在香港交易所（港交所）进行"买壳上市"（反向收购），是指非上市公司通过收购一家已上市的空壳公司（Shell Company）的 股份，从而获得上市公司的控制权，进而将自身资产注入实现上市的过程。 这一过程的资金交易流程非常复杂且涉及多方中介（保荐人、律师、会计师、财务顾问）。以下是详细的资金交易全流程解 析： 第一阶段：前期准备与尽职调查 (Pre-Deal) 在资金正式划转前，买方必须完成法律和财务的尽职调查。 第二阶段：签署协议与支付定金 (Signing & Deposit) 这是资金流出的第一步。 第三阶段：要约收购/股份转让 (Acquisition of Control) 买方需要获得壳公司的控制权（通常需收购超过30%的股份）。 第六阶段：配售新股与资金回笼 (Placing & Financing) 买壳的最终目的往往是为了融资。 第七阶段：后续资本运作 (Post-Listing) 核心风险提示：资金安全与"洗黑钱"红线 第四阶段：清洗壳公司与资产重组 (Restructuring & Injection) 这是最关键的步骤。单纯的"买壳"不能立刻融资，必须把资产装进去。 寻找壳公司： 买方 ...

亿腾医药的Biopharma跃进之路 亿腾医药成立于2001年，是一家已构建研发、生产与商业化全价值链能力的中国综合性生物制药公司， 专注于肿瘤、自免、心血管、呼吸及抗感染等治疗领域。其发展历程堪称中国医药产业变迁的一个缩影 ——每一次关键转型，都紧密呼应了国内政策与市场环境的深刻变革。 亿腾医药以CSO起步，截至2025年6月30日，公司拥有约1000名销售代表，业务覆盖全国31个省份，约 1.7万家医院、1.9万家药房及188家商业公司，奠定了坚实的市场基础。 12月30日，亿腾医药集团有限公司("亿腾医药")以反向收购方式完成与嘉和生物药业(开曼)控股有限公 司("嘉和生物")的换股合并和上市。 此次反向收购的达成，标志着亿腾嘉和医药集团有限公司("亿腾嘉 和")的正式成立，并在战略整合与发展上迈入全新阶段。 2015年前后，随着"两票制"政策的推行，传统CSO模式面临挑战;同时，跨国药企开始调整在华战略， 剥离非核心成熟产品。亿腾医药审时度势，启动战略转型，从单纯的代理销售转向收购成熟产品与授权 引进(License-in)创新药双轮驱动，开启了向特色专科药企(Specialty Pharma)的跃迁 ...

12月30日，亿腾医药集团有限公司("亿腾医药")以反向收购方式完成与嘉和生物药业(开曼)控股有限公 司("嘉和生物")的换股合并和上市。 此次反向收购的达成，标志着亿腾嘉和医药集团有限公司("亿腾嘉 和")的正式成立，并在战略整合与发展上迈入全新阶段。 2015年前后，随着"两票制"政策的推行，传统CSO模式面临挑战;同时，跨国药企开始调整在华战略， 剥离非核心成熟产品。亿腾医药审时度势，启动战略转型，从单纯的代理销售转向收购成熟产品与授权 引进(License-in)创新药双轮驱动，开启了向特色专科药企(Specialty Pharma)的跃迁。 2019年是亿腾医药转型历程中的关键一年。在仿制药国家集采政策全面落地、行业加速向创新转型的背 景下，公司完成了两项标志性收购：从礼来手中收购了抗生素品牌稳可信和希刻劳在中国市场的权利及 苏州生产基地;从GSK收购了呼吸系统药物亿瑞平。这两次收购使亿腾医药彻底完成了从"渠道代理 商"到"产品持有者与生产者"的身份转变，拥有了自主掌控的"现金牛"产品与生产基地，正式晋级为一 家真正的制药企业(Pharma)。 目前，亿腾医药已建立起均衡的产品组合。其三大核心商业化 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 NVIDIA 计划凭借下一代 Feynman 芯片主导推理堆栈，因为该公司可以将 LPU 单元集成到架构 中。 乍看之下，NVIDIA 就 Groq 的 LPU 单元达成的 IP 授权协议似乎只是小打小闹，毕竟收购规模和 涉及的营收数额都相当庞大。但实际上，NVIDIA 的目标是通过 LPU 在推理领域占据领先地位，我 们此前已对此进行了深入报道。至于 NVIDIA 将如何整合 LPU，目前已有多种方案； 不 过 ， 根 据 GPU 专 家 AGF 的 观 点 ， LPU 单 元 或 许 会 通 过 台 积 电 的 混 合 键 合 技 术 堆 叠 在 下 一 代 Feynman GPU 上。 英伟达要堵死ASIC的道路 专家认为，该方案的实现方式可能类似于AMD在X3D CPU上的做法，即利用台积电的SoIC混合键合 技术将3D V-Cache芯片集成到主计算芯片上。AGF指出，考虑到SRAM的扩展性有限，将SRAM集 成到单芯片上可能并非Feynman GPU的正确选择，因为采用先进工艺节点会浪费高端硅片，并大幅 增加每片晶圆的成本。AGF认为，NVIDIA会 ...

Kindly MD (NAKA), a health-care and bitcoin treasury company company, faces being delisted from the Nasdaq exchange after its share price failed to meet minimum listing requirements. The stock has closed below $1 for 30 consecutive trading days, and the company has until June 8 to lift it above that level for 10 straight days to avoid the delisting, it said in an SEC filing on Dec. 12. The company was bought in a reverse takeover by Nakomoto in August, which kept the KindlyMD name and changed the stock ...

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].

Core Viewpoint - The reverse acquisition of Jiahe Biotechnology-B by Yiteng Pharmaceutical marks a significant milestone as the first reverse merger of an unprofitable biotech company in the Hong Kong market, with the merger expected to be completed by December 30 [2][3]. Group 1: Merger Details - Yiteng Pharmaceutical will acquire Jiahe Biotechnology through a share swap, valuing Yiteng at $677 million and Jiahe at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [3]. - The new company will be named Yiteng Jiahe Pharmaceutical Group Limited, reflecting the merger of the two entities [2]. Group 2: Industry Context - The merger is seen as a "self-rescue" move for Jiahe Biotechnology, which has struggled with slow clinical progress and regulatory approvals, while Yiteng has faced challenges in its IPO attempts [4][6]. - The combination aims to leverage Jiahe's research capabilities and Yiteng's commercialization strengths, potentially creating a synergistic effect that enhances market competitiveness [7][9]. Group 3: Future Prospects - The merger is expected to accelerate the commercialization of Jiahe's product, GB491, and optimize its multi-specific antibody technology platform, while also establishing necessary commercial and regulatory capabilities [7][8]. - The transaction is viewed as a signal to the market regarding the value of mergers and acquisitions in the biotech sector, particularly for companies lacking stable cash flows [9].

港股18A首例反向收购有了新进展！ 近日，嘉和生物-B（06998.HK）提交的新上市申请通过港交所聆讯。根据上市申请书，亿腾医药通过 换股方式反向收购嘉和生物，合并后公司将更名为亿腾嘉和医药集团有限公司（以下简称"亿腾嘉 和"）。 这意味着，港股首单18A未盈利生物科技公司反向并购案例收官在即。根据嘉和生物披露的预期时间 表，两家公司合并完成以及公司更名的生效日期预计为12月30日。 双向困局下的自救 反向收购是指非上市公司股东通过收购壳公司（上市公司）股份实现控制，再通过壳公司反向收购非上 市公司资产，使后者成为子公司以实现间接上市。在A股中，这一操作通常称为"借壳上市"。 2024年10月，嘉和生物发布公告称，公司与亿腾医药订立合并协议。根据协议，亿腾医药以6.77亿美元 估值与嘉和生物1.97亿美元估值实施换股合并，合并后的新公司中，原亿腾医药股东占比77.43%，原嘉 和生物股东占比22.57%，亿腾医药实际控制人也将成为亿腾嘉和的控股股东。 在嘉和生物披露的信息中，这样介绍亿腾医药：通过向跨国医药公司收购品牌药物资产，以及从全球生 物制药公司授权引进创新专利药物的开发及商业化权利，目前已成功完成多 ...

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 rule completing a reverse merger [1][3]. Group 1: Reverse Acquisition Details - Jiahe Biotech submitted a new listing application that has passed the Hong Kong Stock Exchange hearing, indicating the merger is nearing completion [1]. - The merger involves a share swap where Yiteng Pharmaceutical is valued at $677 million and Jiahe Biotech at $197 million, resulting in Yiteng shareholders holding 77.43% and Jiahe shareholders 22.57% of the new entity [3]. - The expected completion date for the merger and name change to Yiteng Jiahe Pharmaceutical Group Limited is December 30 [1]. Group 2: Company Background and Market Context - Jiahe Biotech has faced challenges with its clinical pipeline, which has been slow, and its products have not yet received domestic approval, leading to skepticism about its ability to recover independently [4]. - Yiteng Pharmaceutical has attempted to go public multiple times but has been unsuccessful, and it is perceived more as a contract sales organization rather than a company with strong self-research capabilities [5][6]. - The merger is viewed as a "self-rescue" effort for both companies, allowing Jiahe to leverage Yiteng's commercialization capabilities while Yiteng gains access to Jiahe's research pipeline [7]. Group 3: Strategic Implications - The merger is expected to create a synergistic effect, enhancing the market competitiveness of the combined entity by integrating research-driven and product commercialization capabilities [8][9]. - Jiahe Biotech aims to accelerate the commercialization of its product GB491 and optimize its multi-specific antibody technology platform through this merger [9][10]. - The transaction is seen as a potential signal for the market, indicating that the Hong Kong Stock Exchange may be more focused on the real value changes brought by mergers rather than just the shell value of companies [12].

出品：新浪财经上市公司研究院 作者：光心 2025年11月21日，中联发展控股（00264.HK）发布公告，称拟作价45亿港元至90亿港元收购国内功率半导体企业龙腾半导体最多100%的股权。 此次交易是典型的RTO（Reverse Takeover，反向收购）交易，即未上市企业通过将资产注入而反向控制一家上市公司，本质上是龙腾半导体对中联发展控 股这一"壳资源"的收购。 这不是龙腾半导体第一次进军资本市场，早在2021年6月，其便对科创板发起过冲刺。但在经历两轮问询之后，其于2021年12月主动撤回了上市申请。当时 市场普遍揣测，其IPO失败的主要原因是规模太小、财务数据过于羸弱。 在中联发展控股发布该公告前，公司股价便已抢跑。11月18日到11月24日，14个交易日内，公司股价由2.05港元增长至2.53港元，增幅23%。此后公司股价 持续震荡，12月5日收盘价为2.60港元。 对于一家皮革公司豪掷几十亿入局半导体的叙事，这样的市场反应好像略显平淡。而其背后，或许是市场对于龙腾半导体基本面的担忧。 早年七成毛利来自军品业务 军工电子震荡期再度转亏 龙腾半导体成立于2009年7月，主营业务为以功率MOSFET ...