Jiangxi Biologics has passed the HKEX IPO hearing; the Hong Kong stock market’s pharmaceutical sector will gain a new ‘antiserum’ option.

Antisera are biological products containing specific antibodies or F(ab')2 fragments of immunoglobulins. They offer multi-target protection against diverse pathogens, providing immediate passive immunity with rapid neutralization capabilities and resistance to immune escape.

Antisera are vital for emergency treatments involving fast-progressing conditions with narrow treatment windows and high mortality risks, including tetanus, snakebite envenomation, and high-risk rabies exposure. Additionally, given the frequent outbreaks of zoonotic and rare infections, constant mutation of highly contagious viruses like influenza, and emergence of drug-resistant strains such as MRSA, existing therapies fall short in addressing clinical needs—making antisera a critical solution.

Currently, antiserum products including TAT have been included in China’s National Medical Insurance Catalogue, Essential Medicines List, and Emergency Drug List. The World Health Organization also emphasizes their necessity in treating infectious diseases.

Data shows that in China alone, there are nearly 94.7 million wounds prone to tetanus annually, yet passive immunization coverage remains below 50%. Only about 12% of snakebite victims receive antivenom treatment, leaving a market gap of over one million doses. Meanwhile, tens of millions of people face rabies exposure yearly, but merely 10.5% of severe cases receive appropriate passive immunotherapy.

In terms of applications, antisera are used for viral infections, bacterial/toxin-related infections, biotoxin poisoning, and autoimmune disorders. According to Frost & Sullivan data, the global antiserum market is projected to grow sixfold between 2025 and 2035; in China, the compound annual growth rate will reach 21.2% over the same period.

Given their unique properties, human antisera serve multiple purposes:

• For viral infections: Antisera utilizepolyclonal antibodies(antibody mixtures produced by various B-cell clones targeting multiple epitopes on antigens) to provide immediate immunity. These antibodies bind to multiple pathogen sites, reducing immune evasion. For instance, immunity against rapidly mutating pathogens like influenza lasts roughly six to eight months. Approved products such as antirabies serum deliver instant protection; China authorized COVID-19 antiserum therapy in 2021, adding another therapeutic option.

• For bacterial/toxin-related infections: Antisera effectively neutralize bacteria and toxins, unlike antibiotics acting on general bacterial processes. Targeted antibody therapies show particular efficacy against tetanus and diphtheria.

• Biotoxin poisoning: Antisera neutralize harmful molecules in cases of biotoxin exposure (e.g., snake venom). By blocking toxin binding to cellular receptors, they mitigate toxicity effects. Ongoing research is expanding their utility to includeanti-pit viper antiserumand anti-bee venom antiserum.

• In autoimmune diseases, antisera introduce neutralizing antibodies to counteract self-reactive immune responses, thereby reducing inflammation and tissue damage. Polyclonal antibodies neutralize pathogenic autoantibodies or inflammatory mediators, regulating immune activity. Horse anti-thymocyte immunoglobulin, approved in the U.S. since 1981, exemplifies antisera’s role in organ transplant rejection and autoimmune disease management.

Beyond robust market growth, the antiserum sector remains a relatively oligopolistic market characterized by low competition and high barriers to entry.

Unlike crowded sectors where new entrants proliferate, establishing a complete production chain—from horse breeding, antigen development, host immunization, plasma collection, antibody extraction/purification, to manufacturing and distribution—takes at least 5–10 years. This capability cannot be bought through mere financial investment.

What truly sets leaders apart is this complex end-to-end industrial capacity. Though over ten Chinese manufacturers hold licenses for animal-derived antisera, only three possess full-chain capabilities; Jiangxi Bio leads this group. In the human TAT segment, Jiangxi Bio accounted for 65.8% of China’s market share in 2025, while another manufacturer held 34.1%.

Unlike competitors focusing on isolated segments, Jiangxi Bio has operated in the antiserum industry for over 50 years, managing every step from horse rearing to sales. Continuous technological upgrades further solidify its end-to-end dominance.

Its operations begin in Zhangye, Gansu—a vast region ideal for equine farming. Here, Jiangxi Bio operates China’s largest GMP-compliant horse farm and plasma collection center, housing up to 4,000 horses to ensure stable supply of premium raw materials. Per its prospectus, advanced plasmapheresis technology extracts ultra-pure plasma; annual output exceeded 100 million milliliters in 2024.

Midstream involves production processes: raw serum processing, purification, storage, and distribution. Jiangxi Bio maintains GMP-certified facilities for both human and veterinary pharmaceuticals; its human biopharma plant is the first in China to deploy isolator-based aseptic filling systems.

Leveraging its comprehensive industrial platform, Jiangxi Bio has built formidable technical barriers. As per Frost & Sullivan data, it is China’s sole manufacturer to employ preservative-free packaging and pasteurization for human TAT. Its proprietary techniques boost average specific activity to 82,000 IU/gp—well above the national standard of 45,000 IU/gp—while adverse reaction rates drop to just 0.03%, far below industry averages.

Moreover, Jiangxi Bio is the only global firm developing antisera using recombinant proteins, mRNA, and serum-free antigens. It continues investing in next-gen platforms (recombinant proteins, mRNA, serum-free antigens) and advanced purification methods (caprylic acid purification, ion exchange chromatography, pathogen-specific affinity chromatography).

Rather than merely refining existing processes, Jiangxi Bio reimagines R&D via cutting-edge approaches. Its team recently developed a synergistic “one-pot dual-enzyme method” based on molecular mechanisms, significantly enhancing product purity and efficacy—a breakthrough fostering scalable industrial growth for horse-derived antisera.

While ensuring product stability and safety, Jiangxi Bio has achieved extensive market penetration via distribution networks spanning over 30 countries/regions and more than 27,000 domestic medical institutions. Its human TAT has retained China’s top market position for 19 consecutive years, accounting for 100% of national exports. Financially, revenues rose from RMB 198 million in 2023 to RMB 235 million in 2025, with adjusted net profits doubling to RMB 113 million. Cash flow remained robust at over RMB 50 million, while debt ratios plummeted from 17.5% in 2023 to 0.2% in 2025.

Building on its strong fundamentals and financial stability, Jiangxi Bio is poised to capitalize on its platform strengths to expand both human and veterinary antiserum portfolios.

Capitalizing on proprietary platforms and end-to-end capabilities, Jiangxi Bio leverages its human TAT “first wave” to broaden offerings, including anti-pit viper antiserum, anti-steppe viper antiserum, and polyvalent snake antiserum, as well as equine rabies immunoglobulin F(ab')₂In 2025, it secured clinical trial approvals for anti-pit viper antiserum andanti-steppe viper antiserumrespectively.

Simultaneously, leveraging cost-effective technology transfer, it has cultivated synergistic human/veterinary product lines. Its veterinary portfolio includes equine tetanus antitoxin, pregnant mare serum gonadotropin (“PMSG”), and related hormonal supplements; additionally, it acquired rights to commercialize three novel veterinary drug pipelines. Progress includesporcine spleen transfer factorreceiving approval in 2025; chicken bursin injection and recombinant porcine interferon are expected to advance in Q2 2026.

Frost & Sullivan forecasts the global veterinary market to reach USD 128.1 billion by 2035, with China contributing USD 23.8 billion during this period. Rising demand for pet healthcare and the global shift toward “reduced antibiotic usage” in livestock further amplify market potential.

Through strategic utilization of horses, specialized antiserum formulations, and a meticulously crafted 50-year-old industrial ecosystem, Jiangxi Bio has established an irreplicable competitive advantage in a vast, low-competition sector.Its uniqueness lies not in chasing ADCs, bispecific antibodies, or small nucleic acids, but in its end-to-end antiserum platform built upon horse-derived polyclonal antibodies/F(ab')₂fragments—delivering distinct value for biotoxin neutralization and infectious disease treatment. Amidst today’s capital frenzy, Jiangxi Bio—the “first antiserum stock”—promises Hong Kong investors a rare, resilient investment opportunity.

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