HK Recently Listed Stocks Insight | JIANGXI BIO (06915.HK): lock-up on 4,464,000 H shares held by WSH to expire on December 29

NewTimeSpace News: As of 14:05 on October 20, 2026, JIANGXI BIO (06915.HK) traded at HKD 6.80, down 11.63%.

On the news front, according to the Allotment Results Announcement previously disclosed by the Company, its sole cornerstone investor, Wealth Strategy Holding Limited (WSH), holds 4.464 million H shares, and the relevant lock-up undertaking runs for six months from the listing date (inclusive), with the final day being December 29, 2026 and the shares becoming tradable from December 30, 2026.

According to publicly available information, JIANGXI BIO (06915.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 30, 2026 at an offer price of HKD 11.20, under a global offering of 36.2345 million H shares, comprising 3.6235 million H shares under the Hong Kong public offering, which was 476.56 times subscribed, and 32.611 million H shares under the international offering, which was 4.25 times subscribed; gross proceeds amounted to approximately HKD 406 million and net proceeds to approximately HKD 339 million, with a board lot of 500 shares. The number of issued shares at the time of listing was 308,377,319. The over-allotment option was not exercised and lapsed on July 25, 2026; during the stabilization period, the stabilizing manager over-allocated 5,435,000 H shares in the international offering and purchased the same number of H shares in the market at prices ranging from HKD 7.40 to HKD 10.46.

In terms of performance, the Company published its first post-listing interim results on August 31, 2026. In the first half of 2026, it recorded revenue of RMB 83.3 million (the same below), down 16.5% year on year, mainly due to a combination of factors including higher R&D expenses, adjustments to relevant national tax policies, lower investment income, higher depreciation of fixed assets and one-off listing expenses; gross profit was RMB 60.3 million, with a gross margin of 72.3%; profit for the period was RMB 14.4 million, while the adjusted net profit, excluding one-off items such as listing expenses and tax rate top-up, was RMB 38.7 million, down 21.7% year on year; R&D expenses amounted to RMB 11 million, up 18.6% year on year and accounting for 13.2% of revenue. Revenue from the core product, human tetanus antitoxin (human TAT), was RMB 77.5 million for the period, accounting for approximately 93.1% of total revenue, with sales volume of approximately 9.577 million vials, comprising approximately 5.911 million vials in China and approximately 3.666 million vials overseas; cumulative overseas contracted orders reached approximately 6.859 million vials, with a contract value of approximately RMB 27.4 million. As of June 30, 2026, the Company had cash and cash equivalents of approximately RMB 407.9 million. From 2023 to 2025, the Company's revenue was RMB 198 million, RMB 221 million and RMB 235 million respectively, with profit for the year of RMB 55.48 million, RMB 75.14 million and RMB 94.79 million respectively, and adjusted net profit of RMB 55.48 million, RMB 78.8 million and RMB 113 million respectively.

At the industry level, according to Frost & Sullivan data cited in the prospectus, by 2025 sales volume the Company held a 65.8% share of China's human tetanus antitoxin market and a 45.8% share of the global market, and its share of China's human tetanus antitoxin market has remained above 50% for 19 consecutive years; in 2025, sales volume of human tetanus antitoxin was approximately 29.9 million vials, contributing approximately 96.4% of the Company's total revenue, with products exported to more than 30 countries and regions in Asia and Africa. The Company is one of the few serum companies in China and globally with a fully integrated industry chain, with end-to-end capabilities covering animal farming, antigen development and testing, host animal immunization, immune plasma collection, antibody purification, and formulation production.