The co-occurrence of both HBsAg and anti-HBs together in the same serum is an unusual serologic pattern. It has been accepted as the presence of circulating immune complex with optimal proportion and new subtype infection. We suppose that there may be also circulating free forms of antigens and antibodies of same subtype other than immune complex, and they may be a kind of seroconversion. Based on the serological and clinical data observed from May 1981 to April 1982 at the Han Yang University Hospital, the following findings were obtained. 1) The frequency of coexistence was 5.6% (152/2,715). 2) The most frequent case was 13 times during 10 months. 3) Male to female ratio of coexistence was 1.8:1 and approximately 80% of the cases occurred from the 3rd to 5th decade of age in male. 4) The serum GPT level was normal in 40% of cases and the serum total bilirubin level was normal or below 2.5㎎/㎗ in 72.5% of cases. 5) There were symptoms and signs in 80% of patients. 6) The incidence of coexistence according to the diagnosis confirmed by liver biopsy was highest in chronic active hepatitis as 23.8%. 7) All the HBsAg negative and HBeAb negative was in 56 cases(57.2%), HBeAg negative and HBeAb positive was in 30 cases(30.6%). Both HBeAg and HBeAb negative sera were observed in 11 cases(11.2%), and the both were positive in 1 case.