On 30 June 2026, China Merchants Securities International (“CMSI”), acting as Joint Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager, supported Jiangxi Institute of Biological Products Inc. (“Jiangxi Biological” or the “Company”; stock code: 6915.HK) in its successful listing on the Main Board of The Hong Kong Stock Exchange (the “HKEX”).
Jiangxi Institute of Biological Products Inc. launched a global offering of 36,234,500 H Shares (before over-allotment) at an issue price of HK$11.20 per share, raising approximately HK$405.8 million (before over-allotment) . High-quality cornerstone investor Wealth Strategy Holding Limited (“WSH”) participated in this offering with a subscription of HK$50 million. The Company's HKPO was oversubscribed by 476.6 times, and the international placing was also oversubscribed by 4.2 times, reflecting the capital market's recognition of the Company's value.
About Jiangxi Biological
Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and globally. By sales volume in 2025, the Company’s human TAT market share was 65.8% and 45.8% in China and worldwide respectively, and has maintained a market share of over 50% in China’s human TAT market for 19 consecutive years. In 2025, total human TAT sales reached 29.9 million units, with exports covering more than 30 countries and regions across Asia and Africa. The Company is one of the few antiserum companies in China and globally to achieve full-industry-chain integration, with end-to-end capabilities spanning the entire industry value chain — from animal farming and breeding, antigen development and testing, host animal immunization, immunized plasma collection to antibody purification and formulation, with a sales and distribution network covering more than 27,000 medical institutions worldwide. In addition to human TAT, the Company has built a synergistic portfolio of human and veterinary medicines, and has established a differentiated pipeline of candidate products covering human snake antivenom products, equine rabies immunoglobulin F(ab’)₂ and a range of veterinary anti-infective drugs, targeting growing market segments. The Company’s total revenue was RMB235 million in 2025, with profit for the year RMB94.79 million. Among these, human TAT sales revenue grew at a CAGR of 11.0% from 2023 to 2025.
About China Merchants Securities International
China Merchants Securities International Company Limited (“CMSI”) is a wholly-owned subsidiary established in Hong Kong, China, by China Merchants Securities Co., Ltd. (“China Merchants Securities”; stock code: 600999.SH / 6099.HK) under the century-old China Merchants group. It is the principal platform through which China Merchants Securities conducts its overseas business and an important bridge connecting China Merchants Securities to the international capital markets. China Merchants Securities (HK) Co., Limited, its Hong Kong licensed subsidiary, served as the sponsor for this listing project.
CMSI has established subsidiaries in Hong Kong, Seoul and other locations, and is dedicated to providing clients with comprehensive, integrated financial services, including securities and futures brokerage, corporate finance, securities sales and trading, asset management, private equity and over-the-counter derivatives.
Based in Hong Kong with a global outlook, CMSI will leverage the century-old “China Merchants” brand and the strong industrial network coverage and resource advantages that China Merchants has accumulated at home and abroad to create value through outstanding financial services, striving to become an international, modern securities firm with full industry-chain service capabilities.