Jiangxi Bio launches $60 million IPO, warns of sharp profit decline this year
Human tetanus antitoxin (TAT) maker Jiangxi Institute of Biological Products Inc. (6915.HK) launched its Hong Kong IPO on Monday, offering 36.23 million shares for HK$13.06 each to raise HK$473 million ($60.25 million). Subscriptions for shares close on Thursday, with a trading debut set for next Tuesday.
Jiangxi Bio sold 29.9 million units of human TAT last year, including 13.5 million units in China and 16.4 million overseas. The company holds 65.8% of the Chinese market and 45.8% of the global market.
Jiangxi Bio’s revenue grew from 198 million yuan in 2023 to 235 million yuan in 2025, while its profit over the period rose from 55.5 million yuan to 94.8 million yuan.
But the company forecast a significant profit decline in 2026. It attributed the reversal to an increase in the value-added tax rate for human TAT from 3% to 13%, an additional cost the company had to absorb after adjusting its prices with distributors. Clinical R&D costs for its products also increased, as did distribution and sales expenses. Additionally, the company will also incur a major jump in administrative expenses this year tied to its listing.
By Lau Chi Hang
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