港股18A首例反向收购获批 行业整合或迎新模式

Core Viewpoint - The reverse acquisition of Jiahe Biotech by Yiteng Pharmaceutical marks a significant development in the Hong Kong stock market, being the first case of an unprofitable biotech company under the 18A listing rules completing a reverse merger [1][2]. Group 1: Merger Details - Yiteng Pharmaceutical will acquire Jiahe Biotech through a share swap, with Yiteng valued at $677 million and Jiahe at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [2]. - The merger is expected to be finalized by December 30, 2024, with the new company named Yiteng Jiahe Pharmaceutical Group Limited [1]. Group 2: Company Profiles - Jiahe Biotech has a self-research pipeline but has faced slow clinical progress and limited market revenue potential without external commercialization partnerships [2][3]. - Yiteng Pharmaceutical has struggled to achieve an IPO in Hong Kong, lacking a self-research pipeline and functioning more as a Contract Sales Organization (CSO) [2][3]. Group 3: Strategic Implications - The merger aims to create a synergistic effect, combining Jiahe's research capabilities with Yiteng's commercialization strengths, enhancing market competitiveness [4]. - Jiahe's CEO highlighted the merger as a critical step towards becoming a mature and fully integrated biopharmaceutical company, focusing on accelerating the commercialization of its lead product, GB491 [4][5]. Group 4: Market Signals - The reverse acquisition is seen as a potential new listing method in Hong Kong, with the market recognizing the value of combining commercialization and self-research capabilities [6]. - The transaction may serve as a model for future mergers in the biotech sector, emphasizing the importance of real value creation through such consolidations [6].