shares allocated to the public offering was 3,623,500 shares, representing approximately 10% of the total offering. A total of approximately 78,433 valid applications were received, with about 5,152 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment was 2% of the total shares applied for. Additionally, during the international placement phase, Jiangxi Biology received 4.25x subscription. The final number of shares allocated to the international offering was 32,611,000 shares, representing 90% of the total offering. Futu has compiled the relevant data in the table below: Company Overview Jiangxi Biological is one of the few globally integrated antiserum companies, serving as the world’s largest provider of human tetanus antitoxin (TAT) and China’s largest exporter of human TAT. According to Frost & Sullivan, based on projected 2025 sales volume, the company holds 65.8% of the Chinese market and 45.8% of the global market for human TAT. It has maintained a dominant position in China’s human TAT market for 19 consecutive years, with a market share consistently above 50%. Its products are exported to over 30 countries and regions across Asia and Africa, accounting for nearly 100% of China’s total human TAT exports. The company is a global...
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Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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