7月29日，东阳光（600673）长江药业完成最后一个交易日，正式启动港股市场首例"H股吸收合并私有 化+介绍上市"的创新资本运作。按计划，公司将于8月7日以"东阳光药"(股票代码：06887.HK)为主体登 陆港交所主板，开创中国创新药企资产证券化新范式。 东阳光药吸收合并港股上市子公司东阳光长江药业实现整体上市，即拟上市主体东阳光药提交H股上市 申请，向其控股子公司东阳光长江药业小股东发行H股，换取前述小股东所持上市公司东阳光长江药业 股份。吸收合并完成后，东阳光药再通过介绍方式实现上市。 业内人士指出，此举不仅打破了传统资本运作方式的时间壁垒，降低企业收购产生的资金摩擦成本，实 现了资源整合与资本升级衔接，还能有效保证股东权益，为产业整合与国际化发展提供了可借鉴范例， 也是积极响应国家"优化资本市场结构"决策部署的生动体现。 东阳光药相关负责人表示，赴港上市后，东阳光药将获得长线资本支持，并有望实现一体化驱动完成产 业升级，即东阳光药研发能力、研发管线将与东阳光长江药业覆盖全国的销售网络形成合力，形成"研 发——生产——销售"闭环，打造全球化运营平台。 资料显示，东阳光药是一家从事药物的研发、生产和商业 ...

Group 1 - Dongyangguang Pharmaceutical has completed its last trading day and is set to launch on the Hong Kong Stock Exchange, marking the first instance of "H-share absorption merger privatization + introduction listing" in the market [1] - The company plans to list as "Dongyangguang Pharmaceutical" (stock code: 06887.HK) on August 7, 2023, creating a new paradigm for asset securitization among Chinese innovative pharmaceutical companies [1] - This listing does not involve new share issuance or fundraising; instead, it involves the absorption merger of its Hong Kong-listed subsidiary, Dongyangguang Changjiang Pharmaceutical, allowing small shareholders to exchange their shares for H-shares [1] Group 2 - Industry insiders note that this approach breaks traditional capital operation time barriers, reduces funding friction costs associated with acquisitions, and effectively safeguards shareholder rights [1] - The move is seen as a model for resource integration and capital upgrade, providing a reference for industrial consolidation and international development, aligning with national strategies to optimize capital market structures [1] - After the Hong Kong listing, Dongyangguang Pharmaceutical is expected to gain long-term capital support and achieve integrated industry upgrades, combining its R&D capabilities with the nationwide sales network of Dongyangguang Changjiang Pharmaceutical [1][2]