July 21, 2026 — Zhuhai Trinomab Pharmaceutical Co., Ltd. (Stock Code: 688806.SH) officially debuted on the STAR Market (SSE Sci-Tech Innovation Board) at an IPO price of RMB 14.46 per share.
This is far more than a Biotech's bell-ringing ceremony. It marks the first time in over a century that an original Chinese-developed antibody therapeutic has entered the capital markets to combat tetanus. It signals the closing chapter of an era — the old world of passive immunity, reliant on horse serum, burdened by allergy risks, and constrained by plasma supply, is turning a page. Notably, Trinomab also represents the second IPO for Efung Capital in 2026, following Northsea Medical (688712.SH).
01 – China Overtakes on the Tetanus Prevention Track
Tetanus — an ancient and merciless name.
On battlefields without medical intervention, in rural delivery rooms using unsterile methods, on construction sites punctured by rusty nails — its fatality rate once approached 100%.
Clinical data shows that even today, with ICUs and ventilators available, the mortality rate for severe tetanus patients remains 30%–50%, soaring to 70% in critical cases. China CDC surveillance data indicate approximately 100,000 tetanus cases annually in the country. Even at the global minimum case fatality rate of 11%, that translates to an estimated 11,000 deaths each year in China alone.
Tetanus is not just China's challenge — it is a persistent burden across underserved regions worldwide. For over a century, humanity has relied on just two tools: Tetanus Antitoxin (TAT) , derived from horse serum — requiring a skin test and carrying high allergy risks; and Human Tetanus Immunoglobulin (HTIG) , derived from human plasma — constrained by collection volumes and posing potential risks of bloodborne pathogen transmission. In many parts of the world with limited healthcare resources, equine-derived antitoxin remains the only accessible option. Allergic reactions, cold-chain demands, and unstable plasma supply have plagued global public health systems for decades.
The advent of Staidotagumab Injection (Brand name: Xintituo®) has placed China at the forefront of this field. It is the world's first First-in-Class recombinant anti-tetanus toxin monoclonal antibody, approved in China in February 2025 for emergency tetanus prophylaxis in adults. It was included in the National Reimbursement Drug List (NRDL) in December 2025, with the reimbursed pricing taking effect on January 1, 2026.
Compared to traditional approaches, Xintituo® is produced via genetic recombination technology — no skin test required, rapid onset within 12 hours, and protection lasting over 90 days, fundamentally breaking free from reliance on animal-derived and human plasma-derived products. This means China now possesses the capability to define industry standards in replacing plasma-derived biologics with recombinant monoclonal antibodies. And this history-rewriting medicine was not born amid a wave of capital euphoria.
02 – A Decision in the Darkest Hour
In 2023, China's healthcare sector entered a deep correction. Combined with the CSRC's tightened IPO policies, the secondary market turbulence spilled over into the primary market. "Innovative drug bubble bursts" and "Biotech winter" became industry buzzwords. Many investors stepped aside; scientist-entrepreneurs found funding drying up. Trinomab stood at that very crossroads.
That year, Efung Capital participated in Trinomab's Series B financing. Zhu Pai, CEO of Efung Capital, commented: "Trinomab possesses globally innovative R&D capabilities. Its proprietary natural fully human antibody discovery platform ensures superior safety and druggability from the very start of development, with outstanding clinical performance already demonstrated in the anti-infection space."
This capital injection accelerated Xintituo®'s market access across China's hospital network. In its first full year post-launch (2025), Trinomab completed provincial-level bidding and tender listings in all 31 provinces, autonomous regions, and municipalities, partnered with nearly 150 distributors, and reached over 1,200 hospital terminals. In terms of academic promotion, the company continues to deepen medical education in core departments such as Emergency Medicine and Traumatology, establishing Xintituo® as the "preferred prophylactic option for tetanus."
On June 18, 2025, the CSRC unveiled the STAR Market "1+6" reform package, explicitly restarting the Fifth Listing Standard for pre-revenue biotech companies. Trinomab became the first company to be accepted and successfully listed under this reinstated standard. This signals clear regulatory recognition of hard-tech Biotech firms with global innovation capabilities, commercialized products, and NRDL inclusion — sending a positive signal to the market that genuine innovation and true clinical value still command efficient access to the STAR Market.
03 – Trinomab's Pipeline Panorama
One Xintituo® is enough to rewrite the history of tetanus treatment. But Trinomab's arsenal goes far beyond a single asset.
Leveraging its proprietary HitmAb® technology platform, the company has discovered over 20 natural fully human monoclonal antibodies, building a diverse pipeline spanning infectious diseases and pain management. The most anticipated candidate is TNM001 (Rituweibai Injection) — a potential global third, China's first long-acting anti-RSV monoclonal antibody for prophylaxis in healthy and high-risk infants. In March 2026, TNM001 was granted Priority Review status by the NMPA. Once approved, it will fill a critical gap in China's prevention landscape for infant respiratory syncytial virus (RSV).
RSV is the leading cause of lower respiratory tract infection hospitalizations in infants and young children. Currently, only a handful of drugs are available globally, and the Chinese market remains a blank slate. Additionally, Trinomab has active programs in analgesia (TNM009), varicella-zoster prophylaxis (TNM005), and human cytomegalovirus prophylaxis (TNM006).
What Efung Capital saw from the very beginning was exactly this — the platform's sustainability and the pipeline's capacity for continuous innovation.
04 – An Exclamation Point for China
From horse serum, to human plasma, to recombinant fully human monoclonal antibodies — a century-long evolutionary journey of passive immunity has finally turned a page written by China, placing a definitive exclamation point on this enduring technological saga.
In this IPO, Trinomab raised RMB 999 million (approx. USD 140 million), allocated to new drug R&D, expansion of antibody manufacturing facilities, and working capital supplementation — providing robust support for industrialization of core technologies and pipeline commercialization. The company's ultimate vision is clear and ambitious: to replace plasma-derived immunoglobulins with genetically recombinant antibodies.
This is a grand vision, and a long road ahead. And Efung Capital will continue to be the one that "knocks on doors in winter" — not chasing trends, but serving as a "long-term partner to scientists" ; not adding flowers to brocade in good times, but offering charcoal in snowy adversity — standing alongside more scientists and enterprises with global innovation capabilities, like Trinomab, as they cross every threshold from the laboratory to the capital markets.
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