List Announcement | Frost & Sullivan Supports Jiangxi Biological Products Research Institute Co., Ltd. in Successfully Listing in Hong Kong (6915.HK)

Frost & Sullivan Frost & Sullivan China offered 36,234,500 H shares in its global offering, including 3,623,500 shares for sale in Hong Kong and 32,611,000 shares for international sales. The issue price was HK$11.20 per share, resulting in a total fundraising amount of HK$406 million.

During the Hong Kong listing process, Frost & Sullivan performed the following tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in writing important sections of the prospectus such as overview, competitive advantages and strategy, industry overview, and business, helping the issuer communicate with the Stock Exchange and investors, and assisting the issuer in responding to various questions from the Stock Exchange regarding the industry.

Frost & Sullivan has always been a leader in helping companies list on the Hong Kong stock market. According to LiveReport Big Data (data as of June 30, 2026), over the past 36 months and 12 months, and from January to June 2026, Frost & Sullivan provided listing industry consulting services for 212 (market share: 69%), 111 (market share: 71%), and 58 (market share: 69%) Hong Kong IPO companies, ranking first in number and possessing rich industry experience and communication skills with regulatory authorities, exchanges, investment institutions, and related organizations.

The company is the largest provider and exporter of human TAT in China. The company has maintained a leading position in the human TAT market for a long time, with a market share of over 50% for 19 consecutive years. Human TAT is exported to more than 30 countries and regions in Asia and Africa, accounting for nearly 100% of the export volume of human TAT.

The company has established a coordinated product portfolio for human drugs and veterinary drugs. In addition to human TAT, the company’s products also include veterinary tetanus antitoxin and pregnant horse serum gonadotropin (PMSG), as well as antivenom against viper venom, antivenom against five-step snake venom, and horse rabies immunoglobulin F(ab')₂and various veterinary anti-infective drugs.

The company has full industrial chain capabilities covering animal breeding, antigen development and testing, host animal immunization, immune plasma collection, antibody purification, and formulation production. It is one of the few companies in China and the world that integrates the entire industrial chain of antiserum.

The company has the largest horse breeding and immune plasma collection facility in China operating under GMP standards, and has established a global sales and distribution network. Its products are available in more than 27,000 medical institutions, including more than 1,700 tertiary medical institutions.

According to Frost & Sullivan report, based on 2025 sales volume, the company:

is the largest provider of human TAT in China and the world, with market shares of 65.8% and 45.8%, respectively.

is the largest exporter of human TAT in China, exporting to more than 30 countries and regions in Asia and Africa, accounting for nearly 100% of the export volume of human TAT.

is the largest provider of human TAT in the Philippines and Egypt, with a market share of approximately 90%.

Tetanus is a serious infectious disease caused by the toxin produced by Clostridium tetani, commonly seen in injuries, contaminated wounds, animal bites, burns, surgeries, and other high-risk wound scenarios. Since the tetanus toxin can rapidly progress the condition once it affects the nervous system, timely passive immunization intervention after high-risk exposure is clinically significant. Tetanus passive immunization products mainly include human tetanus antitoxin and human tetanus immunoglobulin. Among them, human TAT remains an important tetanus passive immunization product in China and some overseas markets due to its clear efficacy, relatively affordable price, and long usage history.

The global tetanus passive immunization market size increased from $222.5 million in 2020 to $325.4 million in 2025, and is expected to reach $1,058.6 million in 2035. The Chinese tetanus passive immunization market size increased from $162.0 million in 2020 to $224.4 million in 2025, and is expected to reach $344.0 million in 2035.

In the human TAT segment, the global human TAT market size increased from $60.1 million in 2020 to $95.1 million in 2025, and is expected to reach $439.5 million in 2035. The Chinese human TAT market size increased from $21.8 million in 2020 to $34.4 million in 2025, with a year-on-year compound growth rate of 9.5% from 2020 to 2025, and is expected to reach $61.2 million in 2035. In the future, with the standardization of trauma treatment, higher requirements for emergency medicine allocation in grassroots medical institutions, and increased demand for affordable tetanus passive immunization products in some overseas markets, the human TAT market will maintain stable demand.

Snake bite poisoning is one of the major public health issues worldwide, especially in warm regions such as Southeast Asia, sub-Saharan Africa, Latin America, and south of the Yangtze River in China. Snake bite poisoning can cause severe local tissue damage, bleeding, coagulation disorders, neurological reactions, kidney failure, and even amputation, permanent disability, or death. Due to the short treatment window for snake bite poisoning, antivenom remains one of the key treatments for preventing or reversing snake venom effects.

In 2025, there were 2.7 million cases of snake bite poisoning globally and 280,000 cases in China. The global antivenom market size increased from $167.1 million in 2020 to $234.1 million in 2025, with a year-on-year compound growth rate of 7.0%; it is expected to reach $539.9 million in 2030 and further increase to $853.5 million in 2035, with annual compound growth rates of 18.2% and 9.6%, respectively, from 2025 to 2030 and from 2030 to 2035.

The Chinese antivenom market size increased from $16.3 million in 2020 to $23.4 million in 2025, with a year-on-year compound growth rate of 7.5%; it is expected to reach $100.0 million in 2030 and further increase to $190.4 million in 2035, with annual compound growth rates of 33.7% and 13.8%, respectively, from 2025 to 2030 and from 2030 to 2035.

Currently, there is still a significant supply-demand gap in the Chinese antivenom market. Based on the treatment dosage of four to six penicillin vials per patient recommended by the World Health Organization, the overall market demand in China is approximately 1.2 to 1.8 million penicillin vials, with a market gap of more than 1 million penicillin vials. At the same time, there are many species of snakes in China, with significant differences among regions, and the current range of antivenom varieties is limited, resulting in insufficient product availability, limited reserves at grassroots levels, and high difficulty in identifying snake species in some areas.

The veterinary drug market covers various application scenarios such as animal disease prevention, treatment, immune regulation, breeding management, and production performance improvement. As global animal husbandry becomes more scaled and intensive, the importance of animal disease prevention and control, food safety, breeding efficiency, and animal welfare continues to rise, leading to continuous growth in the demand for veterinary drugs. Meanwhile, antibiotic resistance issues drive the industry to focus more on precise treatment, immune regulation, and non-antibiotic products, providing new growth opportunities for veterinary biological products and veterinary anti-infective preparations.

The global veterinary drug market size increased from $42.8 billion in 2020 to $53.8 billion in 2025, with a year-on-year compound growth rate of 4.7%; it is expected to reach $821 billion in 2030 and $1,281 billion in 2035. The Chinese veterinary drug market size increased from $9 billion in 2020 to $10.9 billion in 2025, with a year-on-year compound growth rate of 4.0%; it is expected to reach $162 billion in 2030 and $238 billion in 2035.

The continuous expansion of the animal breeding base in China provides a stable demand foundation for the veterinary drug market. In the pet sector, from 2020 to 2025, the number of pet cats and dogs in China increased from approximately 100.8 million to 126.3 million, with 72.9 million pet cats and 53.4 million pet dogs in 2025. With the increase in the number of pets, improved awareness of pet owners' health management, and upgraded pet medical consumption, the demand for pet vaccines, anti-infective drugs, immune regulation products, and other therapeutic products is expected to continue growing.

Veterinary anti-infective preparations, including antiserum and immune regulators, can address various veterinary challenges through targeted immune regulation and rapid treatment effects. They are valuable in treating viral and bacterial infections, immune regulation, and reducing antibiotic dependence. Compared to traditional antibiotic products, some veterinary biological products emphasize specificity, immediate efficacy, and immune regulation, aligning with the industry’s shift toward precise prevention and green breeding.

In specific markets, veterinary tetanus antitoxin is mainly used for preventing and treating animal tetanus infections, especially in cases of injuries, surgeries, and other high infection risks. According to Frost & Sullivan report, the veterinary tetanus antitoxin market size is expected to grow from $2.3 million in China and $37.3 million globally in 2025 to $35.2 million in China and $136.7 million globally in 2035. PMSG, a glycoprotein hormone extracted from pregnant horse serum, is widely used to promote livestock reproduction and breeding management. The global veterinary PMSG market size is expected to grow from $265.9 million in 2025 to $335.6 million in 2030 and $405.3 million in 2035; the Chinese veterinary PMSG market size is expected to grow from $75.7 million in 2025 to $104.5 million in 2030 and $146.2 million in 2035.

Demand for tetanus passive immunization products continues to benefit from immediate protection needs after injury exposure. Tetanus infection is acute, rapidly progressive, and potentially fatal, so timely neutralization of toxins after exposure remains clinically significant. Since active immunity usually takes time to produce sufficient antibodies, and adult populations may have incomplete vaccination history, insufficient booster immunizations, or unclear vaccination status, passive immune products such as human TAT remain an important supplement in high-risk wound, emergency trauma, and grassroots medical settings.

With its affordability, mature usage, and large-scale supply capacity, human TAT is expected to maintain an important position in the tetanus passive immunization market. Human TAT is one of the widely used tetanus passive immunization products, featuring proven efficacy, relatively affordable prices, and large-scale production capabilities, making it particularly suitable for markets with limited medical resources, price sensitivity, or high tetanus prevention needs. As post-injury prevention procedures become standardized and emergency medicine allocation improves at grassroots levels, the demand for human TAT is expected to remain stable.

Process optimization and policy support will drive the development of tetanus passive immunization products towards safety, stability, and accessibility. With continuous improvement in purification, virus removal/inactivation, formulation packaging, and quality control technologies, the safety, stability, and transport convenience of tetanus antitoxin products are expected to improve, better meeting the needs of grassroots medical and remote areas. At the same time, policies such as infectious disease prevention and control, emergency medicine supply, and standardized post-injury prevention plans will continue to support the foundational role of these products in clinical systems.

The core logic behind the growth of the antivenom market lies in the gap between snakebite treatment needs and effective treatment accessibility. Snakebite poisoning remains a significant public health issue in tropical, subtropical, and rural areas, and antivenom is a key drug for treating snakebite poisoning. Currently, some regions still face issues such as insufficient product reserves, limited accessibility at grassroots levels, and patients unable to receive timely treatment. With the development of snakebite treatment systems, improved emergency response capabilities, and better antivenom supply, the antivenom market is expected to continue expanding.

Polyvalent or multivalent antivenom is expected to be an important direction for upgrading antivenom products. Due to significant differences in snake species across regions, and the fact that patients or doctors may not be able to accurately identify the snake species promptly in actual emergency scenarios, single-variety antivenom has limitations in some situations. Polyvalent or multivalent antivenom can neutralize multiple snake venoms, reducing the need for accurate identification before treatment, thereby improving emergency response efficiency and product coverage.

The expansion of the animal husbandry and pet industries provides a continuous growth foundation for the veterinary drug market. As residents' disposable income increases, demand for animal-derived foods such as meat, eggs, and milk grows, and large-scale animal husbandry develops, the demand for disease prevention and control, breeding management, immune enhancement, and production performance improvement continues to rise. At the same time, the continuous increase in the number of pet cats and dogs in China, along with improved pet owners' awareness of disease prevention, diagnosis, and health management, drives the demand for pet medications and animal health products.

The reduction in antibiotics, technological innovation, and regulatory upgrades are driving the veterinary industry toward high-quality development. Antibiotic resistance issues encourage the industry to focus more on rational use, precise prevention and control, and non-antibiotic alternatives, enhancing the value of veterinary serums, immune regulators, and other biological products. At the same time, new versions of veterinary GMP standards and reduced use of veterinary antibiotics raise the requirements for industry entry and quality management, helping veterinary enterprises improve production standards, accelerate industry integration, and promote safer, more efficient veterinary biological products.

Non-mandatory immunization products and breeding management products are expected to gain more applications with the refinement of animal husbandry. As large-scale animal husbandry entities require higher standards for animal health management, breeding management, and production efficiency, products such as veterinary tetanus antitoxin, immune regulator products, and PMSG will have more application scenarios. These products can complement traditional disease prevention and treatment systems, providing more flexible solutions in animal trauma protection, immune enhancement, breeding management, and production performance improvement.