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Chongqing Zhifei is incorporated 20 Jul 1995. Company materials date its biologics operating presence to 2002.
Zhifei lists on Shenzhen ChiNext as 300122 (28 Sep 2010), first private vaccine company on that board.
Zhifei becomes Merck's China commercial partner for HPV and other vaccines (partnership active since 2011). That concentration is the 2025 destock risk.
Gardasil destock hits Merck international ($6.158B in 2024 to $2.592B in 2025). Zhifei was the historical China commercial partner. Tender concentration, not a US branded competitor.